WHAT IS MEANT BY SOCIAL RESPONSIBILITY?GIVE ARGUMENT FOR SOCIAL RESPONSIBILITY OF A
BUSINESS.
Answers
Answer:
Arguments for Social Responsibility:
Public Image: Socially responsible firms gain more customers and employees feel proud to work for such organizations.
Handling the Government Regulations with Ease: Government is a massive institution with long arms. It seeks to regulate business in public interest. Before government stretches its long arms, businesspersons should discharge their obligations to society.
Business Is Resourceful: With a pool of resources, such as capital, labour and expertise, business is in a better position to tackle social problems and work for social goals.
Arguments For and Against Social Responsibility! Let Business Try: It is that many other institutions have failed in handling social problems. So why should not a business enterprise handle social problems?
Prevention is Better than Cure: Social problems have to be handled by the management at some point of time or the other. Problems with labour unions should be handled in a diplomatic way, so that they will not develop into serious social breakdown that consumes most of the management's time.
As a Token of Gratitude: Business units benefit from society. Based on the commonly accepted principle, that one owes debts of gratitude towards those who benefits us, the corporations have debts that it owes to society.
Arguments against Social Responsibility:
Profit Maximization is the Ultimate Goal: Business units are accused of having profit maximization as their goal. Since business operates in a world of poverty and hunger, the economic efficiency of business is a matter of priority and should be the sole mission of business.
Society has to Pay the Cost: The costs of social responsibility will be passed on to the society and the question is can the society bear these additional costs?
Lack of social skills: Managers are here to solve economic problems and they do not possess knowledge or skills to provide the right solutions for social problems.
Business has Enough Power: Business already is wielded with enough social power. The society should not take any steps, which will make it stronger.
Social Overhead Costs: Costs on social responsibility is considered a social cost, which will not immediately benefit the business. Why spend money on an object, the benefits of which will be relished only in the future.
Lack of Broad Support: The idea of business involvement in achieving social goals is not widely supported by many groups in society.
Business and society are interlinked in many ways and the business has to handle the societal aspects with great care or else it may have to face the consequences arising out of such misappropriation or negligence.
Explanation:
hope this helps you
Social responsibility means that individuals and companies have a duty to act in the best interests of their environment and society as a whole . The crux of this theory is to enact policies that promote an ethical balance between the dual mandates of striving for profitability and benefiting society as a whole .
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