Social responsibility is the obligation of an organizationâ€™s management to make decisions and take actions that enhance the welfare and interests of society as a whole. Social responsibility is not corporate charity. It is not enough for organizations to simply parcel out charitable contribution.
In this perspective the relationship between business and society in the twentieth century has fallen into three categories, they are
Quality-of-life management: The relationship between government and business shifted again. This time, direct management involvement in the attempt to cure societyâ€™s problems was emphasized. The quality-of-life management have 10 characteristics, they are Vision, Empowerment, Performance, Team approach, Customer Service, Quality, Communication, Ethics, wellness, profit.
In this perspective not all business leaders agree that corporations have a responsibility to help cure social problems. In fact the opinions of business leaders today appear to be split among three different philosophies.
Traditional Philosophy: In this philosophy it was believed that the primary goal of business was the maximization of profits. This philosophy is still held by many business leaders today.
Stakeholder Philosophy: In this philosophy contends that managers are responsible to certain groups of stakeholders. Generally stakeholders are those groups and individuals-both within and outside an organization-who have a stake in a companyâ€™s performance.
Affirmative Philosophy: The third major philosophical approach to social responsibility is the affirmative philosophy. This approach is typified by companies that anticipate changes in stakeholder needs and voluntarily curtail activities that may be seen as damaging to society as a whole.
Responses to Social Responsibility
Businesses today generally take one of four different approaches to social demands, they are
Related to social Responsibility
Socially responsible investing, green business, social ethics, social investing, ethical responsibility, business ethics are some of the things that related to social responsibility and ethics.