What are the four types of social responsibilities that businesses have?
Discuss the ethical pros and cons of doing business with a sweatshop in a developing nation.
Companies have many responsibilities to maintain, and with social and environmental issues at the top of consumers' minds companies can no longer exist is a vacuum. Nowadays, consumers are not just looking for the best quality and prices, they expect businesses to do their part and affect the world in a positive way. As a result, many companies are making social responsibility their top priority. Corporate social responsibility refers to an organization's business practices, which involves taking on different initiatives that benefit society (Fallon, 2014). The four types of social responsibilities that businesses have are Economic Responsibility, Legal Responsibility, Ethical Responsibility, and Philanthropic Responsibility (Scilly, 2014). A company's primary responsibility is its economic responsibility. Meaning, if a company fails to make money it will not last, and employees will end up losing their ...
Companies nowadays are paying more attention to their Corporate Social responsibilities (CSR). This solutions explains what CSR is, and how it affects a company in 512 words.