Ans. Social Responsibility Social responsibility can be defined as: “A business’s obligation to follow goals that are good for both organization and society in the long-term, and are not required by law.”
Corporate Social Responsibility The term "corporate social responsibility" came in to common use in the early 1970s. It means the duty of an organization towards society in order to prove itself responsible about its actions and their effects on environment, community and external stakeholders. It means that an organization is responsible for all its action towards the people who are affected by its actions and processes. Therefore, …show more content…
Those who say that organization should not be socially responsible state that such activities increase the cost of doing business. As one of the major goals of a business is to reduce the costs, such practices are in opposition with benefit of business owners. For example, investing in a production plant which emits less carbon to the environment needs higher expenses as compared to the normal, cheap plant but is dangerous for environment is a question for managers.
3- Social Responsibility and Ethics Organizations should not be involved in any kind of practices which may give rise to the feeling of inequity and unfair actions in society. Discrimination based on gender, race and nationality is one major action which is considered as the social responsibility of organizations. When giving promotions to employees, every person should be given an equal chance to advance in the career and should be treated fairly. The proponents of corporate social responsibility also admit the fact that the organizational practices should be ethical in nature but to a limited extent. The practices should not harm anyone but should place organizational interest before the community interest.
4- Social Responsibility and Environment A corporation must produce goods and services that are beneficial to society while making sure that the processes of production also avoid damage, such