SOCIAL RESPONSIBILITY OF THE BUSINESS
What is social Responsibilities
In our day today life, we are doing so many activities with responsibilities like fulfilling our basic needs, taking care of children, showing respect to elders and so on. Because of living for family as well as for the society, the needs have to be satisfied in all the activities. The expectations become our obligations which we need to be fulfilled. We are fulfilling all these obligations by performing certain activities which are called our responsibilities. The responsibilities which we have particularly towards members of the society with whom we interact or towards the society are called social responsibility.
How Social Responsibilities are related to the Business:
All the business operates within the society and by the society. It uses the resources of the society and depends on the society for its functioning. Social responsibility of the business refers to all such duties and obligations of business directed towards the welfare of society. These duties can be a part of carrying out routine functions of business activity or they may be an additional function of carrying out welfare activity.
Social responsibility is an ethical or ideological theory primarily associated with business and governmental practices. Involving in the business should be socially responsible and it should ensure certain measures for economic function that is the goal that is trying to be achieved within the cost guidelines that is the business is willing to contribute and the quality of life focuses on whether the organization is improving or degrading in the society.
Social Investment
· The activities of business will earn reputation and goodwill for the business which in turn welfares the public image which attracts honest and competent employees to work with such employers.
· Also the businessmen should deliver or discharge their duties voluntarily which should not affect the government regulations. It helps to maintain a lenient relationship among them. For e.g. the business firm should encage itself in maintaining a pollution free environment.
· The business for its survival and growth utilizes the available resources like power, land, water, road etc.,
· It is the responsibility of the Organization to satisfy the employees by providing the financial and nonfinancial benefits. Because the employee satisfaction is directly related to productivity of an Organization, which leads to long-term prosperity of the organization.
CORPORATE SOCIAL RESPONSIBILITY
CSR is a self integrated mechanism regulated into the business model which promotes public interest by encouraging community growth and development. It aids to organization’s mission and acts as a guide to achieve it and to prolong it as a long term.
It aids to upgrade the Human Resources Management wherein it recruits and assigns people within the competitive graduate market. Also the business should provide proper pay and allowances like fund raising and promotion for the long-run.
CSR is highly responsible in building customer loyalty that should strive for a unique selling preposition that separates them from the competitive market.
The SOCIAL RESPONSIBILITY LAWS & HOW DOES IT IMPLEMENTED IN INDIA.
Consumer Protection Act, 1986
Industrial development in the field of manufactured goods has led to the influx of various consumer goods into the Indian market to cater to the needs of the consumers and a variety of services such as banking, financing, insurance, transport, housing construction, entertainment have been made available to the consumers.
In order to protect the consumers from exploitation and to save them from adulterated and substandard goods and deficient services the Consumer Protection Act came into force on 15th April, 1986 and it applies to the whole of India except the State of Jammu and Kashmir.
Consumer Protection Act, 1986
The preamble to the Act states that the Act is legislated to provide for better protection of the interests of consumers and for that purpose to make provision for the establishment of consumer councils and other authorities for the settlement of consumer's disputes and for matters connected therewith.
The basic rights of consumers as per the Consumer Protection Act (CPA) are:
· The right to be protected against marketing of goods and services which are hazardous to life and property.
· The right to be informed about the quality, quantity, potency, purity, standard and price of goods, or services so as to protect the consumer against unfair trade practices.
· The right to be assured, wherever possible, access to variety of goods and services at competitive prices.
· The right to be heard and be assured that consumers interests will receive due consideration at appropriate forums.
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