Do corporations have a responsibility to society beyond maximizing profits?

Do corporations have a responsibility to society beyond maximizing profits?

Beyond making profits, corporations have social responsibilities. For any benefits, the first duty is making profits. However, to make these profits, the corporations have to be responsible in other areas. The regulations have also made sure that corporations are responsible. Corporations depend on the society to make profits. The employees are the members of the society. In addition, the customers are also members of the society. Without the society, the corporations would never make any money. The corporations have thus to be socially responsible to retain these people. Being socially responsible is also part of marketing on the side of the corporation.

Employees want to work in corporations with a real mission in the world. People do not want to work in companies that use them to make profits and never benefit the society in any way. Employees want to feel they are making a difference not only in the corporate affairs but the society as well. If corporations do not make the employees feel responsible, then the employees will leave.

One of the major success factors for corporations is partnering with the societies where they operate. By partnering with the societies, corporations can learn about the culture and new geographies. When employees volunteer in strategic locations, the corporations get a chance to gain local insights. In addition, the employees become more collaborative and better leaders. With the regulations about the environment and other issues, the corporations have no chance of being socially irresponsible. The corporations cannot exist without the societies and thus they have to appreciate by being socially responsible.

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