Discuss the social responsibility of corporate towards different interest groups?

Apart from the corporate responsibility of increasing the wealth of owners (share holders) the social responsibility of corporates is also being acknowledged. The areas in which the corporates world has acknowledge its social responsibility and established programs to deal with them are :

(i) Responsibility towards environment:
– Production of safe items
– Using biodegradable packages
– Educating consumers on Product use and disposal.
– Being truthful in advertising, and
– Establishing a procedure for dealing with consumer complaints

(ii) Responsibility towards employees:
– Providing fair compensation and Benefits
– Providing safe work environment
– Eliminating discrimination
– Providing opportunities for Personal and Professional development, and
– Having progressive human resource policies.

(iii) Responsibility towards Agencies:
– Fulfilling obligation under regulations and statutes of these agencies.
– Co-operating in planning and investigation, and
– Coordinating administrative activities with these agencies.

(iv). Responsibility towards Community:
– Progressive economic stability.
– Safeguarding Public Safety
– Protecting the environment, and
– Aiding in the development of Social and Cultural resources of the community through corporate Philanthropy.

(iv) Responsibility towards media:
It is also responsibility of the corporate world to be co-operated and truthful about the issues that affect public welfare.