Socio Economic Aspect

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Socio Economic Aspect Every business has the primary purpose of obtaining profit from their economic endeavors. Despite this, they cannot go away with the fact that they operate in a social environment. This aspect discusses in sufficient detail the responsibilities and relationship of the business towards the society within which it operates. City of Baguio Baguio is one among the most populated cities in the Philippines. Favorable climate and green landscapes make it one of the most convenient areas for putting up a business and for finding a job. There is a considerable number of business ventures in the area which adds up to the progress of the city’s economy. The funeral home will contribute to the advancement of the city by providing jobs to its constituents and by contributing wealth to it. With properly sanitized and well-maintained facilities, the city would actually benefit from the addition of a new business in its vicinity. Government and its Agencies The government is the backbone of every society. Without its regulations, businesses would cease to flourish. However, in order to efficiently impose its regulations it needs funds – which is provided by its constituents. Putting up a business benefits the government in many ways. For starters, a business generates income and part of which is forwarded to the government as tax. As defined in the Benefit-

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Received Theory of taxation, constituents pay tax and the government use funds from tax to serve and protect their welfare. More employment within the city may also lessen the government’s allocation on benefits like unemployment benefit. With more tax revenues, the government may also spend more on education and health services. Community The business will provide counselling sessions to bereaved families in order to help them cope up with their loss. This will result in more productive and faster recuperation for grieving families. It is also a part of the business’ corporate social responsibilities to give support to different charities. Through these, the company’s relationship towards the community within which it operates will be maintained to be amicable. Employees Labor is the driving force of every business. They play the most important role in achieving the objectives of the business. In recognition for this valuable contribution, the business will make sure to take good care of its employee. Funeraria de Paraiso ensures that every employee will be given just wage and adequate compensation for them to enjoy a good quality of life. They shall be given security of tenure, as the business will not resort to predatory five-month contracts. The employees will also be trained to grow and develop as productive and efficient workers. They will also be given the right to form a labor union for the protection of their socio-economic interests within the business society. The business will promote “on-probation” employees to permanent if they contributed six months of highly satisfactory labor to the firm. Permanent employees should also receive merit

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for loyalty to the business such as discounts on life plans as well as free life plans in case of long-term loyal employees. Customers The business’ customers will be the sole source of our earnings. Given that fact, the business will ensure that all customers will receive fair service from the funeral home. Any concerns will be dealt with accordingly by the management. Affordable funeral services will be offered because it is not an uncommon knowledge that the cost of dying in our country is high. This will ensure that even middle men or the poor can afford a proper burial service. However, the business will make sure that high quality service will be provided during funeral services. The business will consider the grieving families as their own and will show that they empathized to each grieving member by means of offering a safe haven wherein they could overcome grief. One of the business’ CSR is to provide counselling to grieving families in order to speed up their process of recovery from their loss. Competitors In business, competition is inevitable. The business have seven competitors within the city of Baguio. Among them, St. Peters and La Funeraria Paz are the major competitors. However, the business ensures that it will not resort to unethical acts in order to have an edge over its competitors. False information or advertisement will not be effectuated. The business will guarantee fair dealings in its endeavors, in order to maintain a healthy market competition with its competitors. Healthier competition will surely result to more reasonable prices and improved quality of service among competing businesses.

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Suppliers/Vendors The business needs its suppliers and vendors in order to meet their demands in terms of economic goods. It will safeguard the interest of its suppliers or vendors by means of fair dealings. Liabilities will be settled on time to ensure good credit relationships. Long term commitments will also be established given that they also provide high quality goods. Future Plans As a part of the community within which it operates Funeraria de Paraiso plans on conducting activities which are worthwhile to the community. The priority projects of the business are the following:

Estimated Project Cost

Priority

Project Name

Brief Description

1

Valentine’s Day Reminiscence Program

The said event is the top priority of the business. It will be an annual gathering during February 14th wherein bereaved members gets a chance to celebrate the remembrance of their deceased loved ones. Tickets will be sold to participants. Food and refreshments will be served. Part of the proceeds from the tickets will be allocated to charities within the city of Baguio.

P150,000

2

Paradise City Tree Planting Drive

Baguio is known to be the Summer Capital of the Philippines because of its delightfully cool climate and lush vegetation. As a member of the community, the business will initiate tree

P150,000

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planting drives in different areas in order to preserve the city’s beauty. 3

Another Chance of Paradise Community Outreach

Many orphanages are found within Baguio. The business plans on visiting and offering ample amounts of goods to the people inside these orphanages. Small programs will also be conducted. Lastly, the business will be contributing a portion of its profit to such establishments.

P200,000

Table 5. Future Projects and Activities of Funeraria De

Paraiso

Corporate Social Responsibility

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Corporate social responsibility (CSR) programs arose from the understanding that businesses function as a part of society— the success of each deeply affects the other. The importance of corporate social responsibility has increased in recent years, in large part due to the growing influence of millennials. Economic Responsibilities Business organization was the basic economic unit in our society. As such, its principal role was to produce goods and services that consumers needed and wanted and to make an acceptable profit in the process. At some point the idea of the profit motive got transformed into a notion of maximum profits, and this has been an enduring value ever since. All other business responsibilities are predicated upon the economic responsibility of the firm, because without it the others become moot considerations. Community. Every company's first responsibility is its economic responsibility which means a company must attain its objective of maximizing its profits. The business will produce services that the community wants and to maximize profit for the owners consequently contributing to the betterment of the community. Employees. The business will provide diversity, health and safety, training and mentoring, employee relations, and wages and benefits that will sustain the needs of its employees. Legal Responsibilities Society has not only sanctioned business to operate according to the profit motive; at the same time business is expected to comply with the laws and regulations promulgated by federal, state, and local governments as the ground rules under which business must operate. As a partial fulfillment of the CONDOLENT CORPORATION

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"social contract" between business and society firms are expected to pursue their economic missions within the framework of the law. Legal responsibilities reflect a view of "codified ethics" in the sense that they embody basic notions of fair operations as established by our lawmakers. They are depicted as the next layer on the pyramid to portray their historical development, but they are appropriately seen as coexisting with economic responsibilities as fundamental precepts of the free enterprise system. Government. Next to ensuring that company is profitable, ensuring that it obeys all laws is the most important responsibility, according to the theory of corporate social responsibility.Legal requirements as established by the government will be duly accomplished. The business can be expected to fulfill its economic goals within the statutory requirements and legal frameworks. Ethical Responsibilities Economic and legal responsibilities are the two big obligations of a company. After a company has met these basic requirements, a company can concern itself with ethical responsibilities. Environment. The activities performed by the business will promote environmental awareness and its impacts on the living and non-living systems will be taken into consideration ensuring that no harm will be caused to further damage the environment.In the process of the development of its business, Funeraria de Paraiso is committed to the implementation of pro-active sustainable activities such as the environmental preservation with full consciousness of the importance of its Corporate Social Responsibilities. Environmentally friendly business practices can CONDOLENT CORPORATION

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reduce business risk, improve reputation, and drive market opportunities. Philanthropic Responsibilities Philanthropy encompasses those corporate actions that are in response to society’s expectation that businesses be good corporate citizens. This includes actively engaging in acts or programs to promote human welfare or goodwill. Examples of philanthropy include business contributions to financial resources or executive time, such as contributions to the arts, education, or the community. A loaned-executive program that provides leadership for a community’s United Way campaign is one illustration of philanthropy. Tribute for Angels. Funeraria de Paraiso provides memorial service free of charge to the family who lost their little angel. Let’s move forward. Helps the family of the deceased to cope up with their loss through counselling. Commemorative gifts to priest. Grants mementoes to parish priest and church leaders for their act of kindness.

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