With the development of society, arises a concept that challenges the traditional way by which corporations operate. The modern business is not only responsible for achieving financial stability, but also demonstrating its social responsibility. While many organizations are opposed to this idea, as they may lose money, companies have the moral and social obligation to provide social welfare to the less privileged because such act is mutually beneficial.
Although it may seem self-contradicting, companies can make more profit from providing social welfare. When companies engage in social responsibility initiatives, they are able to establish a positive reputation and brand image for themselves. Both of these factors are extremely important when consumers choose which brand to purchase from. A better image and reputation can garner the company more customers and therefore more revenue in the long-run. As an example, Canadian Tire has been engaged in initiatives related to providing children the equipment in order to play sports. Those who are less privileged are now also able to enjoy the fun of engaging various activities. By participating in such campaign, Canadian Tire is able to advertise to their customers of their social responsibility and thus garner more revenue and a loyal customer base. Although such results can only be seen in the long-run, it is definitely a worthy investment for the company to make.
From the society’s perspective, the living standards of people will be raised and many underlying problems can be solved. Using the same example, the children who are receiving the help from Canadian Tire are able to play sports and enjoy themselves. On another level, one can argue that such experience in the childhood will have a positive impact on their lives and thus lead to lower crime rates and possibly suicide rates. Therefore, the society as a whole can also benefit from such act.
Although some people may say, in accordance to perspective 2,...