Social obligation of business

These companies may well conduct a philanthropic or sponsorship program but these are essentially seen as discretionary and a cost to business. However, there are businesses that do not have any written code.

Social Responsibility

For example, Starbucks Corp. Committees of scientists and engineers are often involved in the planning of governmental and corporate research programs, including those devoted to the development of military technologies and weaponry.

Like individual members of the citizenry, a business also has an obligation to follow all written and codified laws that concern its existence. There have been many, sometimes heated, discussions behind closed doors trying to tease out the parameters of responsibility and obligations that should or could apply to business.

About three quarters of the companies in the study had this view although it is possible that this is an overestimate and the proportion is closer to 6o per cent. Essentially, the study found that many companies — more than we anticipated — believe they should go beyond their traditional functions and be more involved with the community as part of an expanding social role that is connected with the health and growth of their businesses.

All companies have a two-point agenda—to improve qualitatively the management of people and processes and quantitatively the impact on society.

Social responsibility

The business case for valuing community interaction therefore seems to depend on companies having a grasp on the value of intangible assets and a vision of their longer-term goals. Some large businesses hold capacity-building seminars for budding and emerging entrepreneurs.

In all cases where the application of scientific knowledge and technological innovation is well known a priori, it is impossible for a scientist or engineer to escape responsibility for research and technological innovation that is morally dubious.

What social obligations does a business have

At the other end of the spectrum, about per cent of companies had the more traditional view that return to shareholders is the only way a social role could or should be fulfilled. Both companies purchase Fair Trade Certified ingredients to manufacture their products and actively support sustainable farming in the regions where they source ingredients.

This was a lower proportion than was expected. Many companies, such as those with "green" policies, have made social responsibility an integral part of their business models. Some of the laws affecting a business include basic business permits and requirements, tax laws, labour rights, intellectual property rights, consumer protection, contracts and obligations, and anti-trust and competition laws, among others.

Big-box retailer Target Corp. In this case, managers become the prime moral actors and they base their decisions on their own standards of morality. This philanthropic responsibility implies that a business has a duty to give back in some ways and contribute to the betterment of the society.

According to the socioeconomic model of corporate social responsibilitya business has a responsibility to promote and uphold the interest not only of its shareholders but also of its entire stakeholders—including customers, employees, suppliers, and the public.

Put simply, social responsibility helps companies develop good reputations. It is important to note that if a business is unable to produce profitable products and maintain sustainability, it is impossible to attend to all other succeeding social responsibilities.The first step toward clarity in examining the doctrine of the social responsibility of business is to ask precisely what it implies for whom.

Presumably, the individuals who are to be responsible are businessmen, which means in­dividual proprietors or corporate executives.

Business Ethics and Social Responsibility

Apr 06,  · Defining Business Ethics and Obligations Corporate social responsibility is increasingly making news headlines. Two rubrics which are popular are the double bottom line and triple bottom line (people, planet, and profit) as rubrics for doing business ethically: • Fair and Just Wage: Businesses should provide fair wages usually defined as a living wage • Dignity.

The fourth social responsibility of a business is dependent on whether it sees itself as an active member and contributing entity in the society. This philanthropic responsibility implies that a business has a duty to give back in some ways and contribute to the betterment of the society.

The times, they are a-changin’. So is the way we do business and the way companies present themselves to their customers. Related: 7 Steps to Up Your Corporate Social Responsibility.

Social responsibility, as it applies to business, is known as corporate social responsibility (CSR).

What is the Social Responsibility of Business?

Many companies, such as those with "green" policies, have made social responsibility an. In addition to the articles on this current page, also see the following blog that has posts related to Ethics and Social Responsibility.

The four social responsibilities of a business

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Social obligation of business
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