Companies should be responsible to society in addition to gaining money. To what extent do you agree or disagree?

Question

As well as making money, companies should have responsibility towards society. To what extent do you agree or disagree?

Answer 1

In today’s society, it is universally seen that the majority of companies are focusing on profits as their top priority. Meanwhile, it is widely concurred that contributions to society are the responsibility of any business. From my point of view, I partly agree with each of them and I hold a position that any company should know how to balance between making profits and contributing to the community. In this essay, I would elaborate on the reasons why I think so.

First and foremost, from the perspective of business, profit is deemed the top priority for most of the firms. Obviously, without sufficient financial resources, it is unpredictable and unavoidable that they might fall into business failure such as imminent bankruptcy. In addition, profit would play a vital role in incentivising most companies in a hope of developing more projects or products; thus, they could keep pace with market changes and be fully prepared to meet the market demands. It is because some business owners need t spend a large amount of the company budget on marketing, in order to reach a potential customer base and eventually increase turnover. Furthermore, the more influx of investment that a lucrative business could attract, the more financially competitive it would be. It therefore would be a great opportunity for that company to win the market. Shopee would be a prime example of this idea. By channelling significant amounts of profit into their successful social media and promotion campaigns, Shopee seems to be considered the dominating e-commerce company in Vietnam today.

On the other hand, it is also acknowledged that corporate social responsibility (CSR) is one of the indispensable regulations in any business, and it would make them sustainable in the long run. It is true that a socially accountable company could build a more positive brand image among consumers when they could provide positive confidence and social values. As a result, their brand awareness would be raised and their revenue as well. From the perspective of employers, social contributions also help them retain more employees and take on new potential ones. Nowadays, it is likely to be more and more people working for not only income but also for practical experiences and helpful values for the community. Most of them wish to work for establishments that contribute vastly to society. Therefore, the employers who give priority to CSR are more likely to cut down on recruitment and training costs for their employees.

In conclusion, profits play an important role in any business operation when it could be the biggest motivation of most companies. It could provide financial resources for the company to survive and develop new products. Besides, when contributing to society, the corporations could help them build positive brand images and develop sustainably. Thus, I do agree that both of these viewpoints are equally essential and the companies should try to balance those.

Answer 2

It is sometimes argued that businesses have many important responsibilities towards societal issues along with making money. I completely agree with this notion that corporations should be working on tackling socio-economic problems and should not only concentrate on making money.

 

Corporations have always been inclined towards making money. It is true that the money driven approaches are fundamentally important to gain financial success. If companies or associates do not work hard to increase profitability, they would not be able to compete in the market in terms of providing more and more employment facility to people, and eventually to help eradicate poverty. In addition, without earning enough money, businesses cannot even invest in raising social values.

 

However, corporations should have a duty to fulfill societal needs instead of solely striving for more and more money. Social responsibilities mean tackling the global challenges. These most pressing issues include climate change, poverty, inequity and resources or water scarcity. Take Unilever, a pharmaceutical multinational company, as an example- this high-profile organization has had a profound record of giving medical or other financial aid to the most deprived people of developing countries. As a result of these holistic and intensive social measures they are becoming increasingly successful in managing and solving poverty and health related problems in respective impoverished neighbourhoods.

 

To sum up, while successful and profitable businesses are fundamentally important to boost economy by generating revenues through earning more profit, social and environmental issues should also be included into their priority list of core planes.