Business Ethics
Essay Preview: Business Ethics
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Company Q doesnt currently feel a high need to invest in being socially responsible for the communities it serves. Examples of this low investment are the companys closing of stores in locations of the city that have high crime rates and just recently added items to its locations that customers have requested for years. Also, Company Q would rather throw away food that could help the community thats gives it its business. The companys investments in its employees also affect its view on being socially responsible. Currently the company feels that it has a duty to its investors to maintain profits over customer and employee retention and satisfaction.
Social responsibility is described as an organizations obligation to maximize its positive impact on stakeholders and to minimize it negative impact. One of the ways Company Q can help improve its negative impact towards social responsibility is to build a positive public image or reputation within the community it serves. By investing in its community the company can help build a positive impact, as opposed to only thinking of the companys bottom line. Customer satisfaction leads to being a successful business, and makes it more likely for the costumers to return to the companys locations. Build trust with the community and your customers, and by doing this will also build employee commitment to the company as well.
By offering an ethics training or by having an established ethical program will help employees practice good business ethics. It is also another way to improve the companys view on social responsibility. Many people believe that if a company hires people with strong ethical values, then the company is a good company to either work for or buy from. Customers also judge a company based off of how they treat their employees. “The more a company is dedicated to taking care of this employees, the more likely it is that the employees will take care of the organization”(Ferrell, O.C., Fraedrich & Ferrell, L, 2009 Update). Good employees are less likely to steal or be dishonest if they feel they can grow with or be part of a company. Implementing a code of ethics and putting trust into the people the company hires can help improve social responsibility.
The third way Company Q can improve its outlook on social responsibility is by catering and bringing in the products customers want. This will build a long term relationship with customers and keep them coming back. If they know you have a product, and it is priced reasonably they will mostly likely continue to come back to your store if their experience there was a great one. If a customer has a bad experience at one of Company Qs locations, he or she is more likely to tell friends and persuade them not to shop there. Building customer trust shows signs of being stable operationally and financially.
References
Ferrell,