Business Ethics & its Route way towards Social Responsibility.
Social responsibility is that aspect where the companies are bound to provide fair business to the customers. A businessman should not always focus on his profit and loss but apart from this, he has to work for the welfare of society.
“Social Responsibilities refer to the businessman’s decision & actions taken for reasons at least partially beyond the firm direct economic or technical interest” -Definition by Keith Davis
Major Social Responsibilities
1) Optimum Utilization of Scare National Resources
Businesses have the moral obligation to utilize the scarce national resources in a proper way without wasting, causing damage, or causing to deteriorate the resources at their disposal because natural resources are very scared and should be used carefully.
2) Avoid making losses of social assets.
As a socially responsible organization, one should not make any kind of losses that lumber society. Organizations should take responsibility for society to enrich their lives.
3) Employment and Income
Every business should take responsibility to provide fair wages, satisfactory working conditions, and employment as per the qualifications to secure a job. Businesses must provide a fair opportunity for all workers for their progress.
4) Environment Protection
The business organization has the social responsibility of taking serious steps to protect the environment from all kinds of industrial pollution. Companies should take care not to dispose of their waste in water or residential areas which pollute the environment and may lead to chronic health hazards for citizens
5) Offering Quality Products at a fair price
Customer satisfaction is a basic aim of all business activities. Offering poor quality products, lack of proper attention to customers, and false and misleading advertisements are examples of violations of business. However, the price of the product should also be fair with quality products
6) Fair Trade Practices
Fair Trade Practices consist of
- Avoidance of monopolistic and restrictive trade practices
- Charging fair and reasonable prices from customers
- Offering products & services of quality
- Not making false, misleading claims in its advertisement
- Making prompt repayments
