What impact does the business have on society other than making a profit? What other role does the business play, knowing well there would be no products, no service, and no profit, without people in the society? Also taking into consideration the negatives created and dumped in society as a result of producing goods and making a profit. Thus, the business is expected to tackle issues such as pollution, habitat destruction, bribery and corruption, and global climate change.
Corporate social responsibility is that aspect of business that uses solution-based initiatives to intervene in prevalent social issues. Most times, these initiatives are geared towards solving environmental challenges. That way, according to the opinions of entrepreneurs on ReviewsBird.com, the impacts of business on society are both positive and negative. The positive side is CSR, while the negative is the sacrifice needed to be made before a good or service can be rendered.
Negative Impacts of Business on Society
Every product comes with sacrifices that needed to be made. Go anywhere in the world, consult traveling agencies reviews, business sacrifices are the same. These sacrifices constitute social challenges and some of them include:
There are 3 types of pollution — land, air, and water. Looking closely, it’s obvious these are the three major elements of the environment. Yet, all 3 are duly polluted by companies in one way or the other. The most polluted element is air. Fuels used by factories and harmful gases contribute to the effects of pollution.
· Climate Change
Since pollution is prevalent, climate change is bound to happen. The change affects both social and environmental issues in society and is largely due to pollution. Lack of clean air, clean water, and clean land are sure to lead to malnutrition, diseases, heat, and diarrhea.
· Bribery and Corruption
The principles of business are based on competition. Capitalism means using competition to your advantage in whatever ways you can, even if you have to bribe your way through. Yet, society is both the consumer and employee of any business. This way, business fosters bribery and corruption in society.
Positive Impacts of Business on Society
Familiar with the negatives, major businesses see it as a responsibility to tackle the impacts head-on. This is known as Corporate Social Responsibility (CSR) and here are some ways they do it.
· Philanthropy and Volunteerism
Through several charity organizations, business takes a major part in eradicating poverty and outbreak of diseases. They run donations, sponsor charitable projects, and organize multiple rewarding contests.
· Environment Conservation
Business supports global warming groups to conserve trees and keep the gutters clean. They run awareness programs such as the one where society is tasked with planting trees.
· Diversity and Labor Practice
To keep poverty out of line, business integrates people into their programs and undertakes good labor practice such as wage compensation, training of employees, etc.
The impacts of business in society are both good and bad. The good impacts are often informed by the bad ones and are usually about preventing the consequences thereof. Unless the green revolution comes in soon, there would always be harmful sacrifices in business.