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The area of implementing CSR, what are the Leadership and Business models? Specifically, what is the business model, what is the traditional business model in this context? What are the progressive business models in this areaa?
(I NEED THIS ANSWER BEFORE 5:10 PM EST OR I CANNOT USE IT)
Thank you
Expert Answer
SOCIAL RESPONSIBILITY & ITS LEVELS
As human or individual, companies also have responsibilities. It may not be same as humans but they are bigger in nature which includes not only stakeholders, but many other parameters like employees, customers, local community, environment and nation
. Social responsibility for Corporates or we can say Corporate Social Responsibility (CSR) can be viewed and explained into 4 different levels:
- Economic Responsibility: Economic interest of the company, it means company needs to make profit. A company cannot survive and expand if it doesn’t make profit. For that reason it needs to produce goods/services at reasonable price needed for customers.
- Legal Responsibility: Following the laws of the land, it means there will be laws in place for a company to work and conduct. Laws such as regulation of taxes and employment laws are important for companies to follow. It is also very important for companies to operate in fair manner and to use best practices.
- Ethical responsibility: In a society it is must for companies to employ ethical standard to follow rules and laws. In a nut shell we can say doing the right thing in right manner by following ethics and best available practices. This also deals with environment
- Philanthropic Responsibility: Companies or corporates also considered as members of society. It is a helping hand to society be it donating money for development or sharing knowledge by giving free sessions. They are responsibilities that go above and beyond what is simply required or what the company believes is right.
