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Explain the social responsibility of business

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Explain the social responsibility of business

Social Responsibility of Business defines the responsibilities towards the different groups or sectors relating to our corporate sector.

Business means the total enterprise of the country in manufacturing industries.. finance, commerce, and banking. It is gradually gaining acceptance as a way of life. This implies an obligation that a business house owes to society. All life is a trust and all power carries with its obligations.

About trusteeship , Gandhian principle expresses the inherent responsibility of business concern to its customers, employees, shareholders, community, and the mutual responsibilities of these to one another.

Every business has many responsibilities to make the best possible use of its resources. An enterprise is a corporate citizen. As a citizen, it is esteemed and judged by its actions in relation to the community of which it is a member and by its economic performance.

Social Responsibilities of Business towards Different Groups:-

In this, there are different-different types of social responsibility groups, like-

1. Responsibility towards the owners/shareholders.

2. Responsibility towards workers/employees.

3. Responsibility towards the Consumers.

4. Responsibility towards Suppliers, Creditors, etc.

5. Responsibility towards Government.

6. Responsibility towards Society.

7. Responsibility towards fellow Businessmen.

1. Responsibility towards the owners/shareholders-

The business must provide to the owners (or shareholders) of the business-

Safety of Investment.

A fair return on the capital invested by them.

Complete and correct information as to the working of the business.

To protect the interest of the shareholders.

Communication of programmes and policies.

Listing of shares in organized Stock Exchange Market .

It shall, therefore, be the endeavor of the company to make and improve its public image.

To provide opportunity in decision making.