Social Responsibility of Business can be defined as the obligation an organization’s management team has towards the interests and welfare of the society or community that provides it with resources and environment to not only survive but flourish.

In other words, Social Responsibility is the way your company gives back to and takes care of the community it is located in and the greater society we are all a part of.

“Conceptually social responsibility may be taken up to mean intelligent and objective concern for the welfare of the society.”

K.R. Andrews

“Social responsibility is the personal obligation of every one as he acts for his own interests to assure that the rights and legitimate interests of all other are not impinged.”

Koontz and O’Donnel

There are four dimensions of Corporate Responsibilities-

1. Economic- Responsibility to earn profit for owners
2. Legal- Responsibility to comply with laws
3. Ethical- Doing what is right, just and fair
4. Voluntary and Philanthropic- Promoting human welfare and goodwill. Being a good corporate citizen contributing to community and quality of life.

SOCIAL RESPONSIBILITY PYRAMID

RESPONSIBILITY OF BUSINESS TOWARDS VARIOUS STAKEHOLDERS

Responsibility towards Shareholders