Discuss the social responsibility of business. Social Responsibility 2022-12-19
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The social responsibility of business refers to the ethical and moral obligations that businesses have to their stakeholders, including employees, customers, shareholders, the environment, and the broader community. This concept has gained increasing attention in recent years as consumers and society at large have become more conscious of the impact of corporate actions on people and the planet.
One aspect of social responsibility is ensuring that business practices are ethical and transparent. This includes avoiding fraudulent or deceptive practices, and upholding labor and human rights standards. It also means being open and accountable to stakeholders, and engaging in honest and transparent communication.
Another aspect of social responsibility is the environmental impact of business operations. This includes reducing the use of natural resources, minimizing waste and pollution, and adopting sustainable practices such as using renewable energy sources. Many businesses have made a commitment to reducing their carbon footprint and promoting sustainability in their supply chains.
Businesses also have a social responsibility to contribute to the well-being and development of the communities in which they operate. This can involve supporting local initiatives and investing in the education and development of employees and community members. Some businesses go beyond this by implementing programs that address social and environmental issues, such as poverty, healthcare, and climate change.
There are various reasons why businesses might choose to embrace their social responsibility. One reason is that it can improve their reputation and build trust with stakeholders, which can lead to increased customer loyalty and positive brand recognition. Additionally, socially responsible businesses may attract and retain a more engaged and motivated workforce, as employees are often more fulfilled and motivated when they feel that their work has a positive impact on the world.
However, there can be challenges to implementing socially responsible practices. Some businesses may face resistance from shareholders or other stakeholders who prioritize short-term profits over longer-term social and environmental goals. There can also be financial costs associated with implementing sustainable practices or supporting community initiatives.
In conclusion, the social responsibility of business is a complex and multifaceted concept that encompasses a wide range of ethical, moral, and environmental obligations. It requires businesses to consider the impact of their actions on stakeholders and the broader community, and to take steps to address social and environmental issues. While there may be challenges to implementing socially responsible practices, the benefits – including improved reputation, customer loyalty, and employee engagement – can ultimately be worth it for businesses that are committed to making a positive impact on the world.
4 Reasons Why Social Responsibility is Important in Business
Business should not only pay its employees well, but it must also take care of their career aspirations. Benefits of Corporate Social Responsibility As important as CSR is for the community, it is equally valuable for a company. They have set up a large number of dispensaries, health centers, hospitals, libraries, schools and colleges, professional institutions, workers, clubs, temples, research institutes, etc. They build schools, parks, roads, etc. Erring companies are punished. It is worth the promise-keeping in social responsibility.
Social Responsibility of Business: Arguments For & Against, Need, Reality
Now, consumers expect better quality products at reasonable prices. Equal opportunities to all caste, creed, gender, religion, race, disability or sex. Volunteering and other forms of employee involvement help developing a variety of competencies, including teamwork, planning and implementation, communication, project management, listening skills and customer focus. This responsibility can be passive, by avoiding engaging in socially harmful acts, or active, by performing activities that directly advance social goals. Companies should allocate specific amount in their budgets for CSR activities.
Corporate Social Responsibility (CSR) Explained With Examples
In other words, the resources of the society must not be wasted. Therefore, business can play a major role by extending financial aid, by providing material and manpower support, home building practices etc. Here are some points for the social responsibilities of business: Existence and Growth Registering your presence in the industry and continuity in business are two of the most critical objectives of any firm. The difference between business ethics and social responsibility is the main issue for every business organization to consider. So, a business should be concerned about share price. Initially, such programmes may be labor intensive in areas like pottery, carpentry, weaving, spinning, industry based on agriculture, farming, dairy farming, pig rearing, poultry and storage, etc. Develop Environment Management Systems and contingency plans.
Discuss the arguments in favour of social responsibility of business.
Implementation Guidance : 1. Again, good public image also attracts honest and competent employees to work with such employers. To provide companies with guidance in dealing with the above mentioned expectations, while working closely within the framework of national aspirations and policies, following Voluntary Guidelines for Corporate Social Responsibility have been developed. CSR is a concept that strikes a happy balance between economic, social, ethical and societal concerns of a business. The making of ……………… business decisions, not with expediency done in mind, but with a real effort to judge- rightness and wrongness and using the same standards in business as. Personal Responsibilities These include the beliefs of an individual.
Hence, it becomes obligatory for it to pay back its dues by serving the society. You have to allocate funds on activities that bring rich returns. Business has the innovative ability and with its productivity-oriented approach to problems, it can confidently assume social role. It viewed business enterprises as institutions to remove social ills and uplift the society. It is a kind of self-regulation, discipline, and societal duty that every business and corporation should follow, irrespective of their field of operation.
Social Responsibilities of Business towards Community
Therefore, businesses should be run according to the regulations set by the government. At the same time, some company founders are also motivated to engage in CSR due to their convictions. Business enterprises in their attempt to maximise profits recklessly and negligently pollute the environment. Therefore, it will award its stock a higher price earnings ratio. These activities include: a Recruiting practices, b Training programmes, c Experience building-job rotation, d Job enrichment, e Wage and salary levels, f Fringe benefit plans, g Congruence of employee and organizational goals, h Mutual trust and confidence, i Job security, stability of workforce, layoff and recall practices, j Transfer and promotion policies, and k Occupational health.
Social Responsibility of Business: Definitions, Concept, Objectives, Benefits and Kinds
The internal area of responsibility is usually the responsibility of company executives and influences important decisions, e. It may be noted that some Indian sociologists and economists relate the idea of social responsibility of business of the Gandhian concept of trusteeship. To apply the Big Issue model in developing countries will not lead to immediate success due to social and cultural differences but future progress is very likely to happen. They also have the right to buy a product of the right quality at a fair price. Social responsibility means sustaining the equilibrium between the two. These strategies may target environmental, ethical, philanthropic, and fiscal responsibility that extend beyond the products they sell. Possession of Resources: Business organizations have the financial resources, technical experts, and managerial talent to support public and charitable projects that need assistance.
The Social Responsibility of Business Is to Create Value for Stakeholders
Recognizes that customers have the freedom of choice in the selection and use of goods. Example 2 Nike is one of the world-renowned companies. This lacking of facility may affect the work out going on within the organisation. That might not have been true forty years ago, but it is the reality of today. Actions taken under such divided support are likely to fail. The adverse publicity that any profit making business is also another reason why CSR investments from companies have grown in recent times.
Social Responsibility of Business: Meaning, Concept, Importance and Barriers
Unless the shareholders show a restraint on their greed for dividends. This will lead to industrial turmoil and unrest within the society which is harmful for proper functioning of the business. On the other hand, companies that do not live up to their corporate responsibilities can quickly suffer damage to their image if journalists speak out about it. Social responsibility is a duty of every individual or organization has to perform so as to maintain a balance between the economy and the ecosystem. It only seeks rationalization of profits. The foundation of society is built on Ethics. This can often have added economic benefit if the positive corporate social responsibility can be used for marketing and PR use; everyone involved benefits from well-implemented CSR.
Through this way your business reputation will be growing day by day and it encourage customers to stay with you and do business with your company. Resolve differences with stakeholders in a just, fair and equitable manner. The prime reason for soil pollution is the addition of harmful chemicals artificially, especially while farming. If the firm cannot show profits in its operations, investors are highly reluctant to invest additional funds in the enterprises. Service to Society: Business must complement the efforts of the Government in solving social problems. The standard is aimed at all types of organizations, regardless of their activity, size, or location.