One of the main concerns of shareholders regards increasing profit, and so organizations associated with such shareholders target this goal by reconstructing their strategic plans accordingly. Such managers recognize the significance of social responsibilities, and they specifically realize the rights of the business’s claimants (Pearce & Robinson). It is imperative that such managers identify the stakeholders such as employees and stockholders; however, managers should also take into account outsiders such as the government public in general, and suppliers (Pearce & Robinson). Integrating such responsibilities within the mission of a company is not simple. Consequently, a business that integrates its stakeholders’ interests within its mission statement must take into account the following:
1. Pinpointing all stakeholders
2. Comprehending stakeholders’ necessities and anticipations
3. Prioritizing stakeholders’ necessities and anticipations in addition to the reconciliation of stakeholders’ claims
4. Organizing the claims, necessities, and anticipations with the organization’s mission (Pearce & Robinson).
Given that one of shareholders’ main priorities is to increase profit as much as possible, it is imperative to address how assuming the role of a socially responsible organization can help achieve this goal. Organizations must comprehend that integrating social responsibility into their strategic plans will inevitably affect their organization’s success in the future. Seemingly, obtaining the devotion of the expanding crowds of consumers will necessitate new approaches and new agreements nowadays (Pearce & Robinson). Furthermore, given that organizations must comply with criminal and civil laws altogether, managers are required to take into account legal responsibilities in aim to shield their organizations from any social repercussions or scandals.
Furthermore, social responsibilities and ethics can provide advantages and disadvantages to the bottom...