social responsibility towards different interest groups
Answers
– Production of safe items
– Using biodegradable packages
– Educating consumers on Product use and disposal.
– Being truthful in advertising, and
– Establishing a procedure for dealing with consumer complaints
(ii) Responsibility towards employees:
– Providing fair compensation and Benefits
– Providing safe work environment
– Eliminating discrimination
– Providing opportunities for Personal and Professional development, and
– Having progressive human resource policies.
(iii) Responsibility towards Agencies:
– Fulfilling obligation under regulations and statutes of these agencies.
– Co-operating in planning and investigation, and
– Coordinating administrative activities with these agencies.
(iv). Responsibility towards Community:
– Progressive economic stability.
– Safeguarding Public Safety
– Protecting the environment, and
– Aiding in the development of Social and Cultural resources of the community through corporate Philanthropy.
(iv) Responsibility towards media:
It is also responsibility of the corporate world to be co-operated and truthful about the issues that affect public welfare.
Answer:
After identifying the concept and importance of social responsibility of business the various responsibilities that a business has towards different groups with whom it interacts are discussed below. The business generally interacts with owners, investors, employees, suppliers, customers, competitors, government and society. They are called as interest groups because by each and every activity of business, the interest of these groups is affected directly or indirectly.
Social responsibility towards different interest groups are as follows:-
1. Responsibility towards Owners
Owners are the persons who own the business. They contribute capital andbearthe business risks. The primary responsibilities of business towards its owners are to
• Run the business efficiently.
• Proper utilisation of capital and other resources.
• Growth and appreciation of capital.
• Regular and fair return on capital invested
2.Responsibility towards Employees
Business needs employees or workers to work for it. These employees put their best effort for the benefit of the business. So it is the prime responsibility of every business to take care of the interest of their employees. If the employees are satisfied and efficient, then the only business can be successful. The responsibilities of business towards its employees include:
• Timely and regular payment of wages and salaries.
• Proper working conditions and welfare amenities.
• Opportunity for better career prospects.
• Job security as well as social security like facilities ofprovident fund, group insurance, pension, retirement benefits, etc.
• Better living conditions like housing, transport, canteen, crèches etc.
• Timely training and development.
3. Responsibility towards Customers
No business can survive without the support of customers. As a part of the responsibility of business towards them the business should provide the following facilities:
• Products and services must be able to take care of the needs of the customers.
• Products and services must be qualitative
• There must be regularity in supply of goods and services
4.Responsibility towards government
Business activities are governed by the rules and regulations framed by the government. The various responsibilities of business towards-government are:
1. Setting up units as per guidelines of government
2. Payment of fees, duties and taxes regularly as well as honestly.
3. Not to indulge in monopolistic and restrictive trade practices.
4. Conforming to pollution control norms set up by government.
5. Not to indulge in corruption through bribing and other unlawful activities.
Explanation:Hope this answer helps you !
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