Major Corporate Social Responsibility
Principles Of Management | POM
BBA | BBA-BI | BBA-TT | BCIS
Organizations have great responsibility for the welfare of the society and the environmental protection. The major corporate social responsibility are as follows:
Responsibility towards Shareholders:
Shareholders invest capital in the business and bear risks .They want return of their investment from the business.So,they have interest in the development and prosperity of their business.Therefore,the business organization has responsibility toward them as they invest money and grow business.The amin responsibilities of business towars shareholders are proper utilization of investment ,fair dividends,fair interest,providing up-to-date information of financial transactions,maximize value of investment ,allowing them to participate in planning and policy making,etc.
Responsibility toward customers:
Customer satisfaction is the ultimate goal of business organization.They are the key source of earnings.Business organization need to satisfy their customers by producing goods and services of their choice and demand .Business cannot be successful unless customers are satisfied.The responsibilities of business toward customers are providing quality products at reasonable price,adequate quantity when needed,good behaviour,avoid unfair practices like black marketing,provide after-sales service ,etc
Responsibility toward employees:
The success of business largely depends on motivated employees .They are the assets of the business and their welfare and wellbeing should be the main concerned of the management. They should be treated as a part of the organization and encouraged them to produce higher productivity.They should be properly trained and provide monetary and non-monetary benefits.The main responsibilities of business toward employees is to provide meaningful job and job security,to provide fair wages and other benefits,provide welfare facilities like sports ,education,medical,etc, creating favourable working environment,conducting training and development programs.
Responsibility toward government:
All business activities should be conducted within the rules and regulations of the government Government protects and controls the activities of business.It allows business organizations to operate within certain norms.Therefore,cooperation of government is essential to business sector.The business organization must fulfill the responsibilities toward the government by following government rules and laws,pay different taxes such as VAT,income tax,custom duty ,etc,avoid monopoly and unfair trade practices,support national problems such as unemployment and poverty ,etc.
Responsibility toward Society or Community:
Business Organizations perform their business activities in the society. Their success also depends on wellbeing of the whole society.Therefore,business organizations have some responsibilities toward society or community.They are to create employment opportunities to the people,to maintain environmental ecology,proper utilization of society’s resoures,to promote the program of community welfare services,to maintain the social and cultural values etc.