social responsibility

SOCIAL RESPONSIBILITY : DEFINITION

Social responsibility means the obligation of business to serve the best interest of the society.

If business is responsive to the needs of the society, it is able to protect its long term interest and survive even in hard times.

Public trust in business is very essential and results in satisfied customers.

Business is the creation of the society. Hence, it is obliged to be responsive to its needs.

A business which fulfills its social responsibility enjoys trust and respect in the society which leads to profit maximization.

Failure of businessmen to assume social responsibility voluntarily invites government to intervene and regulate their activities.

RESPONSIBILITY TOWARDS OWNERS/ SHAREHOLDES

To ensure safety of investment.

To provide fair and regular return.

To furnish complete information.

To allow participation in policy decisions.

To give equal treatment.

To provide good quality product.

To charge fair prices.

To provide courteous service.

To handle consumer’s complaints quickly.

To avoid unfair trade practices.

Dealing with the suppliers should be based on honesty and impartiality.

To make timely payments of the goods purchased.

To supply information about consumer tastes.

To give useful suggestions for improvement in quality of goods.

To give them the benefit of studyof customer demand and future market trends.

To abide by the laws.

To pay taxes honestly.

To avoid monopolistic and restrictive trade practices.

To help the government in solving the national problems.To refrain from corrupting public servants.

To provide employment opportunities.

To avoid polluting the environment.

To help the weaker sections of the society.

To be a partner in social welfare by building hospitals, educational institutions etc.

To promote national integration.

To provide stable employment.

To pay fair remuneration.

To provide safe working conditions.

To develop sense of belonging and Dignity of labour.

To provide welfare facilities such as housing, medical care, etc.

EXPLOITATION IN THE HANDS OF BUSINESS

CORPORATE FULFILLING ITS SOCIAL RESPONSIBILITIES