Social Responsibility of Business towards various groups

Social Responsibility of Business towards various groups

1. Responsibility towards owners/investors shareholders :

   The shareholders of a company are the owners of business. The basic responsibility of business is towards its owners. This responsibility is to provide (a) safety of investment, and (b) ensure a fair return on investment, (c) full transparency i.e., share-holders should be provided with regular, accurate in corporate governance.

2. Responsibility towards employees :

   Satisfied employees of an organization are its assets. The corporate business management owes certain social obligations towards employees of the organization. These obligations are :

• payment of fair wages.
• Development of employees through training
• Recognitions of workers right to unite ie. Form trade union.
• Provision of good working conditions and welfare facilities.
• Associating workers in management.

3. Responsibility towards consumers:

   Customer is the king. It is the social responsibility of a business enterprise to make available goods an services at the right time, in the right quantity, and at right price. It should not indulge in hoarding, profiteering, monopolistic, unfair and restrictive trade practices etc.

4. Responsibility towards the Government :

   In modern times Government regulation and control of business is gradually rising. Therefore, social obligations of business enterprises towards the Government are also on the rise. Some of the more important of these responsibilities are :

• To follow rules and regulations in letter and spirit.
• To pay taxes and dues honestly and regularly.
• (c)Not to indulge in black marketing, hoarding, profiteering, adulteration ctc.
• Not to exploit the consumers.
• Not to adopt unfair and restrictive trade practices.

5. Responsibilities towards community and public in general :

   In addition to its responsibilities towards different groups of the society, a business owes certain important obligation towards the public at large. Some of the important responsibilities are as under:

• Maximize production and productivity.
• Not to indulge in unfair trade practices.
• To improve environment and check pollution.
• To provide help in educational and cultural development of society.

Important links

• Entrepreneur & Environment- Relation, Need, Importance, etc.
• Creativity in Entrepreneurship- Definition & Various Steps
• Innovation in Entrepreneurship- Meaning, Characteristics, Process etc.
• Entrepreneurial Development Programme (EDPs)- Objectives
• Role of Central Government in Entrepreneurial Development
• Incentives and Subsidy in Entrepreneurship- Meaning, Needs
• EDPs- Relevance, Role, Problems & Suggestions to make EDP effective
• Technical assistances provided by the government to Entrepreneurs
• Misconceptions of EDPs (Entrepreneurship Development Programme)
• Women Entrepreneurs- Meaning, Progress of women, causes of growth
• Problems of Women Entrepreneurs & Suggestions to solve it

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