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What do you understand by social responsibilities of business? Is there conflict between social responsibility and profit maximization?

Companies are usually obliged to comply with two different aspects of the business which are also called dual responsibilities. Those are social responsibilities and profit maximization. The management of the company must be able to combine those two and attain the most effective co-operation between human factors (social responsibilities) and maximum profits available in certain area of business the company operates in. The social responsibility has become one of the key factors of successful business and the concern of the companies to contribute to well-being has raised last few decades.
The social responsibility can be described as ethical intention of the companies who are willing to benefit to the society at large. The idea to fulfill the social responsibility can be easily reflected in employment, where the companies do their best to adapt to the employee´s needs. First of all, the company which settles the business in the local area expects to employ local citizens and not to bring new employees from somewhere else. An important fact to mention is that the company increasing the employment rate in the community has more social responsibilities to follow. The employees should be provided with adequate income to the proportion of their work which makes the company favourable place to work in. More importantly, some companies provide employees with certain benefits, such as transport to and from work, extra days off, sufficient work breaks or vouchers. Employees are paid 13th and 14th salary at the end of the year which makes the company highly appreciated workplace because the employees ...

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... manufacture with goods of inferior quality. The companies started to lower down usual standards especially after the financial crisis has started a few years ago. People were dismissed from work, employees were withdrawn some benefits and standard of the products went rapidly down and prices up.
In conclusion, the social responsibility of the company towards the society is a very important part of the business and people are more aware of this fact nowadays. Following the social responsibilities is one of the key points how to adjust stable place on the market and gain loyal customers who would always come back. The companies should make sure their business contributes well to the community, that they are ethical and the society is provided with good quality of life. As well, the companies should protect environment, follow the law orders and keep the profits up.

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