Explain the social responsibilities of a business to the following: (a) the community (b) the employee (c) the shareholders (d) the government (e) the consu...

Answer Details

Social responsibilities of a business

(a) To the community

• Providing employment for members of the community.
• Supporting social amenities such as roads, water, schools and hospitals.
• Avoiding pollution and protecting the environment.
• Producing goods and services needed by the community.

(b) To the employee

• Paying fair and prompt wages and salaries.
• Providing safe and healthy working conditions.
• Offering training, promotion and job security.
• Recognising workers' right to join trade unions and to fair treatment.

(c) To the shareholders

• Making adequate profit and paying reasonable dividends.
• Safeguarding and making efficient use of the capital invested.
• Giving accurate and timely reports on the company's performance.

(d) To the government

• Paying taxes and other statutory dues promptly and honestly.
• Obeying the laws and regulations of the country.
• Assisting government efforts in providing employment and developing the economy.

(e) To the consumers

• Supplying goods of good quality at fair prices.
• Giving true information through honest advertising and correct labelling.
• Ensuring regular supply and providing after-sales service.
• Avoiding hoarding, adulteration and cheating on weights and measures.