"Social responsibility is about giving back to society". In the light of the above statement, build up an argument in favour of social responsibility.
"Social responsibility is about giving back to society". In the light of the above statement, build up an argument in favour of social responsibility.
Social responsibility is about giving back to society the following points supports the above statement:
(a) Business - a part of society-Business can't work in isolation from the society. Inputs and outputs of the business enterprise are supplied and consumed by the members of the society. To survice and grow in society for longrun the business must come to the expectations of the members of society. So it is in the self-interest of the business, to assume social responsibility for its existence and growth.
(b) Long-term interest of the firm- The public image of any firm improves when it supports social goals. When increasing number of members of society including workers, consumers, shareholders, feel that business is not serving its best interest, they will tend to withdraw their cooperation to the enterprise concerned, Therefore it is in its own interest of the firm to fulfill its social responsibility to gain durable profits.
(c) Avoidance of government regulations - Government intervention is undesirable because it restricts the business freedom of making a decision. The government has the power to take action against those business organisations which involve in activities against social interest. In order to avoid such actions and regulations, it is preferable to adopt social responsibility.
(d) A better environment for doing business - Social responsibility creates a better environment for business operations as social responsibility improves the confidence of society and stakeholders like owners, consumers, government, laymen in the business. So there will not be any public agitation against business which can endanger its survival. Therefore the business enterprise should fulfil its social responsibility towards different stakeholders to have a conducive and better environment for doing business.
(e) Converting problems into opportunities - As the business institutions have valuable financial and human resoures at its disposal which can be effectively used for solving social problems aslo. A business who converts risky situations into profitable deals with its resources can not only solve social problems but it can make these resources effectively useful by accepting the social challenge.
Social responsibility is about giving back to society the following points supports the above statement:
(a) Business - a part of society-Business can't work in isolation from the society. Inputs and outputs of the business enterprise are supplied and consumed by the members of the society. To survice and grow in society for longrun the business must come to the expectations of the members of society. So it is in the self-interest of the business, to assume social responsibility for its existence and growth.
(b) Long-term interest of the firm- The public image of any firm improves when it supports social goals. When increasing number of members of society including workers, consumers, shareholders, feel that business is not serving its best interest, they will tend to withdraw their cooperation to the enterprise concerned, Therefore it is in its own interest of the firm to fulfill its social responsibility to gain durable profits.
(c) Avoidance of government regulations - Government intervention is undesirable because it restricts the business freedom of making a decision. The government has the power to take action against those business organisations which involve in activities against social interest. In order to avoid such actions and regulations, it is preferable to adopt social responsibility.
(d) A better environment for doing business - Social responsibility creates a better environment for business operations as social responsibility improves the confidence of society and stakeholders like owners, consumers, government, laymen in the business. So there will not be any public agitation against business which can endanger its survival. Therefore the business enterprise should fulfil its social responsibility towards different stakeholders to have a conducive and better environment for doing business.
(e) Converting problems into opportunities - As the business institutions have valuable financial and human resoures at its disposal which can be effectively used for solving social problems aslo. A business who converts risky situations into profitable deals with its resources can not only solve social problems but it can make these resources effectively useful by accepting the social challenge.
