Social Responsibility in Business - Assignment Example

Social responsibility in business gets referred to as corporate social responsibility. It is the process of making a company more responsible in business. Social responsibility in business aims at making a company compliant with set ethical and international standards, as well as the law. Social responsibility in the business ensures that the business not only contributes economically but also improves the quality of living of stakeholders and society (Werther and Chandler, 2010). The integration of social responsibility in business ensures that a company takes responsibility for its actions. Social responsibility in business also ensures that the company has a positive impact on its customers, stockholders, community, employees and the environment. Social responsibility helps guide a business on its mission and what it stands for and will uphold for its consumers, employees, stockholders and the community (Werther and Chandler, 2010). Discussed below are ways and procedures put in place to ensure that the incorporation of self-responsibility in business will satisfy consumers, employees and stockholders.

Consumers are a vital part of the business since they purchase the company’s products. To ensure social responsibility to consumers, the company has to strive and produce high-quality and standard goods. In ensuring the quality of products, a company addresses ethical and quality standards expected in business (Werther and Chandler, 2010). A company has to produce high quality products which meet the satisfaction of the consumer. The products should not be harmful to consumer health. The company should also meet the set standards expected of the product. It should offer the product at fair prices to its consumers. To meet consumer social responsibility, a company should have a quality control department that checks on the product and service quality. By having a quality control department, the company addresses and ensures consumer satisfaction by producing quality products and services to its customers.

Employees provide the company with the workforce or labour needed for the creation of products and services in the business. In pursuit of business missions and goals, social responsibility incorporates employees. A company should be able to ensure that its employee’s needs become met. Social responsibility ensures that matters such as employee remuneration, bonuses, hiring and training or education get addressed (Werther and Chandler, 2010). A company should ensure that its employees get paid on time and according to labour laws. The company should be able to meet the required labour laws. The company should also enhance employee training and education. Employees should get to attend workshops and seminars to gain more knowledge to produce quality products and services. Hiring of employees should be conducted as per the company's required rules and regulations and only qualified candidates should become hired. To ensure that employee social responsibility is met within the business, the company should set up a human resource department which should look up all matters concerning employees.

Stockholders refer to persons or corporations that own shares or equity within a company. A stockholder expects that the company makes a return on investment (Werther and Chandler, 2010). Stockholders may also be referred to as shareholders or owners of the company. Social responsibility in business gets concerned with ensuring that the expectations of stockholders are met. To ensure that the stockholders get a return on their investment, the company should seek ways of maximizing its profits. To ensure maximum profits, the company should employ competent management that runs the company smoothly and ensure that it competes fairly and effectively. The company management becomes encompassed with the responsibility of ensuring that all departments work hand in hand to ensure that the company is successful financially to maximize profits. Profits become maximized through effective competition, proper management and production of high quality products and services which attract customers. Maximization of profits ensures that shareholders get a return on investment.

Social responsibility within the business also encompasses the community. The community provides the business with labour, market and natural resources. The business may become socially responsible to the community by engaging in activities within the community. A business may engage itself in philanthropy within impoverished communities. The business may provide financial aid to the less fortunate in society. The business can also engage in sustainable development programs within the community which aim at enhancing the skills of locals in the community (Werther and Chandler, 2010). By also engaging in business within the community, the company should also focus on environment-friendly procedures. The company should ensure that it does not contribute to environmental pollution but rather focus on environment sustainability. The company can focus on waste management, recycling and reuse of products. The company can also engage itself in voluntary services within the community which aim at giving back to community members. The company can engage in activities such as cleaning and educating community members. This helps create a positive impact on the community and also create a positive outlook of the company in the community.

For a company to engage fully in corporate social responsibility, it has to be accountable for its actions. To ensure accountability, the company may conduct regular social accounting, auditing and reporting. This will enable the company to understand its impact on society, and all concerned relevant stakeholders. The three procedures will help a company assess the impact of its economic action on society and the environment. The results obtained from the procedures will help assist the company in designing socially responsible ways of conducting business within its surrounding environment.