An economic social responsibility strategy begins with making sure a company is sustainable, which in turn...

An economic social responsibility strategy begins with making sure a company is sustainable, which in turn means it is profitable. Do you agree?

Expert Solution

Strategic planning and corporate social responsibility is a type of management in which companies take into account the ethical implications of their business operations. They integrate these social issues into their business plans and become more mindful of their positions outside of business in society and their societies. Rather than simply obeying the law, corporate social responsibility requires a company taking meaningful action to better its workers and community's quality of life. Different companies will select from each other a different social responsibility strategy but all focus on four business ethical aspects: economic, ethical , legal and philanthropic.

A plan for economic social responsibility starts by ensuring a company is sustainable, which in effect ensures it's profitable. Not only does a business need to make a profit to please its creditors, it also needs to make enough money to pay a decent salary to its workers.

It should also be the responsibility of the company to ensure it addresses issues such as discrimination in terms of gender wages. Economic social responsibility outside of its employees includes paying fair corporate taxes and fulfilling certain financial obligations. Likewise, corporate economic responsibility involves businesses identifying inefficiencies that waste money in their activities, and introducing procedures that boost efficiencies and reduce the waste.

Being an ethical company often means taking into account the environmental effects of an organization and doing its job of reducing waste types. As environmental concerns are rising globally, it is increasingly important for businesses to be aware of how they are contributing to these problems. Companies should analyze the processes they use, and proactively do their best to reduce their impact on the environment. This is particularly important for waste-disposal companies, leaving a carbon footprint.

Rahul Sunny answered 2 years ago

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