SOCIAL RESPONSIBILITY OF BUSINESS

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Presentation transcript:

SOCIAL RESPONSIBILITY OF BUSINESS

What is social responsibility? Social responsibility refers to the business man’s decisions and actions taken to reasons atleast partially beyond the firm’s direct economic or technical interest. By social responsibility, we mean the intelligent and objective concern for the welfare of society that restrains individual and corporate behaviour from ultimately destructive activities, no matter how immediately profitable, and leads in the direction of positive contributions to human betterment.

Should business men be socially responsible? Yes Should only businessmen be socially responsible? No

Why are business men targetted where social responsibility is concerned? Why not govt or NGOs etc?

The interest groups: Shareholders Workers Customers Creditors,suppliers,others Government citizens

Is social responsibility profitable? Yes. Du Pont Ford

Arguments for social responsibility Public needs have changed The creation of a better social environment benefits both society and business. Business power should be accompanied by responsibility Problems can become profits Favourable public image Resources of business can be used for public interest

Arguments against social responsibility of business Primary task of business is profit. Business people lack social skills to deal with social problems Lack of accountability Weakened image could result.

How to make social responsibility operational? Commitment from top management Formulating policies for social responsibility Institutionalisation of Soc. Resp. in decision making process

Values and ethics Values represent basic convictions that a specific mode of conduct is personally or socially preferable to an opposite mode of conduct .

Characteristics : Values are a part of culture and culture is a complex of values, ideas ,attitudes and other factors which define human behaviour. Values are learned over a period of time though the initial values formed at early stages of one’s life is the most enduring Values are gratifying Values are adaptive.

How are values formed/ reinforced? Value forming institutions Organisational values Peers and colleagues Work and career Professional codes

Ethics and corporate governance

The End.