Business and society - Essay Example

It encourages operating a business in a way that meets the ethical, legal and social expectations of the society. The concept results in situations where organizations contribute voluntarily to make the society better and clean. The organizations integrate ethical values in the running and management of the company. Most business companies have the obligation of creating employment for the society members as a social responsibility. The expectations of the society have evolved over time to include the needs of all stakeholders.

Corporations have the obligation of providing quality and safe products to their customers (Buchholtz & Carroll, 29). At the global level, they are required to meet the expectations of investors, human rights individuals, and environmentalists. At a country level, stakeholders include the government, employees, and suppliers among others. The government expects companies to pay taxes and provide safe working conditions for employees. The workers expect to get numerous benefits from the enterprise.

These advantages include the provision of health care services for them and their families. Supplies expect ready market for the products they offer to the organization. Organizations have to commit to improving the economic development of the society by improving the lives of its stakeholders. Companies play a significant role in the enhancing the welfare of the community and its members. Stakeholder management improves the efficiency and effectiveness of research projects. Research projects are crucial to companies because they can put innovative ideas into reality.

Living wages is an essential component to most corporations dealing in corporate social responsibility. Most stakeholders avoid the main aspects of social justice, and it permits them to look good without doing the public good. Firms are entitled to account