A number of individuals believe that the business also has a responsibility toward communities despite profits. I agree with the given notion, and my inclination will be justified in the following paragraphs, along with a logical conclusion.
There are various reasons that indicate that any business has some responsibility for the country. Firstly, it is true that when any business gets successful, it becomes a role model for a small organization. Moreover, small companies and other people also start to follow them, so any social work done by the successful business company also simulates others and sets a new path which makes the new change in the society. In India, for example, in the covid epidemic, tata started to provide help to their employee financially and socially by seeing others also start on their footprint.
Secondly, around the world, there are a number of countries where penurious people number are very higher thus, if big companies aid as financially to them then it aids the bureaucrats to focus on other things than improving their livelihood. It directly helps on development of the nation. Finally, the majority of the organization got success because of local people, so returning back is also a good way.
However, the success of any business is on how much profit and revenue. As a result, it is also important that they focus on making money. If they only focus on social and volunteer work, then the business might be lost.
In conclusion, it is debated that companies have to work socially or only focus on money. In my view, after success, financial and social responsibility requirements.
Earlier, it was considered that the sole purpose of building a business was to make a profit. After the Bhopal Gas Tragedy, the Indian government came up with the Environment Protection Act in 1986 to emphasize the social responsibilities that every business should bear. In this essay, I will present my agreement with the fact that besides profit-making, companies all over the world should be accountable to society.
When an individual or a group of individuals establish a venture , their main aim is to make a profit. No one in the right frame of mind would want a loss or a failed company. Keeping that in mind, companies should also be indebted to the people who work to make the company successful. Unfortunately, in order to increase their gains, most companies exploit their employees by not providing proper incentives and working conditions and evade taxes. Sometimes, business giants even thwart small commercial houses by controlling the market.
Although a good percentage fulfill the above-mentioned duties, 90% of the companies do not follow the environmental regulations. It is a well-known fact that due to overexploitation, the environment is degrading at an alarming rate. So, it is of utmost importance that the companies make their products and services environmentally friendly. Moreover, corporate giants like Apple, Microsoft, Reliance Industries should contribute some of their earnings for the betterment of certain sections of the society as well as improve the basic living conditions in the society.
However, there are certain instances that business houses fulfill their social devoir by creating employment opportunities and paying taxes. They offer scope to the innovative and hard-working youth to make a living and develop their skills. The taxes they pay every year help the government to bring in more development and better infrastructure to the country.
In the end, I would like to concur with the notion that even though their main motive is to earn profits, multinational and successful regional companies should motivate small companies to grow, help the youth to strive harder and aid the government to develop and preserve the environment.
Although firms have always aimed to generate profit, it is becoming more and more frequent to find individuals discussing the social responsibilities that businesses should have. During the course of this essay, I would bring this situation to objective analysis before drawing a rational conclusion.
On the one hand, it is relatively comprehensible that businesses need to generate revenue in order to thrive in a cutthroat environment. It makes sense that any business’s top priority should be to pay for its ongoing expenses, such as employee salaries and payments for buildings and utilities. In addition to these expenditures, businesses must also make upgrades and innovations in order to continue to be prosperous. Any worries about social obligations become irrelevant unless a firm is able to cover its expenses or meet the continually changing expectations of the customer base. In other words, a firm can only contribute positively to society only if revenues are sound.
The mission of a company should not, however, be to maximise revenue alone; instead, it should be to serve a greater social purpose. Owners and managers have a social responsibility to treat their employees fairly and not take advantage of them. To guarantee that employees have a high standard of living, they could, for instance, pay their staff a decent amount of income, based on the recommendation from the authorities. In addition, there is the concept of companies contributing a portion of their income to local charities, environmental causes, or educational programmes with the purpose of improving the general welfare of the local communities. Last but not least, rather than attempting to minimise their tax payments through accounting loopholes, corporate heads should be proactive in contributing to society by complying with their financial duty.
In conclusion, I uphold the opinion that businesses should give their social duties the amount of consideration being equal to their financial goals.
The situation people work in, including their hours, safety and comfort.
From the essay
Unfortunately, in order to increase their gains, most companies exploit their employees by not providing proper incentives and working conditions and evade taxes.
Have enough money to pay the costs of running the business.
From the essay
Any worries about social obligations become irrelevant unless a firm is able to cover its expenses or meet the continually changing expectations of the customer base.
Organizations that help people or causes in the nearby area.
From the essay
In addition, there is the concept of companies contributing a portion of their income to local charities, environmental causes, or educational programmes with the purpose of improving the general welfare of the local communities.
