Question

What do you mean by social responsibility? Explain some points favouring social responsibility of business

Answer 1

Answer:

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. ... It pertains not only to business organizations but also to everyone whose any action impacts the environment.

Answer 2

Answer:

Explanation:

$\huge\boxed{Social Resposibility;}$

It means to take into account the feelings and needs of a community over your own gains. The level of resposibility is subjective, but it generally means you are not hurting anyone in community through your own actions.

In a corporate sense it means ‘owning-up’ to your actions as a business. If your company pollutes, you create actions to clean-up or mitigate the negative effects etc.

points favouring social responsibility of

                        business;

The purpose of business goes beyond earning profit. There are:

1. Offers of better quality of life
2. Creation of job opportunities.
3. It is an important institution in society.
4. Be it for the supply of goods and services
5. Contributing to the economic growth of the country.
6. Does not indulge in corruption to get contracts, special deals, exclusive rights to sell a product/service
7. Pays a fair, livable wage to employees
8. Has non discriminatory policies in hiring, hikes and promotions
9. Gives employees free/subsidized health insurance
10. Has well defined working hours and pays employees overtime pay in case of working extra hours.
11. Gives employees paid vacation
12. Does not pollute/harm the environment in any direct way.
13. Generally, does not do business with companies that break any of the above rules
14. Does not cheat consumers
15. Does not monopolize an industry
16. Does not price gouge customers who are dependent on products  
17. Maintain a safe culture at work that prevents and punishes sexual harassment.
18. Pays taxes that are owed to the government

               $\boxed{TaraAbbasi}$