Question

list and discuss four important organization 'corporate social responsibilities'

Answer 1

Types of Corporate Social responsibilities:

• Economic
• Legal
• Ethical
• Philanthropic

Economic Responsibility means prioritising the business, and the main goal of any business is to attain a profit. Without profit, the company will not have any money to pay the employees and no CSR activity can be initiated without the employees. A company can serve the society only if it is sustainable, and for that, it is imperative to be profitable. Corporates can also show economic social responsibility by being transparent about their financial status.

Legal Responsibility focuses on a company’s obligation to be law-abiding. This is one of the most important responsibilities as it represents the way an organization operates in the marketplace. Paying the taxes, employment laws., health and safety regulations, are some of the legal responsibilities that a company should abide by. The inability to follow these legal obligations will result in undesired consequences that might tarnish the reputation of a company.

Ethical Social Responsibility: Economic and Legal responsibilities lay the foundation for organizations to proceed into ethical social responsibility. Ethical social responsibility conveys that a business must do the right thing at all levels of business. But unlike the responsibilities mentioned above, a company is not obligated to be ethically responsible. However, it is in the best interest of a company to be ethical, since it builds a sense of trust within the stakeholders and customers. In addition to this, emphasising environmentally friendly business activities also give the consumers a good perception of the brand.

Philanthropic Responsibility means utilizing the time and resources of the organization to give back to the community that they take from. Employees should support the organization in this endeavour by volunteering, donating money or initiating their own charitable organizations aligning with the company’s goals and objectives. Philanthropic activities play a huge role in building the image of a brand in the eyes of the people