Social responsibility and management

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Social responsibility and management

A freelance writer since and has been graduated from Indira Gandhi National Open University, Delhi, India Social Responsibilities of Management The term "social responsibilities" can be defined as the obligation of management towards society and others.

Reason for Social Responsibilities: Business enterprises are creatures of society and should respond to the demands of society. If management does not react to changes in social demands, the society will either force them to do so through laws or will not permit the enterprise to survive.

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Therefore, the longterm interests of businesses are best served when management assumes social responsibility. The image of a business organization depends on the quality of its products and customer service; and the extent to which it fulfills the expectations of owners, employees, consumers, government, and the community at large.

For long-term success it matters a great deal if the firm has a favourable image in the public mind. Every business enterprise is an organ of society and its activities have impact on the social scene.

Therefore, it is important for management to consider whether their policies and actions are likely to promote the public good, advance the basic values of society, and add to its stability, strength, and harmony. Besides taking care of the financial interest of owners, managers of business firms must also take into account the interests of various other groups such as employees, consumers, the government, and the community as a whole.

These interested groups are directly or indirectly affected by the pursuit of business activities and they are the stake-holders in the enterprise. The primary responsibility of management is to assure a fair and reasonable rate of return on capital and fair return on investment.

With the growth of business, shareholders can also expect appreciation in the value of their capital.

What is 'Corporate Social Responsibility (CSR)'

Responsibility towards employees relates to fair wages and salaries, satisfactory work environment, labour management relations, and employee welfare. Fair wages should be fixed in light of labor productivity, the prevailing wage rates in the same or neighbouring areas, and relative importance of jobs.

Employees are expected to build up and maintain harmonious relationships between superiors and subordinates. Another aspect of responsibility towards employees is the provision of welfare amenities like safety and security of working conditions, medical facilities, housing, canteen, leave, and retirement benefits.

In a competitive market, serving consumers is supposed to be a prime concern of management. But in reality, perfect competition does not prevail in all markets. In the event of shortage of supply there is no automatic correction. Besides, consumers are often victims of unfair trade practices and unethical conduct of business.

Consumer interests are thus protected to some extent by laws and the pressure of organized consumer groups. Management should anticipate these developments, satisfy consumer needs, and protect consumer interests.

Social responsibility and management

Goods must be of appropriate standard and quality and be available in adequate quantities at reasonable prices. Management should avoid resorting to hoarding or creating artificial scarcity, as well as false and misleading advertisements.

Responsibility towards the government: As a part of their social responsibility, management must conduct business lawfully, honestly pay all taxes and dues, and should not corrupt public officials for selfish ends.

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Business activities must also confirm to the economic and social policies of the government. Responsibility towards the community and society: The socially responsible role of management in relation to the community is revealed by its policies with respect to the employment of handicapped persons, weaker sections of the community, environmental protection, pollution control, setting up industries in backward areas, and providing relief to the victims of natural calamities etc.The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders.

Social responsibility and management

High Social Overhead Cost - The cost on social responsibility is a social cost which will not instantly benefit the organization. The cost of social responsibility can lower the organizational efficiency and effect to compete in the corporate world.

Gazprom annually supports various social projects contributing to culture, science and education development and promulgation of a healthy lifestyle. ISO provides guidance rather than requirements, so it cannot be certified to unlike some other well-known ISO schwenkreis.comd, it helps clarify what social responsibility is, helps businesses and organizations translate principles into effective actions and shares best practices relating to social responsibility, globally.

Kyle is a young man with a strong sense of social responsibility and he frowns on anyone who litters or damages public property. Social responsibility is a means of achieving sustainability. Adopting key social responsibility principles such as accountability and transparency can help ensure the long-term viability and success of any organization or system.

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