Social Responsibility of Business
Added on 2021-02-20
8 Pages2173 Words244 Views
Social Responsibility ofBusiness
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1a) Concept and complex range of businesses (SME) social responsibility.................................1c) Application of philosophical and practical models of social responsibilities to specificsituations.....................................................................................................................................2d) Audit skills for evaluation of the ethical and sustainable standing of a range oforganisations...............................................................................................................................2CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
INTRODUCTIONSocial responsibility in business basically deals with various duties which company hasto fulfil towards society. Every company has aim to earn maximum profits apart from that it isimportant to contribute towards welfare of society and towards external environment (Ehie,2016). This report based on various dilemmas which business faced while adopting suchresponsibilities, application of practical & philosophical models is done and then several auditskills are applied for evaluating sustainability and ethical standing of various organisations. Inthis report, BMW, Google, Microsoft and Lego are taken into consideration and how thesecompanies adopt social responsibility in their operations is analysed.MAIN BODYa) Concept and complex range of businesses (SME) social responsibilitySocial responsibility can effectively be considered as the businesses, that helps inmaximizing different range of shareholder values that helps in maintaining the reputation withinthe market in a manner that benefits not only to the company but to society as well. In otherwords, it can be said that social responsibility has become increasingly important to investorsand consumers who seek investments that are not just profitable but also contributing towardswelfare of the society and to environment as well.On this concept, many critics has given their arguments that nature of business has notbasically considered society as stakeholders. But, over the years it can be said that manyindividuals has stated that social responsibilities has specifically been a part of largemultinational business organisations. But, in fact it is related to small and medium-sizedenterprises (SME), has effectively been a much more considerable forefront in regards to (SocialResponsibility). This has helped in natural engagement among local communities. On the otherhand, with SMEs turning over £1.9 trillion and responsible for 60 of UK private sectoremployment¹ in 2017, their role in voluntarily promoting positive environmental and socialchange is significant (Mihaljević and Tokić, 2015). Whatever the organisation’s size, people andthe planet really should be on a par with profit these days. In present context, it can be said thatsmall, medium and large level of organisations has considered different range of socialresponsibilities and these are presented underneath:1
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