Difference Between Business Ethics and Social Responsibility

Many factors lead to a businessā€™s success, and business ethics and social responsibility are some of those factors if led and appropriately followed.

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Business Quiz

Test your knowledge about topics related to business

1 / 10

Which of the following countries are part of the WTO?

2 / 10

Which of the following is not an economic activity?

3 / 10

In order to gain a competitive edge on the competition, some companies focus on:

4 / 10

Over-capitalization results from __________.

5 / 10

_________ deals with appointing people and placing them at the appropriate jobs.

6 / 10

Modular furniture __________.

7 / 10

A person who risks both time and money to start and manage a business is called ___________.

8 / 10

Who is not entitled to the share of profits?

9 / 10

In case of death or insolvency of a partner the firm is?

10 / 10

A building jointly owned is called office________.

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Business Ethics vs. Social Responsibility

The concept of business ethics is to know what is right or wrong for the company and its workers, while social responsibility is knowing what impact oneā€™s business is making in society and whether it is right or wrong.

Business Ethics vs Social Responsibility

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Business ethics include following the proper behavior that benefits the employees of the company as well as the shareholders, stakeholders, customers, etc.

Social responsibility refers to doing business keeping the benefits of their communities in mind. There are a set of duties and norms in a society that is acceptable, and a company should always follow them.

Comparison Table

Parameters of comparisonĀ Business EthicsĀ SocialĀ ResponsibilityĀ Ā 
DefinitionĀ Business ethics include what a business needs to follow to profit its employees and stakeholders harmlessly.Ā Social responsibility ensures all societal norms are adequately followed while building a business.Ā Ā 
AimĀ To profit the employees and company.Ā To benefit society.Ā 
NatureĀ They are used in a business sense.Ā They are used in a general sense.Ā 
InvolvesĀ Ā InvolvesĀ corporate and companiesĀ Involves society or individualĀ 
What is it about?Ā Business ethics is about knowing what is good or bad for the company and its employees.Ā Social responsibility is about seeing and keeping the morals of a society and environmental targets in mind.Ā 

What is Business Ethics?

Every business has a set of rules the employees have to follow, including business ethics. Business ethics include policies and regulations regarding subjects such as discrimination, bribery, responsibilities as an employee, etc.

Ethics means moral character and discipline. The word ā€˜Ethicsā€™ comes Greek word ā€˜ethos.ā€™ It means knowing the difference between what is the right thing to do and what is wrong.

A business should be led by keeping the profit of its employees, stakeholders, and everyone related to it, but also, it should be shown to support its customers in mind. Giving customers honest and good service comes under business ethics.

business ethics

What is Social Responsibility?

Social responsibility means the behavior expected from a man in the workplace. An employeeā€™s conduct should always be according to social and community norms.

A business is not supposed to make a profit jeopardizing the community around it. It should be built keeping the people and surroundings in mind. This is the primary meaning of social responsibility.

To ensure a companyā€™s profit and success, business ethics and social responsibility go hand in hand. If a business is being built on being honest and ethical as well as keeping social responsibilities in mind, it tends to be more successful and loved by people around.

social responsibility

Main Differences Between Business Ethics and Social Responsibility

  1. Business ethics are for a company and its employees, while social responsibility is for everyone in a community.
  2. Business ethics benefits a company, while social responsibility benefits everyone and businesses.
Difference Between Business Ethics and Social Responsibility
References
  1. https://books.google.com/books?hl=en&lr=&id=jwQB_XWs0TkC&oi=fnd&pg=PR11&dq=business+ethics&ots=2ZDixyfWh5&sig=9YIa-JgUTSZWTAuaX8zpoc5B8zs
  2. https://journals.aom.org/doi/abs/10.5465/AMLE.2006.22697016
  3. https://www.sciencedirect.com/science/article/pii/S0148296318303588
  4. https://www.emerald.com/insight/content/doi/10.1108/02621710010308135/full/html
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