Understanding Business Ethics and Social Responsibility with Grace College
August 7, 2020
At Grace College, we have been developing savvy businessmen and women for decades. We hear frequently from our graduates’ employers that Grace business grads have a heightened sense of business ethics and social responsibility. And we aren’t surprised — all of our online business degrees, including our MBA and Bachelor of Business Administration include coursework that integrates our faith.
Our online courses discuss topics like “how to use your business to help better society?” Read on to learn eight important facts about business ethics and social responsibility. PLUS, get a sneak peak of the content we talk about in online classes frequently.
- The study of business ethics refers to the ethical dimensions of productive organizations and commercial activities, according to the Stanford Encyclopedia of Philosophy. It applies to the production, distribution, marketing, sale and consumption of goods and services, and can include potentially controversial issues like insider trading, bribery and discrimination.
- Some companies have adopted the social entrepreneurship model of business that focuses on applying practical, innovative and sustainable approaches to benefit society. The shoe retailer TOMS is one of the most popular examples of the social entrepreneurship model. For every pair of shoes sold, the company provides a new pair of shoes to children in developing countries.
- Corporate social responsibility is similar to ideas of social responsibility for individuals and businesses.
- There is no universally accepted definition of corporate social responsibility, according to the Journal of Business Ethics, but two features can be used to differentiate corporate social responsibility:
- They partly or entirely benefit society and/or general interests.
- They are not obligated by law.
- Corporate social responsibility can include environmental friendliness, community support, local products promotion, fair employee treatment and more.
- Stakeholders of a socially responsible corporation include employees, suppliers, customers, communities, the environment, investors and regulators.
- Policies and activities of a socially responsible corporation include cause-related marketing (marketing programs that combine sales objectives and helping worthy causes), sponsorship (connecting worthy causes to a brand or organization for money) and corporate philanthropy (charitable donations).
- Business ethics and social responsibility can be implemented in many different ways and for many different reasons:
- Some organizations engage in corporate social responsibility activities for intrinsic reasons: to help out and make societal contributions.
- Other organizations have extrinsic motives, which relates to a company expecting financial or other benefits for socially responsible behavior.
- A third motive for corporate social responsibility activities is meeting societal expectations and stakeholder pressure.
Applying Business Ethics and Social Responsibility Notes to a Career
Business professionals should have a solid grasp of business ethics and social responsibility for their careers. Grace College’s business programs are rooted in sound moral and ethical approaches to business, with a focus on Christian servant leadership.
Grace’s fully online Bachelor of Business Administration is one of the most affordable degree completion programs in the nation and is designed for students balancing personal commitments while pursuing an education.
If you’re looking for an online master’s degree, Grace’s fully online Master of Business Administration is perfect for you! This program can help graduates pursue leadership opportunities in business, and many of our graduates have gone on to start businesses of their own!