Importance of Social Responsibility in a Business Organization

This resource gives information on the Importance of Social Responsibility in a Business Organization.

Social responsibility in a business organization is very important in the following ways-

(1) Assist to Government: It is the responsibility of government to solve social, economical and political problems of the country. But, commercial organization is expected to help the government in solving such problems by way of providing employment, education, etc. and also by providing financial help at the time of floods, drought, cyclones, earthquakes, riots, etc.

(2) Pressure of Consumer Movement: Consumer movement is movement of consumers to protect consumers against business malpractices like adulteration, black marketing, unfair pricing, shortage in weight, measures, etc. Organized consumers cannot tolerate any injustice against themselves. Therefore consumer movement makes the commercial organization to produce quality products and sold them at reasonable prices.

(3) Pressure of Trade Union: The business has to take social responsibility towards employees due to the pressure of trade unions. Trade union demands the fair wages and good facilities for labor from the management. If these demands are avoided then it may result in poor relations between management and labor. This will result into strikes and lockouts.

(4) Complexibility of Social Problems: The problems of society are becoming complex. The government has limited capacity and finance to deal with them. It is therefore necessary that other agencies such as business, charitable organizations, social organization, etc should come forward and help government in solving such problems such as food, earthquakes, etc. Business can help government in regard to pollution control and ecological imbalance by accepting certain social obligations.

(5) Need of Social Audit: Business organization must report public about their conduct of business and must arrange for social audit. By way of social audit society can be informed about the business activities, social objectives and fulfillment of these objectives by business organization.

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