Question

Intro Business Question!

what is social audit, and what ir measures?

300 words and your own words

Answer 1

Introduction

As business owners are turning more empowered than ever, and the domestic and global demand for products and services is rising exponentially over the years, Companies are no longer considering the society as a means to fulfill their objective of growth alone. The difference is clear in the intent shown by companies over the years towards employment. Companies hire people from across the globe without any bias or scope for it. They are now treated as an asset to business than a mere number which adds value.

Case Specifics

A social audit is a review of a companies practices, policies, decisions etc which have an impact on the overall society which it is a part off. It is used to analyze whether a company is effective in giving back to the society as much as it is extracting from the same. Corporate Social Responsibility and equality at work place are all examples of the same.

A typical social audit tend to measures the amount of damage if any has been done by a company by being a part of the society and what it has given back to the society as a whole. This may include employment, or any other initiative it may have taken over a period of time such as donations to hospitals, welfare foundations etc.

It is important to note, that social audits are also considered for revisions. When our competitors are doing relatively different things or if there is a flaw in a current practice which we follow, we indeed consider social audits to analyze our shortcomings in giving back to the society and take corrective measures against the same.

Please feel free to ask your doubts in the comments section