CRITICALLY respond to each excerpt The TedTalk on The Social Responsibility of Business Alex Edmans asks why

CRITICALLY respond to each excerpt

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The TedTalk on The Social Responsibility of Business Alex Edmans asks why dobusinesses exist. The reason behind this is to earn profit or to serve a purpose, for shareholders or for society; customers, employees, and the environment. However, a business has to care about society or it can't earn a profit. If it doesn't produce a quality product then people won't buy them, if they don't treat their employees right then they will leave and if they are harming the environment their planet will be hurt. Edmans quotes the leading economist Milton Freedman in saying that "the social responsibility of business is to increase profit, so just head to the land of profit and you'll get all of these otherdecisions right". This theory is flawed because you cannot reduce every decision to a mathematical calculation. This is the conventional view that Edmans and continues to expand on by giving an example of the former chairman of Marks and SpencerSimon Marx's treatment to employees. It was his policy that top managers routinely walk to salesfloor to observe how employees and customers were being treated. While he was making a visit to one of his own stores an assistant fainted. He later found out it was because the employee husband was unemployed and she was skipping meals so her family could eat; the more hours, the more pay. This led to him introducing nutritious meals to all employees for nominal prices. He didn't do it for a profit, he did it because he cared about hisworkers and wanted to make sure they eat well. Because this went above and beyond Marks and Spencer has an excellent reputation for quality and that in turn leads to a profit. This view is corporate social responsibility. It is the responsability of each company to offer their employess a healthy environment. All employees should be able to feel stress free, valued and important as they are the first person a customer interacts with. In order for companies to make the employee feel valued to them they really have to set programs and goals for them. It is to the benefit of the company to invest in their employees weather they decide to grow with their current company or take their skillsets elsewhere. The more programs educating their employees the more prepared and well presented they will look. I always say that the face to the company are those employees who work with the daily customer. Either they have a great experience and return or they have a bad experience and never returns. Programs in educating their employees can be extermely beneficial for both the company and employee. This will also be acknowledge by the employee that the company is taking the time and have the willingness to invest in them and that to me one will feel valued. The TedTalk on The Social Responsibility of Business Alex Edmans asks why dobusinesses exist. The reason behind this is to earn profit or to serve a purpose, for shareholders or for society; customers, employees, and the environment. However, a business has to care about society or it can't earn a profit. If it doesn't produce a quality product then people won't buy them, if they don't treat their employees right then they will leave and if they are harming the environment their planet will be hurt. Edmans quotes the leading economist Milton Freedman in saying that "the social responsibility of business is to increase profit, so just head to the land of profit and you'll get all of these otherdecisions right". This theory is flawed because you cannot reduce every decision to a mathematical calculation. This is the conventional view that Edmans and continues to expand on by giving an example of the former chairman of Marks and SpencerSimon Marx's treatment to employees. It was his policy that top managers routinely walk to salesfloor to observe how employees and customers were being treated. While he was making a visit to one of his own stores an assistant fainted. He later found out it was because the employee husband was unemployed and she was skipping meals so her family could eat; the more hours, the more pay. This led to him introducing nutritious meals to all employees for nominal prices. He didn't do it for a profit, he did it because he cared about hisworkers and wanted to make sure they eat well. Because this went above and beyond Marks and Spencer has an excellent reputation for quality and that in turn leads to a profit. This view is corporate social responsibility. It is the responsability of each company to offer their employess a healthy environment. All employees should be able to feel stress free, valued and important as they are the first person a customer interacts with. In order for companies to make the employee feel valued to them they really have to set programs and goals for them. It is to the benefit of the company to invest in their employees weather they decide to grow with their current company or take their skillsets elsewhere. The more programs educating their employees the more prepared and well presented they will look. I always say that the face to the company are those employees who work with the daily customer. Either they have a great experience and return or they have a bad experience and never returns. Programs in educating their employees can be extermely beneficial for both the company and employee. This will also be acknowledge by the employee that the company is taking the time and have the willingness to invest in them and that to me one will feel valued.

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Response to Alex Edmans TedTalk Alex Edmans challenges the conventional view that the sole purpose of a business is to increase profit advocating for ... View the full answer