The corporate social responsibility positively impacts profitability, competitiveness, and sustainability, and the study of business ethics has to lead to the development of various principles that are the foundation of good, ethical business practices. The main finding reveals that fulfilling CSR has a significantly positive impact on firm performance. Good firm performance helps to achieve a goal to improve financial performance. The implication suggests that a firm could serve as a good corporate citizen, while in the meantime showing an exceptional firm performance. The business ethics evolves into corporate social responsibility, which now has become a major issue in the Business Environment. Many corporations looking at topics like purpose, ethics, societal impact, and CSR as a critical point to their business and part of their foundation, Companies doing the right thing not just because it’s the right thing to do but because it’s helpful for their business reputation or good business. In the pursuit of increasing firm value, corporate operation, however, may result in the issues of business ethics and morality. This mistake has done by many corporations. Due to this people are no longer satisfied with the passive behavior of an ethical firm. Business ethics concentrates on analyzing the problems in business activities from the perspective of morality and ethics.
Fiinovation changes the definition of Business ethics of corporate social responsibility. The main aim is to bring dispersal of knowledge among the public in general or to take initiative for the development of the society and also they ensure social impact through philanthropic and CSR investments of individuals and corporates. They are working in sectors like education, environment, health, sports, livelihood, and any other area of relevance and aim at inclusive growth. Fiinovation CEO has been honored by many awards under the “most promising business leader of Asia award” and every award function Dr. Soumitra Chakraborty said “ I feel humbled by the recognition. The recognition further strengthens mine and my team’s resolve to converts challenges into opportunities and for building a better sustainable world”.
Fiinovation talks about many major problems such as waste management, rain harvesting, open defecation, disaster management, rural tourism, how to achieve universal health coverage in India, affirmation action and CSR for promoting livelihood for women, how to redefine CSR sector, gender equality, how CSR makes your startups most impactful, survival on streets, drugs impact on health, manual scavenging, CSR for agriculture development, antenatal care, female participation in agriculture in India.
Fiinovation team always focuses on how their Fiinovation CSR activities make impactful for developing nation India. They mainly focus on social problems. Fiinovation believes action speaks louder than words. They have mentioned their work in Fiinovation Blogs that explains how solving social problems is their first responsibility.
Purpose of CSR and Business Ethics:
The concept of business ethics is similar to that of corporate social responsibility (CSR), their difference is between scope and definition. corporate social responsibility is defined as corporate behavior associated with the fulfillment of business ethics. In fact, there is a causal relationship between business ethics and corporate social responsibility. corporate social responsibility is more broadly extended to corporate obligations and commitments toward the benefits of society and Business ethics determined the acceptable standards of business behaviors. CSR helps corporations to improve their corporate image so as to help corporate sales as well as firm performance. The main finding reveals that fulfilling corporate social responsibility is equivalent to making a socially responsible investment, thus enhancing firm performance. Business ethics are one of the most important aspects of long term success, such as building a good reputation, building good strategies for finance.
Principles of Business Ethics:
1. Compassion: “I take care of my people” slogan is very important in corporation field. It shows how corporations take care of their employees, customers, stakeholders, creditors, and suppliers. It also means that I will represent their best interests up the management chain and work towards ensuring that they are treated fairly by “the system”. Compassion is a necessary component of effective leadership.
2. Confidentiality: Confidentiality is the most important point in business etiquette because failure to properly secure and protect confidential business information can lead to the loss of business/clients. Confidential workplace information is divided into three categories: employee information, management information, and business information.
3. Fidelity: Fidelity is a principle of devotion to duty. Duties may arise from law, contract, or implicit business relationship. It is a two-way process with researchers needing to trust research participants as much as participants need to trust researchers.
4. Golden Rule: It means that you would not take advantage of someone or lie to get ahead because you would not want others to do that to you.
5. Honesty: It means telling the truth even if the truth is ugly.
6. Integrity: Integrity is a state of mind and is not situational. Every successful leader said "Leaders with integrity are not afraid to face the truth. This is called the reality principle.
7. Privacy: Privacy is also about freedom of action.
8. Respect: It means regard for dignity of self and others.
Innovative Financial Advisors Pvt Ltd (Fiinovation), is a leading research and advisory firm that offers expertise in corporate social responsibility (CSR) and sustainability domain. Fiinovation family bridges the gap between the NGO and the companies and gives proper guidance to invest in the CSR activities which will benefit the society. They primarily focus on practice areas like health, education, livelihood skills, and environment. Fiinovation CSR activities are appreciated by many corporates and the Fiinovation news about their latest projects is also covered by well-known media channels like ANI News and economic times. In February 2017 Fiinovation and Uflex Ltd jointly awarded for Best Environment-Friendly Projects and the title of the project was Natural resource conservation & optimization of ecosystem services’’. We can contact Fiinovation through their social media sites like Facebook, Twitter, Linkedin as they keep transparency about their work.
Following are the Links:
Fiinovation Delhi NGO address: 24/30, Ground Floor, Okhla Industrial Estate, Phase III New Delhi – 110020, Delhi, India
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