Is social responsibility a must for a business?
What is Social Responsibility?
Social responsibility is an ethical or ideological theory that has a responsibility to society. This responsibility can be “negative”, meaning there is a responsibility to refrain from acting ( resistance stance) or it can be “positive”, meaning there is a responsibility to act (proactive stance).
Is It a must?
There are certain companies who still care for the “social responsibility” such as:
ASNAPP project (Agribusiness in sustainable natural African plant products). This project was initiated in 1999 to help develop the natural products sector in Africa by promoting income-generating activities for rural entrepreneurs in such a way that improves the livelihoods of rural communities.
Another one is Oxy Company, is a petroleum corporation business. This company focuses on social responsibility such as corporate governance, labor practices and human rights. Including health, environment and safety (HES) policies, objectives, performance and activities of the company and its subsidiaries (collectively, Oxy).
If each business organizes a social responsibility, contributing a hand for these upcoming issues of global warming due to environment problem, it could be much better in order to save our extinct habitat and also nature live. This could be a very vital perspective in a few years time.
Benefits of Social responsibility
Building a reputation as a responsible business sets you apart. Companies often favour suppliers who demonstrate responsible policies, as this can have a positive impact on how they are perceived by customers.
Some other benefits:
- A good reputation makes it easier to recruit employees.
- Employees may stay longer, reducing the costs and disruption of recruitment and retraining.
- Employees are better motivated and more productive.
- Corporate Social Responsibility (CSR) helps ensure you comply with regulatory requirements.
- Activities such as involvement with the local community are ideal opportunities to generate positive press coverage.
- Good relationships with local authorities make doing business easier. See the page in this guide on how to work with the local community.
- Understanding the wider impact of your business can help you develop new products and services.
- CSR can make you more competitive and reduces the risk of sudden damage to your reputation (and sales). Investors recognize this and are more willing to finance you.
Drawback of CSR
Some perceived drawbacks for a business to enact corporate social responsibility could be:
- Use of money for things not directly related to the business
- Shift of focus away from a corporations main business concerns
- The notion that a company should be solely profit driven
- Extra staff required to fulfill corporate social responsibility jobs required for a company to undertake its CSR initiatives.
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excellent Ayaz, A great insight into social responsibility.