Ethical issues in business: How should companies fulfill their social responsibilities?

In the modern business world, simply making a profit is not enough. Companies' responsibilities to society, the environment, and their employees are also crucial. Businesses that adhere to the principles of social responsibility gain customer trust and achieve long-term success. However, some companies focus solely on profit without following ethical guidelines, which leads to dissatisfaction in society.
Business expert Ilkin Mirzazadeh shared his thoughts on this matter in an interview with informator.az. He emphasized that corporate social responsibility (CSR) should be a core goal of companies:
"Corporate social responsibility (CSR) should be one of the main objectives of every company. Companies must fulfill a wide range of social obligations, from training new personnel for the market to providing support for vulnerable groups. If they are profiting from society, they must also contribute to its development.
However, some companies do this solely for profit, causing dissatisfaction. At the same time, there are also a significant number of companies that effectively implement CSR activities, and this number is increasing."
The expert highlighted that the main shortcoming in this area is the failure to properly define CSR strategies:
"One of the main shortcomings in this field is the failure to properly define CSR strategies. Sometimes projects are implemented just for the sake of having a 'project,' or they lack clear foundational principles. Moreover, ineffective spending of allocated budgets is also a serious issue.
Another main problem is the unprofessional execution of projects and improper guidance. Sometimes CSR projects are carried out by unqualified individuals, which reduces their effectiveness. Additionally, unsuccessful advertising and PR strategies, and the incorrect presentation of the project to society, are also problems. These factors weaken the project's impact and prevent it from yielding real results. If these shortcomings are addressed and all companies recognize the importance of CSR, more beneficial outcomes for society would be achieved."
Source of the news: https://informator.az/news_14131.html
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