discussion—course reflection | Business & Finance homework help
Corporate Social Responsibility (CSR) is a term used to describe the way businesses manage their economic, social, and environmental impacts. This can be done by minimizing negative impacts, like pollution and unethical labor practices, while maximizing positive contributions to society. Businesses might focus on donating to charity, raising awareness of important issues such as climate change or poverty reduction, or ensuring ethical labor practices in their supply chains. CSR also includes initiatives that benefit employees with programs such as flexible working hours or health insurance benefits.
Business ethics refers to the code of principles and values that guide an individual’s conduct in business activities. It is motivated primarily by moral considerations which include fairness, honesty and responsibility for quality products and services provided. These ethical considerations go beyond legal requirements, leading companies towards greater sustainability in operations and creating better relationships between customers, suppliers and employees who are involved in the business’s activities. Additionally business ethics may require companies to pay attention to certain social issues such as protecting human rights or providing safe work environments for vulnerable populations. The purpose of having a set of ethical guidelines helps ensure orderly conduct within the organization so that all stakeholders receive equitable treatment regardless of position or influence within it.