As well as making money, businesses should also have social responsibilities. Do you agree or disagree?
I definitely agree with the given statement that the corporate sector should focus on creating I definitely agree with the given statement that the corporate sector should focus on creating personal wealth as well as shoulder social responsibilities. This would be beneficial to the society and also for the companies themselves to sustain in the long run.
To begin with, it is an inescapable responsibility of every business enterprise to create more money for itself and its employees. Only when businesses achieve profitability can the employees remain loyal to the organisations that they work for. Meanwhile, companies can themselves remain competitive in the long run. In the initial stages, great amount of investments are needed for employee training, buying equipment, advertising, marketing, research and development. Therefore, economic stimulus is the driving force for employers and employees to work hard.
On the other hand, social responsibility is also very essential for businesses. In times of natural disasters, business houses are supposed to make generous donations and set an example. All businesses should also abide by the law and never make profit by unethical means. If any business becomes prosperous by honest hard work, it can provide a number of job opportunities, which can greatly reduce the pressure of social unemployment.
Furthermore, taking social responsibility would help these large business houses themselves. For example, when any business house donates for charity, the media spreads a word about their efforts and they get advertisement for free. In my hometown, many parks and roundabouts are maintained by the textile, sugar and starch mill in my hometown. These business houses do not need to spend extra for their adverts. Providing scholarships to poor, meritorious students is another way these enterprises can take social responsibility.
To sum up, it can be reiterated that businesses need to make money and also look into their social obligations. This would be a win-win situation for the society and the enterprises themselves.