Define the term “corporate social responsibility”. Explain the responsibilities of business towards employees.

Define the term “corporate social responsibility”. Explain the responsibilities of business towards employees.

ANSWER:

Corporate social responsibility refers to the latest strategy of management on social obligations of business organisations. According to it, business organisations should behave ethically and contribute to the development of the economy by improving the standard of living of not only their employees but also their family members. It aims at creating a positive impact on the society and environment while conducting the business activities. Welfare of society must always be in the mind of a businessman.

Business units have various responsibilities towards their employees. Some of them are:

1. Job security- The business enterprises should give a guarantee of employment to its workers. This is important as a security of job provides the employees with mental peace and they can thus, work to the best of their capabilities.

2. Fair remuneration and allowances- Timely and adequate wages, allowances or salaries is a must for employees as it not only acts as their remuneration but also incentivizes them to work more.

3. Good working conditions- It becomes the responsibility of the employers to provide workers with good and healthy working conditions. They should provide various facilities such as canteen, medical and sanitation facilities along with proper machines and tools.

4. Opportunities for promotion- Organisations should attempt to provide workers with proper education and training. Along with this, they should offer adequate opportunities so as to promote their talent and increase their chances of promotion.

5. Grievances procedure- The business organisations should listen to the complaints, feedback and grievances of the employees and should provide a proper system to sort out the employee’s problems.

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