Difference Between Business Ethics and Social Responsibility

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

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

Comparison Table Between Business Ethics and Social Responsibility

Parameters of comparison Business Ethics Social Responsibility  
Definition Business ethics include what a business needs to follow to profit its employees and stakeholders harmlessly. Social responsibility ensures all norms of a society are being followed in the right manner while building a business.  
Aim To profit the employees and company. To benefit society. 
Nature Used in a business sense. Used in a general sense. 
Involves  Involves corporate and companies Involves society or individual 
What is it about? Business ethics is about knowing what is good or bad for the company and its employees. Social responsibility is about seeing and keeping the morals of a society and environmental targets in mind. 

What is Business Ethics?

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

Ethics simply means moral character and discipline. The word 'Ethics' comes Greek word 'ethos.' It means knowing the difference between what is the right thing to do and what is wrong.

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

What is Social Responsibility?

Social responsibility means the behavior that is expected from a man in the workplace. The behavior of an employee 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 main meaning of social responsibility.

To ensure a company'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 well keeping social responsibilities in mind, it tends to be more successful and loved by people around more.

Main Differences Between Business Ethics and Social Responsibility

  1. Business ethics are for a company and its employees, while social responsibility is for everyone living in a community.
  2. Business ethics benefits a company, while social responsibility benefits everyone along with businesses.
Difference Between Business Ethics and Social Responsibility

Conclusion

To build a successful business, good business ethics and social responsibility, both, are important to follow. The expectations of society continue to grow, and it's wise to keep good business ethics in check for a company to grow.

Business ethics are very important as the company's reputation is based on its ethics and how well the services are being provided by it. Business ethics and social responsibility always go hand in hand to ensure the growth and success of a company and its employees.

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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