Question

write a paragraph on the topic social responsibility

Answer 1

Answer:

Explanation:

What is Social Responsibility?

Social responsibility (or, corporate social responsibility) is a theory that asserts that businesses, in addition to maximizing shareholder value, have an obligation to act in a manner that benefits society. The International Organization for Standardization (ISO) emphasizes that a business's ability to maintain a balance between pursuing economic performance and adhering to societal and environmental issues is a critical factor in operating efficiently and effectively.  

What is Corporate Social Responsibility?

Understanding Social Responsibility

Social responsibility means that individuals and companies have a duty to act in the best interests of their environment and society as a whole. Social responsibility, as it applies to business, is known as corporate social responsibility (CSR).

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. These policies can be either ones of commission (philanthropy - donations of money, time or resources) or omission ("go green" initiatives like reducing greenhouse gases, abiding by EPA regulations to limit pollution). Many companies, such as those with "green" policies, have made social responsibility an integral part of their business models.

Additionally, more and more investors and consumers are factoring in a company's commitment to socially responsible practices prior to making an investment or purchase. As such, embracing social responsibility can actually benefit the prime directive - maximization of shareholder value. There is a moral imperative as well. Actions, or lack thereof, will have an effect on future generations. Put simply, being socially responsible is just good business practice and a failure to do so can have a deleterious effect on the balance sheet.

In general, social responsibility is more effective when a company takes it on voluntarily, as opposed to being required by the government to do so through regulation. Social responsibility can boost company morale, and this is especially true.

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