What are different areas of social responsibility of business? State.

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 AREA OF SOCIAL RESPONSIBILITY

Organization in modern days must be responsible to the stakeholders who have interest in them. They can contribute to the society and its stakeholders in various ways. The areas of social responsibility which business have to contribute are consumers, investors, employees and government. Organizations can contribute to them in the following ways:

a. Responsibility toward consumers: Consumers are the ultimate user of the products. They are the real sector for the survival and growth of organization. They provide the sales revenue by purchasing the goods and services. Followings are the social responsibilities towards consumers that organizations should bear:

  • Charging reasonable price for products.
  • Providing quality products and after sale services. Advertising with trustful and socially responsible information.
  • Protecting against monopoly and restrictive trade practice.
  • Treating customers fairly in all respects of business transaction.
  •  Ensuring the regular supply of healthy, safety and hygienic products.

b. Responsibility towards investors: Investors are the real owners of the business organizations. They invest their current saving for the future return. They always expect more and quick profits as dividend. Organization has certain responsibilities towards investors as follows:

  • Maximizing the shareholders wealth.
  • Providing dividends regularly.
  • Providing fair and true financial status.
  • Respect their suggestions, requests, complaints etc. while making policies.
  • Participating in management.

c. Responsibility towards employees: Employees are the real translators of policies into action. They perform various jobs to achieve the organizational goals. They sacrifice their lives for the betterment of the organization and hence always expect high salary and other facility from the organization. So, organizations should bear following social responsibilities towards employees:

  • Providing fair remunerations, wages, bonus, and other economic benefits to maintain their living standards.
  • Participating in management.
  • Providing healthy working environment. 
  • Providing legitimate decision making and policy making freedom to managers.
  • Providing opportunities of career development.
  • Setting clear authority system, internal autonomy and clear job specifications.
  • Respecting of national and international trade union rights. 
  • Establish fair grievances handling mechanism.


d. Responsibilities towards government: Government can influence the organization by regulating, controlling and supervising its business. Government provides opportunity and environment for business. It protects business from different ways. So, organizations need to bear social responsibility towards government as below:
  • Paying tax regularly and correctly.
  • Showing political impartiality and fair business practices.
  • Respecting human rights and democratic institutions.
  • Helping to tackle general social problems like unemployment, poverty, inflation, etc. 
  • Reporting regularly and correctly as directed by government rule and regulations.
  • Supporting government programs.

e. Responsibilities towards community: Business organizations conduct their activities with using social resources in the society. Its activities affect the communities. So, organizations have to give proper priority welfare of such communities. Such responsibilities towards community are listed below:
  • Preventing pollutions and conserving natural resources for environmental protections.
  • Creating employment opportunities in local people.
  • Providing sponsorship for the development of arts, culture, sports, education, etc.
  • Designing and implementation of programs for the weaker sections of society.
  • Utilizing the resources properly.

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