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Social Responsibilities And Moral Character Of Business

Social Responsibilities and Moral Character of Business Milton Friedman was a 20th century American economist who advocated free-market capitalism. In 1970 he submitted an editorial article entitled â€Å"The Social Responsibility of Business is to Increase its Profits† to the New York Times. In the article, Friedman argues that in free market systems it is nonsensical to make corporate entities adhere to â€Å"social responsibilities of business† pushed by activists, as corporations are artificial in nature, and thus do not have any social responsibilities other than to make money for the shareholders of the company. I will argue against this paper and support the claim corporations do in-fact have moral and ethical obligations to more than just their shareholders, and that many individuals have their stakes and livelihoods embedded within the acts of corporations. As well, the idea in the article that corporations are not moral agents has led to unsavory violations of human rights across the world, failing Kant’s se cond formulation of the Categorical Imperative, as well as not satisfying Act Utilitarianism. Thus, corporations, and individuals within those corporations, possess considerable ability to make ethical decisions that have great impact to many people, culminating in the truth that corporations have moral status. Friedman often surrounds ideas that he feels are nonsensical with quotation marks in order to make the ideas seem out of touch with any sort of economicShow MoreRelatedSocial Responsibility And Business Ethics Essay1470 Words   |  6 Pagesrole of social responsibility in business organizations and society. This paper will compare similarities and differences between Cohen’s perspective on social responsibility to the social responsibility and business ethics theories of Drucker and Milton Friedman. 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The (term)Read MoreThe Ethics Of Business Ethics1064 Words   |  5 Pages　　　　Business Ethics Ethics can be viewed as the rules and values that determine goals and actions people should follow when dealing with other human beings. However, business ethics can be defined as moral principles of a business. It examines moral or ethical problems that arise in a business environment. Generally, it has both normative and descriptive dimensions. Organization practice and career specialization are regarded as normative whereas academics attempting to understand business behaviourRead MoreWhat Role Should Management Have Within A Business Essay1744 Words   |  7 Pageswithin a business regarding social responsibility? Explain. According to Friedman, a manager’s only responsibility is to the shareholders, and not society as a whole (Jennings, 111). We all agree that a manager s primary responsibility is to the company and the shareholders. 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HR Problem

Question: How to improve the HR problems or give the solution of people quitting the job and impact of those problems on the company. Answer: Analysis of the Case The Employees with the Olam Vietnam Ltd.s Organization, do not seem to be happy with the overall work culture of the Organization in the broader terms. The employees in the present circumstances are neither having fat pay scales exceeding the Industry pay out averages, nor are they enjoying a vibrant an interactive work place culture. The existing separation between the working relationships of employees of different departments is making the work place of the companys employees isolated and lackluster. Some of the employees are taking advantage of the yearly bonus distribution pattern of the company; and their unhappy souls sought resignation as soon as the bonus amount is received by them. Issues of the Case Frequent employee resignations, especially from the Trading, Finance and Accounts department Employees. Activities and Procedures to arrest the Problem The incorporation of the following HR management strategies would help the Organization in arresting the overall problem of employee discomfort with the Organization: Systematic Job Evaluation for Jobs in trading, Accounts and Finance Departments It is quite possible that a single set of Employees are over burdened with work, like the Trading Department/ Finance Department employees. The Lack of equal distribution of work or the lack of work based payment method may be the root cause of the work stress between few of the employees, who end up resigning from their jobs. A systematic Job evaluation process pertaining to the job analysis of all the departments would help determine the worth of every job to another. This would enable equal work distribution and justified salary determination for each of the jobs performed by employee across the organization. Revamping the Bonus Payoff System, in to a Half Yearly cycle. The revamping of the Bonus distribution pattern in to a half yearly cycle would directly help control few of the resignations from the employees. The half yearly bonus distribution pattern would make the Yearend as no longer the best period to resign for the employees. Keeping the workplace interesting and lively for the Employees The work place interactions and effective interdepartmental communications are necessary aspects for retaining employee interest to their respective job roles. Also, a lively and interesting workplace, with continuous inter departmental interaction between the employees is beneficial for the overall organizational functioning. Inter departmental Recognition for outstanding job performance The Employees working hard for the Organization may be motivated and encouraged to work harder with the help of recognition techniques. These Human Resources management techniques of recognizing the employee efforts and contribution at work place in front of his co-workers and colleagues are very effective at times. The efforts of the employees of Olam Vietnam Ltd. if recognized in front of the other department employees may do wonders in self motivating the employees, who may start liking their assigned job roles. Conclusion The rising attrition rate with the Olam Vietnam Ltd.s Organization can be controlled and arrested through implementation of the above discussed HR strategies. The employees of the organization need to see the big picture of the business of the organization and for that purpose, interdepartmental communication should be highly encouraged in the organization. References Johnason, P. ,2009, HRM in changing organizational contexts, In D. G. Collings G. Wood (Eds.), Human resource management: A critical approach (pp. 19-37), London: Routledge Ulrich Dave, 1996, Human Resource Champions. The next agenda for adding value and delivering results, Boston, Mass.: Harvard Business School Press.