Summary Ethics and social responsibility

Being socially responsible and following basic business ethics have the following benefits: Gaining more customers: Consumers are more likely to continually support businesses that care about the impact they make. Being positives influences on communities and maintaining ethical standards allows businesses to gain new customers and maintain existing ones. Existing customers are also more likely to promote the company by word of mouth. Recruiting from a wider candidate group: Professionals are increasingly searching for careers with companies that are ethically and socially responsible. Promoting a strong code of ethics that includes social responsibility can help companies attract and retain more candidates. Getting an advantage over similar businesses: Companies that promote social responsibility often acquire more customers than businesses in the same industry. Organizations can see advantages over their competition by considering their impact on the community. Creating a positive work culture: When employees agree with a company's code of ethics and social responsibility, they are more likely to feel motivated and support the organization. Employers who encourage employees to take action in their community also gain more approval and commitment.