Social Responsibility of a Business

Quite often, businessmen can be found expressing their concerns upon the social responsibilities of business. In the modern age, people have become extremely conscious about the issues of health and safety, and sustainability. Having sufficiently achieved the necessities of life, people, organizations, and agencies all are now heading towards achieving psychological contentment. That is why, issues like sustainable development have become a major concern in the contemporary age, unlike past, when bringing the industrial revolution was more important than keeping the environment healthy with a compromise upon the development of technology. As businesses are the key drivers of the economy and the practices adopted by business entrepreneurs play a decisive role in the maintenance of health and safety of the environment, a lot of debate has conventionally occurred regarding the relationship between business and society. This gave rise to the concept of corporate social responsibility (CSR). CSR had evolved as a concept to define the link between business and society (Klonoski, 1991 cited in Shah and Chen, 2010, p. 118). One of the leading scholars who have conventionally participated heavily in the debate of relationship between business and society is Carroll (1979) who defined the corporate social responsibility in these words, The social responsibility of business encompasses the economic, legal, ethical, and discretionary expectations that society has of organizations at a given point of time (Carroll, 1979, p. 500). There are six basic responsibilities of the CSR as indicated in the figure below: Another useful and well-constructed definition of CSR is that it is a prominent feature of the business and society literature, addressing topics of business ethics, corporate social performance, global corporate citizenship, and stakeholder management.

Back To Top