Expectations of society towards business are changing

  • What are the expectations of society on business?

    Business is expected to create wealth and employment, while society is expected to provide a conducive environment for the business to flourish.
    The value and ethical standards that a company adopts are the long-term assets of the organization.
    There are a number of tasks that a business has to fulfill to the society..

  • The role of a business is to produce and distribute goods and services to satisfy a public need or demand.
    According to Business News Daily corporate social responsibility (CSR) is “a business practice that involves participating in initiatives that benefit a society.”
Society's expectations from business firms have undergone drastic change over time.Earlier, businesses were viewed just as provider of goods and services.

How much value does the business sector generate a year?

In Organisation for Economic Co-operation and Development [OECD] countries, $61 trillion of gross value is added every year; $44 trillion of that, or 72 percent, is generated by the business sector

That value represents the revenue minus intermediate costs to produce the products and services

What is the relationship between a company's business interests and society?

In the long term, a company’s business interests and the interests of society converge

Companies, communities, individuals, and governments: we are all interdependent

Every healthy, high-performing company has an obligation to use its strengths to help society, and each can do so in ways that enhance the viability of the business, too

What will business look like in the next 20 years?

If in the past 20 years the discussion has been about the need for business to serve stakeholders beyond just the customer and the shareholder, the next 20 years will be about the need for companies to improve the networks and systems they depend on

Globalization, pluralization, and the erosion of traditional institutions are redefining the roles of business and government in society. To maintain legitimacy, companies increasingly are expected to engage in social-political discourse and creation of public goods.

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