What Are The Different Social Responsibilities Of A Business?

1. WHAT ARE THE DIFFERENT SOCIAL RESPONSIBILITIES OF A BUSINESS? Though most of the stakeholders included in society are affected by the business activities of corporate enterprises, managers may not acknowledge responsibility to them. The social responsibility of a business means that corporate managers need to promote the interest of each stakeholder who is the owner of a business. SOCIAL RESPONSIBILITIES OF A BUSINESS Responsibility to shareholders Good corporate governance, a corporate enterprise needs to recognize the rights of shareholders and protect their interests. It also needs to respect the right to information of shareholders and the right to submit proposals and ask questions. Responsibility to employees The success of a business depends mainly on the morale of its employees. Employees make a significant contribution to the activities of a business organization. A corporate enterprise needs to have good and fair employment practices and industrial relations to improve its productivity. Responsibility to consumers As per the words of some economists, consumers are kings who direct the business enterprises to produce goods and services to satisfy their needs. But in modern times, this might not be true as the company acknowledges their activities to protect their interests in handling productive activities. Social responsibility is related to ethics, and it is the discipline that deals with moral obligations and duties. Companies need to follow business ethics to improve their revenue and promote the interests of other stakeholders and society as well. LIGHTMONEY.COM