Social Responsibility of Business
Does a corporation have a social responsibility? Social responsibility is an ethical framework that states that an entity, either an individual or a business, has some obligation to act towards the benefit of the larger society. While some businesses clearly answer the question no, others believe that social responsibility is the only way to do business.
Corporate social responsibility (CSR) has emerged recently as one of the leading management strategies. Under this structure, companies attempt to create a positive impact on society while conducting business. Examples of businesses that practice corporate social responsibility include Accessibility Partners, who test and review products that make technology accessible to those with disabilities, Cole and Parker, a Canadian sock company that devotes part of its profits to provide entrepreneurial loans in developing nations, and Juntos Shoes, who donate backpacks filled with school supplies to at-risk children in Ecuador.
Increasingly, social responsibility can affect a business’s bottom line. Consumers are increasingly concerned about sustainability and social causes, often taking such factors into consideration when dealing with a particular business. Some businesses will attempt to simply draw attention to their “good works,” while others will make social responsibility an integral part of their mission statement.