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Assignment

Q1. What do you understand by corporate social responsibility? Why should a business assume social responsibility? Ans. 1 Corporate Social Responsibility (CSR), Corporate Responsibility (CR) or Sustainable Business are commonly heard, but rarely understood, phrases. CSR is the process of assessing an organisation's impact on society and evaluating their responsibilities. CSR begins with an assessment of a business and their:

Customers Suppliers Environment Communities Employees What does a CSR Policy Include? Many organisations have a CSR Policy, which defines areas of concern and initiatives to improve relations with the people and environments affected by business operations. CSR policies often dictate a system for monitoring responsible performance. More than Compliance Successful CSR initiatives take organisations beyond compliance with legislation and leads them to honour ethical values and respect people, communities and the natural environment. CSR is sustainable - involving activities that your organisation can maintain without adversely affecting your business goals. More than Being Green CSR is about more than environmental responsibility or having a recycling policy. CSR is about considering the whole picture, from your internal processes to your clients, taking in every step that your business takes during day-to-day operations. CSR is: A long-term approach to business that addresses the needs of communities, people and their employers. CSR provides frameworks for successful enterprise that is harmonious with its surroundings. CSR is an opportunity to generate honest, authentic good-news stories that a business and its community can be proud of. CSR must be sustainable - remaining a fundamental part of your business regardless of changing fortunes. CSR) refers to operating a business in a manner that accounts for the social and environmental impact created by the business.Corporate Social Responsibility CSR policy functions as a built-in, self-regulating mechanism whereby businesses monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. The goal of Corporate Social Responsibility is to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere. (wiki) This defines social responsibility.

Business enterprises are creatures of society and should respond to the demands of society. If the management does not react to changes in social demands, the society will either force them to do so through laws or will not permit the enterprise to survive. Therefore the longterm interests of business are best served when management assume social responsibilities. The image of business organization liked with the quality of its products and customer service and the extent to which it fulfills the expectations of owners, employees, consumers, government and the community at large. For longterm success it matters a great deal if the firm has a favourable image in the public mind. Every business enterprise is a organ of society and its activities have impact on the social scene. Therefore, it is important for management to consider whether their policies and actions are likely to promote the public good, advances the basic values of society, and constitute to its stability, strength and harmony. Increasing concern for the social responsibility of management, it is now recognized that besides taking care of the financial interest of owners, managers of business firms must also take into account the interest of various other groups such as employees, consumers, the government and the community as a whole. These interested groups are directly or indirectly affected by the pursuit of business activities and they are the stake-holders of the business enterprise. Responsibility towards owners: The primary responsibilities of management is to assure a fair and reasonable rate of return on capital and fair return on investment can be determined on the basis of difference in the risks of business in different fields of activity. With the growth of business the shareholders can also expect appreciation in the value of their capital. Responsibility towards employees: Management responsibility towards employees relate to the fair wages and salaries, satisfactory work environment, labour management relations and employee welfare. Fair wages should be fixed in the light of labor productivity, the prevailing wage rates in the same or neighbouring areas and relative importance of jobs. Managers salaries and allowances are expected to be linked with their responsibility, initiative and skill. But the spread between minimum wages and highest salaries should be reasonable. Employees are expected to build up and maintain harmonious relationships between superior and subordinates. Another aspect of responsibility towards employees is the provision of welfare amenities like safety and security of working conditions, medical facilities, housing, canteen, leave and retirement benefits. Responsibility towards consumers: In a competitive market, serving consumers is supposed to be a prime concern of management. But in reality perfect competition does not prevail in all product markets. In the event of shortage of supply there is no automatic correction. Besides consumers are often victims of unfair trade practices and unethical conduct of business. Consumer interests are thus protected to some extent with laws and pressure of organized consumer groups. Management should anticipate these developments, satisfy consumer needs and protect consumer interests. Goods must be of appropriate standard and quality and be available in adequate quantities at reasonable prices. Management should avoid resorting to hoarding or creating artificial scarcity as well as false and misleading advertisements. Responsibility towards the Governments: As a part of their social responsibility, management must conduct business affair in lawful manner, honestly pay all the taxes and dues, and should not corrupt public officials for selfish ends. Business activities must also confirm to the economic and social policies of the government.

Responsibility towards the community and society: The socially responsible role of management in relation to the community are expected to be revealed by its policies with respect to the employment of handicapped persons, and weaker sections of the community, environmental protection, pollution control, setting up industries in backward areas, and providing relief to the victims of natural calamities etc.

Q2. What is meant by business ethics? State the difficulties in establishing managerial ethics. Ans.2 Ethics is a branch of social science. It deals with moral principles and social values. It helps us to classify, what is good and what is bad? It tells us to do good things and avoid doing bad things. So, ethics separate, good and bad, right and wrong, fair and unfair, moral and immoral and proper and improper human action. In short, ethics means a code of conduct. It is like the 10 commandments of holy Bible. It tells a person how to behave with another person. So, the businessmen must give a regular supply of good quality goods and services at reasonable prices to their consumers. They must avoid indulging in unfair trade practices like adulteration, promoting misleading advertisements, cheating in weights and measures, black marketing, etc. They must give fair wages and provide good working conditions to their workers. They must not exploit the workers. They must encourage competition in the market. They must protect the interest of small businessmen. They must avoid unfair competition. They must avoid monopolies. They must pay all their taxes regularly to the government. In short, business ethics means to conduct business with a human touch in order to give welfare to the society. Definition of Business Ethics: According to Andrew Crane, "Business ethics is the study of business situations, activities, and decisions where issues of right and wrong are addressed." According to Raymond C. Baumhart, "The ethics of business is the ethics of responsibility. The business man must promise that he will not harm knowingly Features of Business Ethics 1. Code of conduct : Business ethics is a code of conduct. It tells what to do and what not to do for the welfare of the society. All businessmen must follow this code of conduct. 2. Based on moral and social values : Business ethics is based on moral and social values. It contains moral and social principles (rules) for doing business. This includes self-control, consumer protection and welfare, service to society, fair treatment to social groups, not to exploit others, etc. 3. Gives protection to social groups : Business ethics give protection to different social groups such as consumers, employees, small businessmen, government, shareholders, creditors, etc. 4. Provides basic framework : Business ethics provide a basic framework for doing business. It gives the social cultural, economic, legal and other limits of business. Business must be conducted within these limits. 5. Voluntary : Business ethics must be voluntary. The businessmen must accept business ethics on their own. Business ethics must be like self-discipline. It must not be enforced by law.

6. Requires education and guidance : Businessmen must be given proper education and guidance before introducing business ethics. The businessmen must be motivated to use business ethics. They must be informed about the advantages of using business ethics. Trade Associations and Chambers of Commerce must also play an active role in this matter. 7. Relative Term : Business ethics is a relative term. That is, it changes from one business to another. It also changes from one country to another. What is considered as good in one country may be taboo in another country. 8. New concept : Business ethics is a newer concept. It is strictly followed only in developed countries. It is not followed properly in poor and developing countries. Some diificulties faced by management of ethics : Employee Behavior From large corporations to small businesses, individuals involved in all types of business often face ethical issues stemming from employee behavior. For example, whether an employee can spend work time checking personal email accounts, how a manager deals with claims of harassment and to what extent a manager can "groom" a certain employee for a promotion are all examples of ethical issues regarding employee behavior. There are legal consequences for some unethical employee behavior. For example, if a supervisor discriminated against an employee based on her gender, religion or ethnicity when making recommendations for a promotion, legal action could be sought. Small business owners can help to prevent ethical problems stemming from employee behavior by drafting a clear, attorney-reviewed set of standards that dictate behavior policies for employees at all levels. Employee Working Conditions In addition to employee behavior, there are a number of ethical issues business people must consider about employee working conditions. For example, employers must be aware of the safety of their work environment and if they have compensated employees for all the time they have worked. The must also consider if they have required an employee to work an unreasonably long period of time or if they have him doing an unusually difficult task. Just like there are legal consequences for some unethical issues regarding employee behavior, there are also legal consequences for unethical working conditions. For example, an employer who requires an employee to work without pay or who creates an unsafe working environment can face legal action. Supplier/Customer Relations In addition employees and business owners must consider the ethical issues involved with their relationships between suppliers and customers. Business owners in particular must consider whether it is ethical to do business with suppliers who have unethical practices. When dealing with customers or clients, business people must ensure that they use their information correctly, do not falsely advertise a product or service, and do not intentionally do sub-standard work. Small Business Ethics Although there are ethical issues like discrimination that apply to all areas of business, each business area has its own ethical concerns. For example, business people who act as consultants must ensure they are giving sound advice. In the area of small business, some major ethical issues result from hiring, firing and dealing with employees. For example, conflicts of interest may cause ethical issues in small businesses, especially if they are family

run. When personal family issues interfere with business decisions, this is a conflict of interest and an ethical concern. Q3. Explain in brief the principles of management based on Indian ethos/values. Ans.3 Indian ethos for management means the application of principles of management as revealed in our ancient wisdom brought forth in our sacred books like our Gita, Upanishads, Bible and Kuran. There are 6 basic principles, which come to light in the holy books applicable in todays management world. They are : Each Soul is a potential God

A human being has a soul, a spark of the Divine. The divine resides in the heart of a person. The Divine means perfection in knowledge, wisdom and power. Therefore a human being has immense potential power or energy for self development. Thus human efforts can achieve even an apparently impossible goal and convert the impossible into a reality. The partnership of God and Man can bring about extraordinary or miraculous results; only if man chooses willingly to collaborate with God and actively participates in the affairs of the society by right action under his guidance and grace. He can bring about not only personal development, harmony, happiness but also prosperity of his own organization and the society without injustice to others. Of course here, also, God helps those who help themselves. Holistic Approach Holistic approach in Management is based on spiritual principle of unity, oneness, non-dual or Advaita concept. Under this principle of unity, the universe in an undivided whole where each and every particle is connected with every other particle. Thus, entire Humanity is ONE. Such an integrated human personality of self-developed manager and worker can assure best and competent management of any enterprise, involving collective works and efforts. It will achieve perfection or excellence in whatever sector you work. This is the ideal of Indian ethos : Atmano Mokshartham Jagat Hitya Cha. (For gaining perfection in individual life, as well as for the welfare of the world.). This is the message for all managers and workers given by the Indian ethos for management. Equal Importance to Subjectivity / Objectivity

Indian ethos for management distinguishes between subject and object. Subject is subtle and intangible. Object is concrete and tangible or visible. We have the concept of the third eye, the eye of wisdom. It can see even that which the normal two eyes cannot. It can see the intangible i.e. invisible. Human and ethical values or qualities such as courage, vision, social awareness, fearlessness, integrity, pure and clear mind, truth, etc. are subjective, subtle and intangible concepts. These subjective or subtle qualities are as important as money, materials, machines, information or data as well as human skills. Inner resources of human beings are more powerful than external resources.Creator is subjective. Creation is objective. Insight i.e., creator is more important than Outsight i.e., creation. Our body, senses, intellect, mind,etc., are objective, seen, tangible. But our soul atman is unseen, intangible, subtlest and subjective. Hence, wisdom manager/ worker is much more important and valuable than knowledge manager/ worker.Therefore, manager must develop his third eye, Jnana Chakhu , the eye of Vision intution, insight, foresight and such other divine qualities or values. This is the essence of Indian ethos for management.

Karma Yoga

It is yoga of selfless service to others. Karma Yoga is all about identifying your priorities and trying to achieve them. Also, a person should have accountability i.e. he should always hold only himself responsible for whatever goes right or wrong. This brings about the union of human being with the Divine. Gita says that do your duty without ego and without calculations of gain or loss. One should believe in Nishkama Karma i.e. fruits of work should not be thought of while performing the duty. The memorable words of Gita are To work only you have the right and you have no right to the fruits of work. However, this does not mean that one should work day and night and the returns that he gets should be almost negligible. What the Gita tries to say is that let not the fruits of action motivate you as they might just divert your attention from work. When you are doing a job, put your heart and soul in to it. One has no control over the future hence never waste your present in useless dreams of future hopes and fears of present actions. Yogah Karmasu Kaushalam

Yoga means excellence at work. Seek to perform your assigned duty or work in an excellent manner. Kaushalam denotes doing work with devotion and without attachment i.e. without being a work-a-holic. Such detatched attitude enhances its values and improves the concentration and skill of the worker. You work with smartness, determination and ability. Your head, heart and soul co-operate with your hands. You do not hanker over the fruits of action. You have no anticipation of reward, or personal gain. You become a tool of God to perform the work. Any work carried out with full concentration, dedication and with all abilities that a person has, becomes valuable and the person also becomes valuable to others as well as to society. In total quality management(TQM) Karma Yoga and Yogah Karmasu Kaushalam provide valuable contributions. Under this slogan we have one hundred percen concentraion coming from within. The extrinsic incentives e.g., money, other perks, etc. play a very minor role as motivators. Co Operation

Healthy competition is a powerful motivator for excellence and success, especially business success. The idea of cut-throat competetion is founded on the concept of struggle for existence and survival of the fittest.Indian ethos says that for human beings the royal road is co-operation as a powerful motive for team work. We are human beings having mind and power of discrimination. The Gita says : By co operation and mutual help all shall achieve the highest human welfare. Unity is strength. Even in the holistic approach, we stress the cooperation integration, synthesis and team spirit for extraordinary performance, for enduring harmony and peace, because in our hearts chamber is living the pure conciousness of the Divine, i.e., Purnatman. Peaceful co-excistence, harmony, not struggle is the rule. Indian insight endorses this in the management of any enterprise. Excessive competetion at work can destroy many young people and our social life. Co-operation, united efforts and striving for success leads to all round prosperity and success leads to all round prosperity and success in any field of human enterprise.

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