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Social Responsibility

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Social Responsibility Definition Glossary of Business Terms - Social Responsibility

Social Responsibility : The Term Social Responsibility refers to the idea that companies and corporations should contribute wealth or resources solely dedicated to the improvement of society as a whole. The principal of social responsibility dictates that these entities should contribute at least a small amount of resources to the general well being of humanity. These actions should not, in any way, be profit-generating.
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Many companies choose to be socially responsible in order to generate interest and support for their services or products. In general, consumers are more likely to support businesses that contribute to community organizations such as art programs, recycling or environmental initiatives, or scholarships. Many consumers believe that companies should help support and build the communities that helped generate their profits.

Companies can also display social responsibility by decreasing their pollution, agreeing to purchase imported goods from humane factories abroad, or by increasing efforts to reforest or promote environmentally sustainable solutions in ecologically sensitive areas in which they do business. Any of these are considered socially responsible, whether a company actively supports a community or refrains from doing it any harm.

Typically, the larger the company, them more socially responsible it should be. For example, consumers might expect a small business to recycle its own waste, but would expect larger corporations to not only recycle their own waste but also help facilitate larger recycling programs in the vicinity. There is no law forcing companies to participate in social responsibility, but consumers are more likely to support organizations that practice ethical treatment of their workers and support the communities in which they perform their business.

Part of the belief of social responsibility is assuming all responsibility for company actions and inactions. This covers business practices associated with human rights, environmental concerns, and ethics.

Also called : Human Responsibility or Positive Responsibility.
More Social Responsibility Information : CEOs, Environmentalists, Activists, and Philanthropists

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