What is the need for social responsibility of business?

Social responsibility programs can boost employee morale in the workplace and lead to greater productivity, which has an impact on how profitable the company can be. Businesses that implement social responsibility initiatives can increase customer retention and loyalty.

What are the benefits of social responsibility?

Advantages of social responsibility

• Gives a company a competitive edge.
• Attracts strong candidates and increases retention.
• Makes your business attractive to investors.
• Improves business culture.
• Increases customer loyalty and advocacy.
• Improves company reputation.
• Improves profitability and value.

Why should business assume social responsibility give any four reasons in support of your answer?

Study after study has shown that socially responsible businesses (aka social enterprises) not only provide sustainable business models, but also have improved marketing, employee recruitment, employee satisfaction, legal treatment, customer loyalty, brand perception, and richer partnerships.

What do you mean by social responsibilities of business?

Social responsibility means that businesses, in addition to maximizing shareholder value, should act in a manner that benefits society. Socially responsible companies should adopt policies that promote the well-being of society and the environment while lessening negative impacts on them.

What are the needs of social responsibilities?

What is the need for social responsibility? – Organisation of Commerce and Management

• Concept of Trusteeship:
• Changing expectations of society:
• Reputation:
• Protection of Environment:
• Optimum Utilization of Resources:
• The pressure of the trade Union:
• Growth of Consumer Movement:
• Government Control: