Fridays

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As well as making money, businesses also have social responsibilities. To what extent do you agree or disagree. Businesses are have always sought to make profit, but it is becoming increasingly common to hear people talk about social obligation the companies have. I fully support the idea that firms should do more for society rather than simply making money. I agree that businesses should make money in order to survive in a competitive world. It is quite logical that a company should be able to make money to pay their running costs, such as employee’ salary, building’ rent, utilities. On top of this, they must invest in researches, innovation and training/learnings education of their personnel, to meet their customers’ exponentially growing expectations. If a company is unable to pay its running cost, or meet the changing needs of customers, any interest or concern towards society becomes irrelevant. Or let’s say any company can make positive contribution to society only when it has good financial health. On the other hand, a company should not run with the sole aim of maximizing their profit. They have a wider role to play in society. One social obligation the bosses and managers have is to treat their employees nicelymore humanely, instead of exploiting them. As an example, they could pay a bare minimum wage or in other words “living wage” to ensure workers to have good quality of life. I also like the idea that companies should allocate a proportion of their profits to supporting local charities, environmental projects, and educational initiatives. At last, instead of minimizing their tax payments using account loopholes, I suppose that company bosses should be happy to contribute to society through the tax system. To conclude, I believe that companies should put as much importance to on their social responsibilities as they do on their financial objectives.