Question

State any five cases of social responsibility.

Answer 1

Social responsibility is an ethical framework and suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large[citation needed]. Social responsibility is a duty every individual has to perform so as to maintain a balance between the economy and the ecosystems. A trade-off may exist between economic development, in the material sense, and the welfare of the society and environment,[1] though this has been challenged by many reports over the past decade[when?].[2][3] Social responsibility means sustaining the equilibrium between the two. It pertains not only to business organizations but also to everyone whose any action impacts the environment.[4] This responsibility can be passive, by avoiding engaging in socially harmful acts, or active, by performing activities that directly advance social goals. Social responsibility must be intergenerational since the actions of one generation have consequences on those following.[5]

Businesses can use ethical decision making to secure their businesses by making decisions that allow for government agencies to minimize their involvement with the corporation.[6] For instance if a company follows the United States Environmental Protection Agency (EPA) guidelines for emissions on dangerous pollutants and even goes an extra step to get involved in the community and address those concerns that the public might have; they would be less likely to have the EPA investigate them for environmental concerns.[7] "A significant element of current thinking about privacy, however, stresses "self-regulation" rather than market or government mechanisms for protecting personal information".[8] According to some experts, most rules and regulations are formed due to public outcry, which threatens profit maximization and therefore the well-being of the shareholder, and that if there is not an outcry there often will be limited regulation.[9]

Answer 2

The need for social responsibility is highlighted by the factors listed below:

1. Creation of Society : Every business is created according to the society’s needs. It uses the resources from the society and then shares its outcomes with the same. Thus, it is necessary that it has social responsibility.

2. Theory of Trusteeship : Every employer is a trustee for the society and thus should look at improvement rather than his own personal riches.

3. Long term Interest of Business : The main long term goal of any firm is to help the society. Whatever is given by the firm to the society will help improve the firm in the future.

4. ‘Joint Venture’ Concept : A firm is not just created by an employer rather it is an amalgam of the work put by the employer, employees and consumer. Thus, a firm should address everyone’s needs in order to grow.

5. Public image : Being socially responsible helps create a good picture of the firm in the society. As a result, the society’s trust in the firm increases.