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Roles and Responsibilities of Businesses

Chapter 20, Lesson 3. Roles and Responsibilities of Businesses. The Social Responsibility of Businesses. Businesses play several important roles in society. As producers, they supply the food, clothing, and shelter we use to meet basic needs.

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Roles and Responsibilities of Businesses

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  1. Chapter 20, Lesson 3 Roles and Responsibilities of Businesses

  2. The Social Responsibility of Businesses • Businesses play several important roles in society. • As producers, they supply the food, clothing, and shelter we use to meet basic needs. • They also have a social responsibility, or an obligation to pursue goals that benefit society as well as themselves. • For instance, many businesses support schools with money or supplies. • Corporations give away about $14 billion each year for different causes. • Can you think of any examples?

  3. Foundations • Some families and businesses establish foundations, institutions created to promote the public good, in order to raise funds or awareness of certain causes. • For instance, Bill Gates, the founder of Microsoft, has donated over $23 billion through the Bill and Melinda Gates Foundation. • It is not only the biggest American companies that give either. • About 75% of small companies also give money, products, or services. • Even some law firms and accountants provide free services to poor people or to nonprofit groups.

  4. Responsibilities to Consumers • Laws require businesses to meet certain responsibilities, and business owners and managers may face serious problems or even legal action if they do not follow those laws. • Businesses must sell products that are safe and that work properly, and services must be reliable. • Many companies guarantee their products and services for a period of time. • Businesses also have the responsibility to tell the truth in their advertising and to treat all customers fairly.

  5. Responsibilities to Owners • Another responsibility is to the stockholders, who are the owners of the business. • This is especially crucial for corporations, where the people who own the company are not the people who actually run it. • To protect stockholders, corporations have to release financial reports on a regular basis. • Revealing, or making public, this information is called transparency. • If a manager of a corporation is not honest in these reports, the government can prosecute them for breaking the law. • Part of the reason why this law was created was the Enron scandal.

  6. Responsibilities to Employees • Businesses are required to maintain a safe workplace and to treat all workers fairly and without discrimination. • Decisions on hiring and firing as well as promotions must be based on the quality of the work the employees perform. • Many businesses try to help workers by providing benefits or services like money for college, child care, or fitness centers. • Health insurance is a benefit that many companies have traditionally given their workers. • Large businesses are actually required to offer health benefits to full-time employees, and the government offers tax credits to small businesses who do the same. • Helping workers in these ways benefits the employer as well as the worker. • After all, a worker in good health will be much more productive and miss less work!

  7. Wouldn’t you like to work here?? • https://www.youtube.com/watch?v=_QqT38QRA84

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