Social responsibility is continuing commitment by the business to behave ethically and contribute to the economic development while improving the quality of life of the workforce and their families as well as of local community and the society at large. Business organizations are expected to consider the interest of the society while carrying out their operations . The business decisions should be based on financial factors as well as impact of those decisions on the society. Social responsibility requires various voluntary efforts in which companies engage themselves in orders to give something back to the society.
Importance of Social responsibility
Achievement of long term objectives- The society by being socially responsible, in turn gets benefits of operating in a better community and environment .
Enhance the brand image- Now a days, consumers are selective and sensitive to an entity’s brand image. They are drawn towards entities enjoying good reputation. Social responsibility activities results in positive press coverage and enhances an entities reputation with the public , customers and within the business community.
Helps manage ecological damage- A socially responsible entity makes all possible efforts to save the environment. This helps to in resolving the major environment issues.
Improved financial performance- Enhance brand image, reduced operating cost, increased sales and increased productivity, all these factors go long way in improving the financial performance
Reduced operating cost- Human resource initiatives taken by an entity helps it on reducing absenteeism, reducing wastage and inefficiencies, improving productivity, promoting innovations etc, thus results in operational efficiency.
Increase ability to attract anf retain employees- A socially responsible entity is able to retain the employees. Also it finds easier to recruit talented employees.
Strategies to implement Social responsibility standards
1.Top management initiative- Social responsibility should be given prominence in entity’s mission, vision and value statements. These statements should incorporate ethical concerns that go beyond making profit and promoting the interest of all the stakeholders.
2.Management structure- Social responsibility measures shall be integrated in operations and decisions at all the levels. A CSR committee should be established to identify and implement CSR measures. There is no universally accepted management structure for promotion of CSR. It varies upon the nature of business, size of the organization , geographic region etc.
3.Strategic planning- Social responsibility measures should be integrated in the long term planning processes and strategies. Social responsibility objective shall be considered while finalizing all the major proposals.
3.Accountability in job profiles- The job profile of all the employees should contain specific goals for CSR. As far as possible, the goals should be laid down in quantifiable terms. Goals of social responsibility should be ambitious but realistic, i.e. the organization should say what it means, and should mean what it say.
4.Employee recognition and rewards- Employee tends to engage in behavior that is rewarded and avoid the behavior that is penalized. Employees should carry appropriate weightage for awarding promotion.
5.Communication education and training- Employees should be clearly communicated about their roles and responsibilities in implementation of Social responsibility measures. The entity should regularly conduct training and development program to serve as a vehicle for sharing experience.
6.Implementation- All the performance should be subject to review and control. Measures should be laid down to evaluating the progress of Social responsibility
Common Social responsibility policies
No discrimination in hiring, promotion, working conditions and dismissal.
Ensuring adequacy in internal controls
Viewing employees as an asset rather than cost
Trusting the employees ( not controlling every aspect of employees existence)
Allowing employees to present their views and considering those views in decision making.
Ensuring compliance with all the policies and standards of environment laws.
Using renewable sources of energy and conservation of natural resources.
Recycling waste, manufacturing eco-friendly product and using eco-friendly technology.
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