This describes the social responsibility issues among business and how do they benefit from this.
Social Responsibility of Business: An Awareness
Long before the advent of industrial revolution, most business institution believes that their main function in the economy is to create goods and services and make profits. Companies then believed that their simplest and noblest contribution to society is merely creating jobs and employment for all. As businesses progresses and matures in time with their creators, different managers’ strategies and perspective changed, that business’ goal is more than just creating employment because they themselves have witnessed the great hazards, detriments and serious threats that the industrial wastes may posed to the environment.
Countless advocacies from corporate social responsibility distinguish it from charitable donations and “good works”. Corporations have often, in the past, spent money on community projects like the endowment of scholarships, the establishment of foundations of home for homeless, provided services to physically handicapped and many other charitable activities. Some companies go even beyond by engaging themselves and their employees to volunteer and take part in the community work. They believe when business exert effort in creating sound relationship in the community, they directly enhance the reputation of the company’s goodwill as this practice translates into a more competitive advantage.
It is in this consciousness that firms start believing that their crucial role in making business is as equally important as that of being good shepherds of the environment. Today, perennial unresolved issues in the Philippines and across the globe exists like poverty, widening income and wealth disparity of high end status and poor masses, replete incentives in various forms of some corrupt government officials, grave illnesses, low disposable income of workers due to high taxes but less government subsidies, ignorance due to poverty to acquire this commercialized education and despair in achieving one’s goal due to lack of resources. As a result, many would prefer to migrate and get opportunities outside their motherland as these may result in other issues such as braindrain, white slavery, human trafficking, and all. These are just some of the many issues arises from one problem to another, because the origin of the problem itself was not properly addressed and taken cared of.