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Social Responsibility of Business (Responsibilities towards different…
Social Responsibility of Business
Concept of Social Responsibility
Social responsibility of business means obligation to act in a manner which will serve the best interests of the society.
Social obligation of a business is different from legal obligation.
Legal obligation is observed because of the provisions or fear of law, but social obligations will help to take voluntary efforts on the part of business to fulfil the need of the society.
Responsibilities towards different interest groups
Responsibility towards the shareholders or owners
a) To ensure safety of investment
b) To provide regular, correct and adequate information on the financial aspects
c) To provide fair and regular dividend
d) To ensure capital appreciation
e) To protect the assets of the business
Responsibilities towards the employees
a) To provide reasonable/fair wages and salaries.
b) To maintain good working conditions for the good health of the workers
c) To provide services such as housing, medical care, recreation etc.,
d) To develop a sense of belonging
e) To win the cooperation of the workers by creating better human relations in the business
Responsibility towards the consumers
a) To ensure regular supply of goods/services
b) To provide goods at reasonable prices
c) To provide goods which will help to meet the needs of consumers of different classes
d) To provide goods of standard quality
e) To ensure that advertisements made are true
f) To provide prompt and continuous service
Responsibility towards Government
a) To abide by the laws of the nation
b) To pay taxes honestly and in-time
c) To refrain from corrupting government employees
d) To discourage the tendencies of concentration of economic power and monopoly
e) To adapt fair dealings in foreign trade
Responsibility towards the community
a) To protect the environment from pollution
b) To provide better employment opportunities
c) To preserve social and cultural values
d) To help the weaker sections of the society like disabled persons, widows, scheduled tribes etc.,
e) To promote national integration