Social responsibility means that businesses, in addition to maximizing shareholder value, should act in a manner that benefits society . Socially responsible companies should adopt policies that promote the well-being of society and the environment while lessening negative impacts on them.
Social responsibility empowers employees to leverage the corporate resources at their disposal to do good . Formal corporate social responsibility programs can boost employee morale and lead to greater productivity in the workforce.
Working for the community , such as volunteering, giving blood donations, and working at a food bank or animal shelter. Supporting issues that affect society, such as advocating political or social issues that can help others—for example, advocating for child labor laws, purchasing fair trade products, recycling.
Social Responsibility: Commerce. Conscience. Compassion . Once considered mutually exclusive, these three ideas have converged in a powerful global concept—Corporate Social Responsibility (CSR).
Social responsibility is an ethical theory in which individuals are accountable for fulfilling their civic duty , and the actions of an individual must benefit the whole of society. In this way, there must be a balance between economic growth and the welfare of society and the environment.
- Environmental Responsibility. ...
- Ethical Responsibility. ...
- Philanthropic Responsibility. ...
- Economic Responsibility.
- better brand recognition.
- positive business reputation.
- increased sales and customer loyalty.
- operational costs savings.
- better financial performance.
- greater ability to attract talent and retain staff.
- organisational growth.
- easier access to capital.
The purpose of corporate social responsibility is to give back to the community, take part in philanthropic causes, and provide positive social value . Businesses are increasingly turning to CSR to make a difference and build a positive brand around their company.
- Gives a company a competitive edge.
- Attracts strong candidates and increases retention.
- Makes your business attractive to investors.
- Improves business culture.
- Increases customer loyalty and advocacy.
- Improves company reputation.
- Improves profitability and value.
- Engaged employees. ...
- Loyal customers. ...
- Positive public attention.
Two opposing perspectives to CSR have emerged resulting from different interpretations of the role of corporations in society— business view and societal view .
Legal Responsibility
Legal responsibilities are not only liable to the individuals in the society but also to the businesses in the society. ... These rules and regulations are set for maintaining balance and the greater good of the society . A law-abiding enterprise is a socially responsible enterprise as well.
What is the responsibility of an individual?
Individual responsibility means that each minister is responsible to the President for the department under his care . Members of the Parliament are entitled to question the ministers and the ministers are responsible for action or negligence of their respective departments.
What is the role and responsibility of the individual in society?
Every individual is important and equally liable to some roles and responsibilities when living in a cultured society. The roles an individual plays are of a neighbor, an owner of the house or a tenant etc. The basic responsibilities of an individual are respect, cooperation, and participation .
- Volunteering.
- Supporting socially responsible companies through informed spending.
- Conserving energy by carpooling or turning off unnecessary houselights.
- Contacting their political leaders in favor of legislation they support.
What is CSR in simple words?
Corporate social responsibility (CSR) is a company’s commitment to manage the social, environmental and economic effects of its operations responsibly and in line with public expectations. ... CSR activities may include: Company policies that insist on working with partners who follow ethical business practices.
