Question

What is social responsibility?

Why is it important?

How do organizations define it?

Name and describe the three concepts of social responsibility.

Answer 1

Social responsibility refers to the working for the betterment of the communities, society, natural environment and giving back to these stakeholders, from that some profit if earned by the business. As a part of social responsibility, businesses spend a small part of profit earned upon different facets of life, faced by these stakeholders and contribute in community development. When it is linked with corporate governance, then it becomes corporate social responsibility.

====

It is important because it is a way to compensate back to those who live in the area, where the business works and uses the resources, meant available for the communities. So, social responsibility works to help people grow around and develop to become the part of the mainstream of the economy. It can be health, education or clean water among the others,  that can become the objective of social responsibility.

====

Organizations define it as the initiative to help communities develop and get the basic amenities among the others. Here, organizations find the area of work, allocation of funds for the social responsibility work and geographical locations to be targeted as a part of  social responsibility.  Accordingly, organizations approach social responsibility.

Pl. repost other unanswered questions for their proper answers!