social responsibility of business essay

Business Ethics and Social Responsibility Essay

Searching for business ethics and social responsibility essay? This reflection paper discusses the importance of corporate ethics and social responsibility.

Introduction

The importance of business ethics.

• Corporate Ethics & Social Responsibility
• Relevant Practices

Ethics and social responsibility play an important role in business management. Organizations, both public and private, feel the need to incorporate corporate responsibility in their organizational culture. Ethics deals with knowing what is wrong and what is right. Business ethics encompasses analyzing ethical decisions, beliefs, and actions inline with business activities. Organizations are expected to show ethical values and operate socially responsible.

The major issue is that business ethics integrates different sets of ethics. This is the reason as to why organizations should employ good individuals as workers. Social responsibility deals with business conduct in respect to the broader social values. It questions the duties of business to the entire society (Sims, 2003). In this light, this paper discusses the importance of ethics and social responsibility and various practices and theories employed in different organizations.

Businesses operate in such a way that their owners can realize some benefits. Business owners are also known as shareholders. Though, other stakeholders are part of critical components of decision making because businesses have to act in a liable and ethical manner and reflect on the potential effects of any choices made. Stakeholders such as dealers, customers, staff, owners, and communities are the integral part of business operations.

Customers, who are also citizens, require quality products which are affordable. Likewise, other stakeholders expect fair business engagements from organizations. Citizens need to know that right things are being done for the right reasons. This is because organizations target citizens in their plans for making profits and it is imperative that citizens observe the conduct of businesses in order to make the right choices (McNamara, 2010).

Knowing ethical and social norms help citizens to keep organizations in tandem with the society’s expectations. Businesses should work in a way that is lawful, beneficial, ethical, and inline with social commands (Johnson, n.d). Ethics in business enable organizations to maximize profits, utilize business resources, and create support in the market. Ethical values should command what is suitable to pay employees as well as to charge consumers.

An organization is therefore required to have a culture that enhances strong values. This will also attract good employees in the company. For example, companies strive to be included in the list of the top 100 firms in the United States issued frequently in Fortune magazine. The most common criteria used are analyzing profit sharing, bonuses, and stock markets. The list also incorporates policies and rewards that refer to work and enhance social responsibility (Griffin, 2008).

In the health sector, patients are supposed to trust physicians because hospitals are normally governed with good ethical conducts. This trust ensures that good medical care is offered to patients. Studies have found that trust is mostly related to patient satisfaction and therefore vital in selecting and applying treatment that is essential to patients (Thom & Campbell, 1997). Moreover, such trusts are essentials because in many cases patients require long-term or ongoing management in chronic cases.

Reflection about Business Ethics and Social Responsibility

Social responsibility is an element of ethical conduct. It is improving the community in general. Areas of social responsibility include business giving, ecological and environmental quality, consumerism, government relation, and labor relations. Social responsibility improves the public image of an organization and enhances the local economy.

Trust and excellent reputation are among the most important assets in any business that can only be realized through social responsibility. Social responsibility also attracts and retains employees who are committed to their task, hence improved performance. By doing so, companies can reduce the cost of recruitment.

Moreover, social responsibility increases the customer base and attracts investors. Being a social responsible organization enable a business to gain competitive advantage. Developing products that are friendly to the environment adds value and increases sales in business. Investors prefer social responsible businesses because it is an indication of proper management and a good reputation (The Economist, 2009).

However, if a company produces products that are detrimental to the environment, there is high chance that the company’s image can be destroyed.

The effect of pollution on air, water, and land calls for the need to observe ecological and environmental quality. Companies should clean up the existing pollution, start processes to reduce pollution, control noise, recycle materials, and perform aesthetic improvements. Consequently, social responsibility determines how children behave and thus there is need to educate children about social responsibility in order to put a sustainable investment in the future. Children are the potential business stakeholders in future.

Practicing social responsibility such as training children and improving health and education broadens their view and persuade them to help others. Teenagers can be asked to take part in volunteer programs in nursing homes, heath centers, and schools. This helps to heighten the idea that we are accountable for the state and quality of our societies (Griffins, 2008).

Practices of Corporate Social Responsibility

Ethics and social accountability in the context of business have changed over the last decades. This is due to various ethics scandals that have captured the interest of people. It is vital to talk about some of these scandals. The Salmon Brothers, a sponsor of security, defied Treasury policy in 1990s by purchasing more than thirty five percent of a Treasury copy of securities at auction. This business scandal forced three top executives to resign, including other effects.

The crime contributed in the effort of setting the U.S. Sentencing Commission in 1991 which was responsible for ensuring that companies are accountable for any unlawful behavior (Brenner, 1992). In the mid 1990, many ethical scandals were inline with sexual harassment and racial prejudice.

Coca-cola, Mitsubishi, and Texaco are some of the companies that received such accusations. At the start of the new century, scandals were persistent in the news. In 2001, Firestone and Ford expressed regret to their customers for a continued tire failures. Business ethics crimes are still common in the present days and therefore there is a possibility of changing ethical and social responsibility practices and theories in the future.

From the inference of public interest in social responsibility during the last forty years, two implications can be made. Attention in social responsibility has increased throughout the past three decades. Consequently, attention in ethics and social responsibility appears to have been driven by business scandals. In essence, the society has constantly changed their view on the issue with different tastes; some take it seriously and others take it lightly.

Because of the increasing ethical missteps, companies have been undergoing an intensive analysis from the public with regards to their performance. Due to many allegations, such as unfavorable care for the customer and environmental degradation, social responsibility has changed dramatically and thus companies are required to offer back to the community. It is believed that individual corporations are like citizens so they should contribute to the society (Henn, 2009).

The current organizations in many aspects are part of the society made up of many persons with different views and expectations. This implies that there is new demand for all stakeholders to reorganize their relationships.

For example, according to the President of McDonald’s, Don Thompson, the enduring success of the company relies on customers’ trust and loyalty – in the value and safety of food, in the business processes, and in the firm’s commitment to solving issues presented by the customers (personal communication, June 13, 2010). Those businesses expected to last for long will be concerned with making certain that the evolving requirements are met.

These companies will need to observe legal, ethical, and social requirements while being able to operate in tandem with changing economic conditions. In the past, social responsibility was seen as a practice that can decrease profits and thus contradicting the reason for the firm’s existence (Griffin, 2008).

Likewise, most organizations applied the utilitarian principle in solving ethical problems. The utilitarian principle argues that an action should be taken if it brings greater value to the whole organization. Modern organizations take into consideration the rights of every individual. This is known as the moral rights principle of solving ethical problems. It is imperative that modern firms observe and preserve the rights of employees, customers, and the whole society.

In future, ethics and social responsibility will have a new meaning in the context of business operations. From the current happenings, it is possible that businesses will be required to be adoptive and interactive. Future organizations will need to observe the changing laws that govern business operations.

As pressure increases from the outside environment, companies will be able to anticipate environmental changes and blend their own goals with those of the society. This is an interactive approach that reduces the difference between society’s viewpoint and business routine.

Social responsibility is part of business ethics that require managers to be open in their business engagements. Observing ethics and social responsibility improves the company’s image and result to profit maximization.

The whole world would benefit from social responsibility because companies are required to take part in the following aspects: improve environmental quality, provide truthful advertisement, start industries in marginal areas, provide equal employment rights, develop quality products, and enable freedom of participation in company’s affairs.

As explained in this paper, ethics and social responsibility requires constant changes in organizational conduct and performance. Since internal and external requirements change, it is imperative that firms likely to survive in future observe the changing needs from the society and regulations imposed by the government. In essence, since businesses create some problems they should help solve them.

Brenner, S. N. (1992). “Ethics Programs and Their Dimensions”. Journal of Business Ethics , 11, 391-399.

Griffin, A. (2008). New Strategies For Reputation Management: Gaining Control of Issues, Crisis & Corporate Social Responsibility. Philadelphia, USA: Kogan Page Limited.

Henn, K. (2009). Business Ethics: A Case Study Approach. New Jersey: John Wiley & Sons, Inc.

Johnson, K. W. Integrating Applied Ethics and Social Responsibility . Ethical Complexity or Ethical Chaos? . Web.

McNamara, C. (2010). Complete Guide to Ethics Management: An Ethics Toolkit for Managers . Free Management Library. Web.

Oneal, M. (Interviewer) & Thompson, D. (Interviewee). (2010). McDonald’s on a Roll, But Still Not at Top of its Game . Chicago Tribune. Web.

Sims, R. (2003). Ethics and Corporate Social Responsibility: Why Giants Fall. United States: Green wood Publishing Group, Inc.

The Economist. (2005). The Importance of Corporate Responsibility . Economist Intelligence Unit. Web.

Thom, D. H. & Campbell, B. (1997). Patient-Physician Trust: An Exploratory Study. BNET. Web.

• Ethical Considerations in Successful Business
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• Volkswagen Scandal: Breach of Environmental Regulations
• The Bribery Scandal at Siemens AG
• The GameStop Scandal and Strategic Planning
• Corporate Social Responsibility Concept in Modern Economy
• Corporate Ethics in the "Business Through the Eyes of Faith"
• Financial Reporting Practices and Ethical Standards in Health Care Finance
• Business Ethics: Morality Issues Toward Customers
• Some social responsibility practices
• Chicago (A-D)
• Chicago (N-B)

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From there to here: 50 years of thinking on the social responsibility of business

It has now been 50 years since economist Milton Friedman asked and answered a fundamental question: What is the role of business in society?

Friedman’s stance was plain: “There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits.” That view has long influenced management thinking, corporate governance, and strategic moves. But more recently, many leaders have sought to expand that definition to consider all the stakeholders who stand to gain—or lose—from organizations’ decisions.

In 2019, Business Roundtable released a new “Statement on the purpose of a corporation,” signed by 181 CEOs who committed to lead their companies for the benefit of all stakeholders—customers, employees, suppliers, communities, and shareholders. The statement outlined a modern standard for corporate responsibility.

On the 50th anniversary of Friedman’s landmark definition, we look at how the conversation on corporate purpose  has evolved.

The pre-1970 conversation

Even before Friedman’s essay published, the social responsibility of business was a topic of discussion. McKinsey, for example, was part of the early conversation about corporate purpose, which centered on the idea of improving performance and a belief that healthier corporations meant a healthier society. The firm’s earliest formal expression of its objectives spoke of the value of “advancing the profitableness and welfare of American business and hence the welfare of the country as a whole” (1937).

The discussion of corporations’ role in society continued to unfold in the 1950s and 1960s, when Columbia University and McKinsey presented a lecture series in which executives discussed the challenges of large organizations. Many of those talks became books that addressed the issues Friedman would soon take on.

Friedman’s seminal 1970 essay

On September 13, 1970, when Friedman published his landmark piece, “The social responsibility of business is to increase its profits,” in the New York Times , he wrote:

In a free-enterprise, private-property system, a corporate executive is an employee of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in accordance with their desires, which generally will be to make as much money as possible while conforming to their basic rules of the society, both those embodied in law and those embodied in ethical custom.

Like many businesses and thinkers, McKinsey has grappled with such ideas over the years. A 1971 statement of the firm’s goals highlights the role of profitability but acknowledges that it isn’t the sole social responsibility of business; consultants can also “do worthwhile things for society as well as to earn substantial financial rewards.”

Marvin Bower—McKinsey’s managing director from 1950 to 1967, who remained a vocal leader even after stepping down—also continued to emphasize the importance of enduring business values, which could be translated into societal as well as business impact:

Outside the service for which we are compensated, each of us has an opportunity, through the firm, to serve the society of which [we are] a part. Our knowledge of the problem-solving process enables us to contribute disproportionately to the welfare of our communities.

The 1980s and 1990s: An expanded global view

Management attention started to go global in the 1980s. The business world examined how Japanese companies in particular were revolutionizing manufacturing to compete against once-dominant Western players. Political and social changes were also afoot, and the shift toward globalization took hold.

McKinsey managing director Fred Gluck (1988–94) called on the firm to raise its sights and expand its horizons:

Beginning with a memo not two weeks before the Berlin Wall came down, he urged his partners to expand their vision beyond their usual business clients. As the world’s best problem solvers, he argued, McKinsey should aspire to advise national and world leaders on global issues like poverty, European integration, and the environment. It should help design and implement the reforms that were certain to follow in the wake of the revolutions unfolding in Eastern Europe, the Soviet Union, and Asia. Though not universally shared, Gluck’s call to action struck a chord with many firm leaders. … They were being challenged to help change the world.

The McKinsey Global Institute was founded in this era, looking to generate fresh insights through serious research that integrated the disciplines of economics and management. And although work continued to prize financial impact for clients, the thinking around future impact continued to expand.

The 2000s and 2010s: A focus on longer-term, inclusive growth

Technological advances may have facilitated globalization, but the dot-com crash of the early 2000s and ensuing changes—to say nothing of the global financial crisis of 2008—brought discussion on the social responsibility of business into the zeitgeist.

In a 2006 interview, McKinsey’s former London office manager Peter Foy reflected:

I have real misgivings about the way that [business] changed. Because the minute the world … changed from building great companies and keeping shareholders happy to serving shareholders on a quarterly delivery, wealth-creation basis … you changed everything in the business system. The motivation of the CEO, and the organization, and the time you spend on it all.

The conversations also entered the realm of public ideas. One particularly powerful statement in the March 2011 Harvard Business Review article “ Capitalism for the long term ,” penned by McKinsey managing partner Dominic Barton, called for business-led reform to go beyond quarterly capitalism:

This shift is not just about persistently thinking and acting with a next-generation view—although that’s a key part of it. It’s about rewiring the fundamental ways we govern, manage, and lead corporations. It’s also about changing how we view business’s value and its role in society.

Barton later helped found the not-for-profit Focusing Capital on the Long Term, which encourages long-term investing and business decision making.

Additionally, the McKinsey Quarterly marked its 50-year anniversary  with a special edition on the future of management. One key theme: Corporate longevity and a long-term view of performance.

2019, the Business Roundtable statement, and what lies ahead

On August 19, 2019, the Business Roundtable issued its latest statement on the purpose of a corporation :

Businesses play a vital role in the economy by creating jobs, fostering innovation and providing essential goods and services. Businesses make and sell consumer products; manufacture equipment and vehicles; support the national defense; grow and produce food; provide health care; generate and deliver energy; and offer financial, communications and other services that underpin economic growth. While each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders.

The statement was endorsed by 181 CEOs (along with McKinsey global managing partner Kevin Sneader ), each committing to leading their companies for the benefit of all stakeholders—customers, employees, suppliers, communities, and shareholders.

Echoes of that statement continue to resonate today, even as leaders navigate crises and contemplate the next normal beyond coronavirus . As Marc Goedhart and Tim Koller note in “ The value of value creation ”: “Long-term value creation can—and should—take into account the interests of all stakeholders.” And Sneader and his coauthors underscore it as a top-management ethos in a new article on the CEO moment :

[The] COVID-19 pandemic has laid bare the profound interconnectedness between businesses and the broader world in which they operate. … Employees, customers, and stakeholders expect a CEO to articulate where the company stands on critical issues.

What lies ahead on this topic? Write to us .

This article was conceptualized, illustrated, and edited by McKinsey Global Publishing colleagues Mike Borruso , Torea Frey , Gwyn Herbein ,  Philip Mathew , Janet Michaud , and Nathan Wilson , with Paul Lasewicz , our archivist, guiding us on this walk through history.

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Now more than ever, there is a growing importance for companies to ramp up their focus on social responsibility. "Social responsibility," in simple terms, means a business’s obligation to pursue achievable and good long-term goals for its people and the world at large.

I've observed a number of successful companies today that use social responsibility as a way to give back to society and thank customers for their loyalty. This can come in the form of projects, movements or empowerment of individuals. Whatever form these corporate ventures take, they are definitely a win for both the company and the community alike. I've also seen that some companies are taking the lead and venturing into humanitarian projects ranging from the construction of roads to the alleviation of poverty.

Because corporate social responsibility is not compulsory, many companies might not feel the need to engage in it. However, there are several reasons I believe it is important for companies to prioritize social responsibility.

CSR can help you attract and retain employees.

One of the major reasons people apply to various companies is because of their CSR strategy. From my perspective, a CSR strategy shows a company is compassionate and treats all people, including employees, well. And a business that is committed to improving the world is likely to attract more talent . This shows how important employees take social responsibility. CSR efforts also help foster a more productive and positive work environment for employees. It promotes volunteering and positive efforts from employees.

CSR can improve customers' perception of your brand.

The competition in the business world of today is stiff, and it can be quite challenging for a company to set itself apart in the eyes of customers. However, businesses that take social responsibility seriously can win consumers , as well as develop a platform to market and earn their audience's attention.

Simply put, social responsibility can help people see your company as a positive force in society. The projects you and your team take on can help raise awareness for important causes and keep your business top of mind.

CSR is also important when it comes to branding. To have a successful brand and retain customers, businesses must create trust with their target audience, and I believe having a CSR strategy can help build a good reputation — and, in turn, earn trust and loyalty — among clients.

Consumer loyalty goes a long way in helping a business stay afloat. Part of what makes a functioning business is your customers; without them, your business simply would not exist. For their loyalty, consumers expect brands and businesses to not be all about making a profit, but to give back to society.

According to a 2015 survey by Nielsen (registration required), more than 50% of consumers are willing to pay more for a product or service if the business prioritizes sustainability. This tells me that consumers will opt for and stick with companies that aren't just profit-oriented.

CSR shows a sign of accountability to investors.

Businesses that are socially responsible can also appear more attractive to investors. In my experience, investors in a business have one common goal: to have greater returns than invested funds. I view businesses that are able to manage finances while still helping their communities as accountable and transparent in their dealings. According to a 2016 report by Aflac, investments in CSR are not typically viewed by investors as a waste of money, but rather an "indicator of a corporate culture less likely to produce expensive missteps like financial fraud." The study said 61% of investors consider CSR a sign of "ethical corporate behavior, which reduces investment risk."

CSR saves money.

You might not expect a CSR strategy to improve your bottom line because it typically requires investment in projects. However, as mentioned above, many customers are willing to pay more for products from a socially responsible brand, and CSR can help attract and retain employees. Given that turnover can cost companies thousands of dollars, this is worth noting.

CSR can enable you to better engage with customers.

From my perspective, CSR can help your business better engage with customers. Many forms of CSR involve businesses interacting directly with members of society, who may also be customers or potential customers. You can get direct feedback on what you are doing right and what your company needs to improve on. Word-of-mouth is still an effective form of advertising, and customers who have been part of the social responsibility created by a company are able to tell other potential customers about the business. 

In conclusion, businesses can no longer operate with the sole aim of making profits at the expense of the environment, society, economy, consumers and employees. Companies need to consider how they can give back to society, and this can help you attract customers and keep your best employees. Customer satisfaction and employee retention are the keys to any successful business, after all.

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The Social Responsibility of Business

This essay about the social responsibility of business examines the debate between maximizing profits versus broader ethical obligations to society. It references Milton Friedman’s argument that a company’s main duty is to its shareholders through profit maximization. However, it also considers the evolving expectations of stakeholders, including employees, communities, and the environment, suggesting that companies have responsibilities beyond just generating profits. The piece highlights the shift towards a more holistic view of corporate responsibility, arguing that addressing social and environmental issues can contribute to long-term business success. It concludes that in today’s complex global context, businesses must balance financial objectives with the well-being of society and the planet to remain viable and trusted entities.

How it works

The contention surrounding “the societal obligation of commerce is to augment its earnings” has ignited substantial discourse among economists, corporate executives, and moral philosophers alike. This viewpoint, famously expounded by economist Milton Friedman during the 1970s, posits that a firm’s foremost duty lies with its shareholders, and that the most efficacious approach to fulfill this duty is through profit maximization. While this stance holds validity, particularly in its emphasis on efficiency and shareholder value, it also poses intricate inquiries regarding the broader repercussions of corporate activities on society, the ecosystem, and ethical governance.

At the crux of Friedman’s argument lies the conviction that a corporation, by prioritizing profit maximization, inherently contributes to societal welfare by engendering employment, fostering innovation, and furnishing commodities and services that people necessitate and desire. From this vantage point, the market mechanism emerges as the most proficient means to allocate resources and cater to the common good, with profit serving as a metric of a company’s adeptness in addressing societal needs. Additionally, Friedman posits that corporate executives lack the democratic mandate to address social concerns, contending that their endeavors to do so would divert resources from the firm’s core objectives, potentially culminating in economic inefficiency and diminished societal prosperity.

Nevertheless, this stance on social responsibility faces mounting opposition from the evolving anticipations of consumers, employees, and the broader populace vis-à-vis corporations. There is a burgeoning consensus that corporations should be answerable not solely to their shareholders but also to a broader spectrum of stakeholders, encompassing employees, communities, and the ecosystem. This expanded conception of corporate accountability intimates that firms have a duty to operate with ethics, sustainability, and in a manner that yields positive contributions to society beyond mere profit generation. Critics of Friedman’s stance contend that disregarding these broader responsibilities could precipitate environmental deterioration, exacerbate societal disparities, and erode public confidence in corporate institutions.

The debate between shareholder and stakeholder theories of corporate responsibility encapsulates profound philosophical quandaries about the function of commerce in society. Should enterprises be solely profit-oriented entities, or should they also weigh the repercussions of their decisions on society and the ecosystem? This query assumes heightened relevance in the context of global predicaments such as climate change, economic inequality, and human rights issues, where corporate actions can exert far-reaching ramifications.

In conclusion, while the proposition that the societal responsibility of commerce is to augment its earnings encapsulates a fundamental verity about the significance of financial well-being and shareholder value, it is increasingly apparent that this viewpoint is inadequate for addressing the intricate realities of the contemporary world. Corporations operate within a societal and environmental milieu and, consequently, bear responsibilities that transcend profit maximization. Acknowledging and discharging these responsibilities not only contributes to a more equitable and sustainable world but can also fortify a firm’s long-term viability and prosperity. As societal anticipations evolve, so must the conception of what constitutes responsible corporate conduct, embracing a more comprehensive outlook that harmonizes profit with the welfare of the broader community and the planet.

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Home — Essay Samples — Sociology — Social Responsibility — Corporate Social Responsibility in Business

Corporate Social Responsibility in Business

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Published: Jan 31, 2024

Words: 724 | Pages: 2 | 4 min read

Table of contents

1. the concept of csr, 2. benefits of csr in business, 3. implementing csr initiatives, 4. examples of successful csr practices in business, 5. challenges and criticisms of csr in business, 6. future trends and the role of csr in business sustainability, 7. conclusion, references:.

• Cone Communications and Ebiquity survey - "2015 Cone Communications/Ebiquity Global CSR Study"
• Nielsen survey - "The sustainability imperative: New insights on consumer expectations"
• PwC study - "The purpose effect: Building business by inspiring employees"
• Deloitte survey - "The Deloitte Millennial Survey 2017"

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6 Examples of Corporate Social Responsibility That Were Successful

• 06 Jun 2019

Business is about more than just making a profit. Climate change, economic inequality, and other global challenges that impact communities worldwide have compelled companies to be purpose-driven and contribute to the greater good .

In a recent study by Deloitte , 93 percent of business leaders said they believe companies aren't just employers, but stewards of society. In addition, 95 percent reported they plan to take a stronger stance on large-scale issues in the coming years and devote significant resources to socially responsible initiatives. With more CEOs turning their focus to the long term, it’s important to consider what you can do in your career to make an impact .

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What Is Corporate Social Responsibility?

Corporate social responsibility (CSR) is a business model in which for-profit companies seek ways to create social and environmental benefits while pursuing organizational goals, such as revenue growth and maximizing shareholder value.

Today’s organizations are implementing extensive corporate social responsibility programs, with many companies dedicating C-level executive roles and entire departments to social and environmental initiatives. These executives are commonly referred to as chief officers of corporate social responsibility or chief sustainability officers (CSO).

There are many types of corporate social responsibility , and CSR might look different for each organization, but the end goal is always the same: Do well by doing good . Companies that embrace corporate social responsibility aim to maintain profitability while supporting a larger purpose.

Rather than simply focusing on generating profit, or the bottom line, socially responsible companies are concerned with the triple bottom line , which considers the impact that business decisions have on profit, people, and the planet.

It’s no coincidence that some of today’s most profitable organizations are also socially responsible. Here are six successful examples of corporate social responsibility you can use to drive social change at your organization.

Check out our video on corporate social responsibility below, and subscribe to our YouTube channel for more explainer content!

6 Corporate Social Responsibility Examples

1. lego’s commitment to sustainability.

As one of the most reputable companies in the world, Lego aims to not only help children develop through creative play but also foster a healthy planet.

Lego is the first, and only, toy company to be named a World Wildlife Fund Climate Savers Partner , marking its pledge to reduce its carbon impact. And its commitment to sustainability extends beyond its partnerships.

By 2030, the toymaker plans to use environmentally friendly materials to produce all of its core products and packaging—and it’s already taken key steps to achieve that goal.

Over 2013 and 2014, Lego shrunk its box sizes by 14 percent , saving approximately 7,000 tons of cardboard. Then, in 2018, the company introduced 150 botanical pieces made from sustainably sourced sugarcane —a break from the petroleum-based plastic typically used to produce the company’s signature building blocks. The company has also recently committed to removing all single-use plastic packaging from its materials by 2025, among other initiatives .

Along with these changes, the toymaker has committed to investing $164 million into its Sustainable Materials Center , where researchers are experimenting with bio-based materials that can be implemented into the production process.

Through these initiatives, Lego is well on its way to tackling pressing environmental challenges and furthering its mission to help build a more sustainable future.

Related : What Does "Sustainability" Mean in Business?

2. Salesforce’s 1-1-1 Philanthropic Model

Beyond being a leader in the technology space, cloud-based software giant Salesforce is a trailblazer in corporate philanthropy.

Since its outset, the company has championed its 1-1-1 philanthropic model , which involves giving one percent of product, one percent of equity, and one percent of employees’ time to communities and the nonprofit sector.

To date, Salesforce employees have logged more than 5 million volunteer hours . Not only that, the company has awarded upwards of $406 million in grants and donated to more than 40,000 nonprofit organizations and educational institutions.

In addition, through its work with San Francisco Unified and Oakland Unified School Districts, Salesforce has helped reduce algebra repeat rates and contributed to a high percentage of students receiving A’s or B’s in computer science classes.

As the company’s revenue grows, Salesforce stands as a prime example of the idea that profit-making and social impact initiatives don’t have to be at odds with one another.

3. Ben & Jerry’s Social Mission

At Ben & Jerry’s, positively impacting society is just as important as producing premium ice cream.

In 2012, the company became a certified B Corporation —a business that balances purpose and profit by meeting the highest standards of social and environmental performance, public transparency, and legal accountability.

As part of its overarching commitment to leading with progressive values, the ice cream maker established the Ben & Jerry’s Foundation in 1985, an organization dedicated to supporting grassroots movements that drive social change.

Each year, the foundation awards approximately $2.5 million in grants to organizations in Vermont and across the United States. Grant recipients have included the United Workers Association, a human rights group striving to end poverty, and the Clean Air Coalition, an environmental health and justice organization based in New York.

The foundation’s work earned it a National Committee for Responsive Philanthropy Award in 2014, and it continues to sponsor efforts to find solutions to systemic problems at both local and national levels.

Related : How to Create Social Change: 4 Business Strategies

4. Levi Strauss’s Social Impact

In addition to being one of the most successful fashion brands in history, Levi’s is also one of the first to push for a more ethical and sustainable supply chain.

In 1991, the brand created its Terms of Engagement , which established its global code of conduct regarding its supply chain and set standards for workers’ rights, a safe work environment, and an environmentally friendly production process.

To maintain its commitment in a changing world, Levi’s regularly updates its Terms of Engagement. In 2011, on the 20th anniversary of its code of conduct, Levi’s announced its Worker Well-being initiative to implement further programs focused on the health and well-being of supply chain workers.

Since 2011, the Worker Well-being initiative has been expanded to 12 countries, benefitting more than 100,000 workers. In 2016, the brand scaled up the initiative, vowing to expand the program to more than 300,000 workers and produce more than 80 percent of its product in Worker Well-being factories by 2025.

For its continued efforts to maintain the well-being of its people and the environment, Levi’s was named one of Engage for Good’s 2020 Golden Halo Award winners , the highest honor reserved for socially responsible companies.

5. Starbucks’s Commitment to Ethical Sourcing

Starbucks launched its first corporate social responsibility report in 2002 with the goal of becoming as well-known for its CSR initiatives as for its products. One of the ways the brand has fulfilled this goal is through ethical sourcing.

In 2015, Starbucks verified that 99 percent of its coffee supply chain is ethically sourced , and it seeks to boost that figure to 100 percent through continued efforts and partnerships with local coffee farmers and organizations.

The brand bases its approach on Coffee and Farmer Equity (CAFE) Practices , one of the coffee industry’s first set of ethical sourcing standards created in collaboration with Conservation International . CAFE assesses coffee farms against specific economic, social, and environmental standards, ensuring Starbucks can source its product while maintaining a positive social impact.

For its work, Starbucks was named one of the world’s most ethical companies in 2021 by Ethisphere.

6. New Belgium Brewing’s Sustainable Practices

New Belgium Brewing has always been a proponent of green initiatives . As early as 1999, it was one of the first breweries to use wind power to source 100 percent of its electricity, significantly reducing its operational carbon footprint.

In Harvard Business School Online’s Business and Climate Change course, Katie Wallace, New Belgium Brewing's chief environmental, social, and governance (ESG) officer, elaborates on the company’s sustainable practices.

"We have biogas here that we capture from our process water treatment plant," Wallace says in the course. "We make electricity with it. When we installed our solar panels on the Colorado packaging hall, it was the largest privately owned solar array at that time in Colorado. And today, we have many other sources of renewable electricity and have invested quite a bit in efficiencies."

New Belgium Brewing also turns outward in its sustainability practices by actively engaging with suppliers, customers, and competitors to promote broader environmental change. These efforts range from encouraging the use of renewable resources in supply chains to participating in policy-making discussions that foster industry-wide sustainability. For example, it co-founded the Glass Recycling Coalition to improve recycling nationwide after recognizing sustainability concerns in the bottling industry.

New Belgium's commitment to corporate social responsibility is an ongoing process, though. The brewery continues to set ambitious targets for reducing waste, conserving water, and supporting renewable energy projects to build a more sustainable future.

The Value of Being Socially Responsible

As these firms demonstrate , a deep and abiding commitment to corporate social responsibility can pay dividends. By learning from these initiatives and taking a values-driven approach to business, you can help your organization thrive and grow, even as it confronts global challenges.

Corporate social responsibility is critical for businesses today. It enables organizations to contribute to society while also achieving operational goals. By prioritizing social responsibility, you can build trust with your stakeholders and leave a positive impact.

Do you want to understand how to combine purpose and profit and more effectively tackle global challenges? Explore our online business in society courses , including Sustainable Business Strategy and Business and Climate Change , to learn more about how business can be a catalyst for system-level change.

This post was updated on May 30, 2024. It was originally published on June 6, 2019.

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Greed Is Good. Except When It’s Bad.

Sept. 13 is an important date in the world of business. Fifty years ago on that day — today — Milton Friedman published a seminal essay in The New York Times Magazine that is still hotly debated in business and policy circles. DealBook teamed up with The Times Magazine to revisit the legacy of the so-called Friedman Doctrine in a special issue out today in print. This newsletter runs through some of the highlights, along with bonus material and other features to mark the occasion.

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A free market manifesto that changed the world, reconsidered

It was the essay heard round the world. Milton Friedman’s “ The Social Responsibility of Business Is to Increase Its Profits ” laid out arguably the most consequential economic idea of the latter half of the 20th century. The essay, published in The New York Times Magazine on Sept. 13, 1970, was a call to arms for free market capitalism that influenced a generation of executives and political leaders, most notably Ronald Reagan and Margaret Thatcher.

Mr. Friedman, who was on the faculty of the University of Chicago and who died in 2006 at 94, was no mere economist; he was a kind of celebrity. He became a regular on the talk-show circuit. PBS even gave him a 10-part series. Fifty years later, his theories on the primacy of shareholders and the priority of profits still hold sway over large parts of the corporate world.

We wanted to mark the occasion by stirring a series of discussions and debates, so we assembled more than 20 experts — including C.E.O.s, Nobel laureates and other top thinkers — and asked them to respond to the essay. Some addressed specific passages, and others took on the entire argument. A selection of their responses is below; you can read extended versions online and see all of the annotations in the context of the full original essay in print.

Friedman: “The Social Responsibility of Business Is to Increase Its Profits”

• Marc Benioff , chief executive of Salesforce

I’ll never forget reading Friedman’s essay when I was in business school in the 1980s. It influenced — I’d say brainwashed — a generation of C.E.O.s who believed that the only business of business is business. The headline said it all. Our sole responsibility to society? Make money. The communities beyond the corporate campus? Not our problem.

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What Is Social Responsibility?

Understanding social responsibility, areas of focus, the bottom line.

• Business Essentials

Social Responsibility in Business: Meaning, Types, Examples, and Criticism

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• Corporate Social Responsibility (CSR)
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Social responsibility is an ethical focus for individuals and companies that want to take action and be accountable for practices that benefit society. It's become increasingly important to investors and consumers who want to put their money into or purchase products from companies that take steps to contribute to the welfare of society and the environment.

Critics have traditionally argued that the basic nature of business doesn't consider society to be a stakeholder but many investors and consumers are embracing social responsibility and driving change.

Key Takeaways

• Corporate social responsibility (CSR) means that businesses should operate in ways that benefit society in addition to maximizing shareholder value.
• Socially responsible companies adopt policies that promote the well-being of society and the environment while lessening the negative impacts on them.
• Companies can act responsibly in many ways such as by promoting volunteering, making changes that benefit the environment, engaging in ethical labor practices, and engaging in charitable giving.
• Consumers are more actively looking to buy goods and services from socially responsible companies and this impacts their profitability.
• Critics assert that practicing and endorsing CSR standards contradicts the purpose of a business which is to make money.

Michela Buttignol / Investopedia

Social responsibility requires that individuals and companies act in the best interests of the environment and society as a whole. Social responsibility is referred to as “ corporate social responsibility (CSR) ” when it applies to businesses and it's becoming more popular due to shifting social norms. Many companies have made CSR an integral part of their business models without compromising profitability.

A Massachusetts Institute of Technology meta-analysis of 200 surveys over 20 years talked with business leaders in more than 70 countries and there was a high level of interest in the topic. The report called CSR a “halo strategy” and concluded that “by presenting themselves as true believers in CSR (saints), businesses seek to improve the overall corporate image (the halo) and expect broad benefits from diverse stakeholders to follow (the warm glow).”

The crux of CSR is to enact policies that promote an ethical balance between the dual mandates of striving for profitability and benefiting society as a whole. These policies can be enacted by commission such as through donations of money, time, or resources, or by omission practices such as by “going green,” reducing greenhouse gasses, or abiding by U.S. Environmental Protection Agency regulations to limit pollution.

More consciously capitalistic investors and consumers are considering a company’s commitment to CSR practices before making an investment or purchase. Embracing CSR can benefit the prime directive: maximization of shareholder value.

Actions or the lack of them will affect future generations. CSR is good business practice and a failure to execute it can hurt the balance sheet. It can boost company morale, especially when a company can motivate its employees through social causes.

CSR is generally more effective when a company takes it on voluntarily rather than waiting for the government to require it through regulation.

The International Organization for Standardization (ISO) emphasizes that a business’s ability to maintain a balance between pursuing economic performance and adhering to societal and environmental issues is a critical factor in operating efficiently and effectively. A company can embrace CSR through philanthropy, by promoting volunteering, and by committing to ethical labor practices and environmental changes.

Companies that manage their environmental impact might look to reduce their carbon footprint and limit waste. There’s also a responsibility to treat employees ethically, such as by offering a fair wage even when there are limited employee protection laws.

Examples of Socially Responsible Corporations

CSR takes on different meanings within certain industries and companies:

• Starbucks Corp. ( SBUX ) has committed to CSR from the start, including sustainability and community welfare. It purchases Fair Trade Certified ingredients to manufacture products and it actively supports sustainable farming in the regions where ingredients are sourced.
• Ben & Jerry’s Homemade Holdings Inc. has integrated CSR into the core of its operations. Like Starbucks, the company purchases Fair Trade Certified ingredients.
• Salesforce.com Inc. ( CRM ) developed what it calls the “1-1-1 model.” The company dedicates 1% of its equity, 1% of its product, and 1% of its employees’ time back to the community.
• Big-box retailer Target Corp. ( TGT ) is also well known for its social responsibility programs. It's donated money to communities in which the stores operate, including education grants.

Criticism of Corporate Social Responsibility

Not everyone believes that businesses should have a social conscience. Economist Milton Friedman stated that the “‘social responsibilities of business’ are notable for their analytical looseness and lack of rigor.” Friedman believed that only individuals can have a sense of social responsibility. By their very nature, businesses cannot. Some experts believe that CSR defies the very point of being in business: profit above all else.

A conservative backlash to diversity, equity, and inclusion (DEI) policies has appeared and this can affect employment initiatives that are part of CSR. Florida banned the practice in state-funded colleges in May 2023 under the leadership of Governor Ron DeSantis. Phil Lyman, a congressman from Utah, even blamed the catastrophic collapse of Baltimore’s Francis Scott Key Bridge on DEI.

The Wharton School of the University of Pennsylvania noted in its house journal, Knowledge at Wharton, that “DEI is under attack.” It started “the Relationships Across Differences Roundtable (RADs), a coalition of more than 70 academics and industry leaders committed to advancing inclusivity in all its forms—race, gender, ethnicity, religion, ability, neurodiversity, and age. They are partnering to share science-backed insights and best practices, strategize on common problems, and find ways to engage all stakeholders, even the ones who don’t believe in DEI.”

Some CSR policies continue to join the mainstream despite such opposition and they're practiced among a wide range of companies. Generations such as millennials and Gen Z are embracing it and driving change in the workplace and as consumers.

What Are Some Examples of Social Responsibility?

CSR includes companies engaging in environmental preservation efforts, ethical labor practices, philanthropy, and promoting volunteering. A company might change its manufacturing process to reduce carbon emissions.

What Are the Main Benefits of Social Responsibility?

Benefiting society and lessening the negative impacts on the environment are among the main benefits and goals of CSR. Consumers are increasingly looking to buy goods and services from socially responsible companies and this can have a positive impact on their bottom lines.

How Does Social Responsibility Benefit Companies?

Companies that implement social responsibility programs can potentially increase their bottom lines and boost their brand image as well. Social responsibility programs can also have a positive impact on morale among employees.

Companies engaging in CSR benefit the common good in several ways, including making changes that support the environment, engaging in ethical labor practices, and promoting volunteering and philanthropy. The practice can also be said to benefit their bottom lines because consumers are more actively looking to do business with socially responsible companies .

Massachusetts Institute of Technology Sloan Management Review. " Why Companies Practice Corporate Social Responsibility ."

Lu, Hao, et al. " How Do Investors Value Corporate Social Responsibility? Market Valuation and The Firm Specific Contexts ." Journal of Business Research , vol. 125, March 2021, pp. 14-25.

International Organization for Standardization. " Standards ."

International Organization for Standardization. " ISO and Small & Medium Enterprises ."

Starbucks. “ Starbucks Ethical Sourcing of Sustainable Products .”

Starbucks. “ Becoming Resource Positive .”

Ben and Jerry’s. “ Fairtrade .”

Ben and Jerry’s. “ Our Values, Activism and Mission .”

Salesforce. “ How Far Can the 1-1-1 Model Go? This Tech Darling Has a Unique Approach .”

Target. " Offering Debt-Free Degrees to More Than 340,000 Target Team Members? Now That’s a Smart Move ."

Target. “ Sustainability & Governance/People, Planet, Business .”

The New York Times. “ A Friedman Doctrine—The Social Responsibility of Business Is to Increase Its Profits .”

National Public Radio. " Florida Gov. Ron DeSantis Signs a Bill Banning DEI Initiatives in Public Colleges ."

Utah News Dispatch. " Lyman Blames DEI for Baltimore Bridge Collapse, but Admits He Didn’t Write Social Media Post. "

Wharton School of the University of Pennsylvania. " Is DEI Going Away? Here’s What Experts Say ."

Massachusetts Institute of Technology, Sloan School of Management. “ Social Responsibility Matters to Business — A Different View from Milton Friedman from 50 Years Ago .”

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