Question

Answer in 250-300 words. Identify the five main types of actions which a company can choose from in crafting a social responsibility strategy.

Answer 1

Five main kind of Actions while Framing the social responsibility Strategy are:

1. Moral responsibility for the betterment of society: since the social problems in the corporpirate society is mostly emerged by Big corporations. So its a responsibility of the Industries to mitigate such problems, since they comntrol many resources in a economy.

2. Responsibility towards the Government: The prime responsibility of the business to abide the laws of the nation, fair practise of trade, pay taxes, avoid dominance of economic power and corruption . example like Indian Business tycoon Vijay mallay and Nirav Modi who were not abide regulations and did scam of some thousand crore ruppes to avoid to pay tariff and duty, are under the supervision of Govenrment.

3. Rsponsibility towards customers: by providing right quality product with quick and courteous services and even after sale services , no surrogate advertising etc.

4. Responsibility towards Owners: Owners like Shareholders in the case of the parnership or joint venture of the firm . To check whether the dividend is sufficient or maximum also the financial position of the firm is sound or not.

5. Responsibility towards Employees: The corporate shoul abide the rules of labour practise act like fair remuneration, good working conditions, Gender Equality, sufficient services such as Insurance cover, PF, Medical facilities, home loan, accomodation, participation in decision making, training etc.