Social Responsibility > The Importance of Social Responsibility
The Importance of Social Responsibility
Although the activity of social responsibility is benefit for both social and business organizational, the arguments for and against business social responsibility exist. There are several reasons of agreement of the activity. The importance of social responsibility is state below: -
1 Best Interest of Business to Promote and Improve the Communities
Organizations, as members of society, have a moral obligation to help society deal with its problems and to contribute to its welfare. It is the ethical thing to do by the business organizations. A measurement should be made of whether the organization is performing such activities as producing goods and services that people need, creating jobs for society, paying fair wages, and ensuring worker safety.
2 Improves Public Image of the Firm
To many people, responsibilities to consumers may be seen as no more than a natural outcome of good business. There are, however, broader social responsibilities including providing good value for money; the safety and durability of products or services; standard of after-sales service; prompt and courteous attention to queries and complaints; long-term satisfaction, for example serviceability, adequate supply of products or services, and spare and replacement parts; fair standards of advertising and trading; full and unambiguous information to potential customers. Increasing concern for social responsibilities to consumers can be seen by the activities of such bodies as the Consumers Association, and the number of television and radio programmed devoted to this subject.
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3 Improving Stock Price
To having the action of social responsibility of an organization would lead to their suppliers, and business associates more confidence to the organization. The examples of social responsibility might include: fair standards of trading, honoring terns and conditions of purchase or sale, and settlement dates, for example payment of accounts, assistance to smaller organization; engagement only in fair competition; respect for copyright and patents. By doing that, the other organizations would view the company as less risky. This is in the stockholdrs best interest. It will improve the price of stock in the long run because the stock market will views the company as less risky and open to public attack. So, it would reduce the cost of the production of the company. Therefore award it a high price-earnings ratio.
4 Solving Social Problems
Organizations have a responsibility not to misuse the scarce factors of production upon which the wealth of the country depends. Organizations have a responsibility to society, to respect environmental considerations and take care of amenities. For example, the effects and potential dangers of pollution, noise, disposal of waste; the siting and appearance of new buildings; transportation policies, such as the routing of heavy vehicles through narrow village roads; and avoidance of excessive packaging and more use of biodegradable materials. All of that must be think off since the decision making of the organizations to have their process of production. For example, is the protest against aerosol sprays containing chlorofluorocarbons. These have been blamed for damaging the ozone layer, which protects the earth from harmful ultraviolet rays from sun.
Organizations should, of course, respect and obey the law which is set up of government even where they regard it as not in their best interests. But what is debatable is the extent to which organizations should co-operate voluntarily with actions requested by the government. Some examples are: restraint from trading with certain overseas countries, and the acceptance of controls over imports or exports; actions designed to combat inflation.
5 Resource given by the organizations to solve the social problem
The measurement of social investment deals with the degree to which the organization is investing both money and human resources to solve community social problems. Here, the organization could be involved in assisting community organizations dedicated to education, charities, and the arts.
This educational social responsibility article is developed by ViNSiGN as part of it's contribution to the community. Feedback is welcomed, please email to editor @ vinsign.com (without space).
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