Social Responsibility of Business

ORIGIN AND GROWTH OF CONCEPT

Although the subject social responsibilities of business in its present form and content has gained popular attention only in the recent years, its origin can be traced back to the evolution of the concept of a welfare state

MEANING AND DEFINITION

Business

is an economic activity to earn profit for the owner, and social responsibility means serving community without any expectation.

DEFINITION THROUGH VARIOUS DIMENSIONS

Social

responsibility is a nebulous idea and hence, it is defined in various ways. Berle defined social responsibility as the managers responsiveness to public consensus. to Keith Davis, the term social responsibility refers to two types of business obligations: (a) the socio-economic obligation

Adolph

According

THE NEED FOR SOCIAL RESPONSIBILITY OF BUSINESS

SOCIAL RESPONSIBILITIES OF BUSINESS TOWARDS DIFFERENT GROUPS

Responsibility Towards the Customers

Social Responsibility to Prospects

Social Responsibility to Community Responsibility to Human Resources Responsibility to Society and Ecological Environment Responsibility to Government Social Responsibility to Global Business Environment

BARRIERS TO SOCIAL RESPONSIBILITY

Every business organisation has some obstacles which hinder the effective fusion of the social welfare objective in the corporate policy. The desire for profitability and excessive wealth motivates businessmen to exploit the workforce and customers. The need for tackling internal problems, frequently changing governments, and law profitability in business are some important barriers in the social responsibility.

CORPORATE ACCOUNTABILITY VIS--VIS SOCIAL RESPONSIBILITY

Corporate Accountability is the accountability of business to its various constituents like shareholders, financers,employees, and customers. Business is accountable to its constituents, on the one hand and responsibility to itself, on the other.

CHALLENGES FOR SOCIAL RESPONSIBILITY OF BUSINESS

EMERGING PERSPECTIVES FOR CORPORATE SOCIAL RESPONSIBILITY

There are three emerging perspectives that inform CSR. They are as follows:

One, a business perspective that recognises the importance of reputation capital for capturing and sustaining markets The second is an eco-social perspective Rights-based perspective of the corporate responsibility. This perspective stresses that consumers, employees, affected communities, and shareholders have a right to know about corporations and their businesses.

SOCIAL RESPONSIBILITY OF BUSINESS IN INDIA

In India, CSR has evolved to encompass employees, customers, stakeholders, and sustainable development or corporate citizenship. The spectrum of CSR includes a number of areas such as human rights, safety at work, consumer protection, climate protection and caring for the environment, and sustainable management of natural resources.