Should business be responsible to help society in any way they can? Essay
Should business be responsible to help society in any way they can?
Should business be responsible to help society in any way they can? For this question, reality will show you the answer. In the present days, corporate social responsibility is drawing high awareness among business sectors. As more and more people around the world think that enterprises have the obligations to help their society, my answer to this subject is partly positive. In the following content, I have two facts to support my view and one disagreement. To which I agree because enterprise is a member of society but they also created social problem through commercial activity. On the other hand, investing in social responsibility will reduce company profit.
As a member of the community, enterprises use all kind of resources to generate profits. Therefore they also have accountability to pay back the society through proactively take part in the social responsibility activities. For example, The Airport Authority Hong Kong held a campaign at Passenger Terminal Building on recycle food wastes to fertilizer with participation by pupils. Result was successful and meaningful because students learn how to reduce landfill burden in Hong Kong.
On the other hand, ventures also created social problems that exist today. One of the problems is they pay labors lower than local living standard and result to extreme disparity between rich and poor. Taking an example, some food business paying part-time employees only sixteen-dollar per hour, which is not even enough to afford a lunch, while the business earn a millions of profit each year. When this situation goes on, the income gap between the advantages and the disadvantages will go far apart. That’s how the extreme disparity between rich and poor is formed. Therefore, it is a bounden duty of enterprise to compensate the society and it is necessary to implement the law of minimum wage in Hong Kong. Another example is the Hong Kong Electric Co. Ltd used some oil-less technology to reduce emission of CO2, which is the great contribution to protect the environment.
All the about initiatives help people’s living condition and environment to be more sustainable. On the contrast, investing in sustainability will lead to reduce profit. Think in a more reality way, a company does not only include an owner, it also involves a number of stakeholders, example bondholders, shareholders and employees. Cost is involved when a company invests in their society, which is normally taken from company’s profit. However return of an enterprise will decrease if investment on social responsibility is put, the business and stakeholders will get less profitable. Relationship between business partners might get hurt if they don’t share the common vision on sustainability.
In my view, I agree that business should help the society in any way they can. Even though some companies may raise question ‘why do I need to help the society as my aim is to earn profit’. Imagine, if your employees are suffering from low income while inflation goes up, how can they support their family living. In the extreme, they have less money to spend for necessities and end up lowering consumer’s demand. Eventually, through the chain effect, commercial activity will also be affected and slowdown.
As conclusion, there are many problems in modern society, from unemployment to inflation, from poverty to aging population, which affects everyone in the world. Being a responsible corporate citizenship, every business should have obligations to help their society apart from making profit. Therefore, a responsible enterprise can avoid creating social problem with ability to balance profit after investing returning on their society. With all this happened, it can improve people’s living standard and make the environment more sustainable.