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Question
Discuss the forces which are responsible for increasing concern of business enterprises towards social responsibility.
Solution
The following are the forces which are responsible for increasing the concern of business enterprises for social responsibility.
(a) Threat of public regulation: The government is meant to safeguard the interests of society. Thus, in case the government feels that a business enterprise is behaving in a manner that is not socially desirable, then it can regulate the operations of that enterprise accordingly.
(b) Pressure of labour movement: The increase in capital mobility over time has increased the pressure on business enterprises to pay attention to the welfare of workers, by providing them with healthy working conditions along with good remuneration.
(c) Impact of consumer consciousness: As consumers today are aware of their rights and responsibilities, they take their decisions more rationally. Thus, business enterprises are made to work more efficiently and produce better products at reasonable rates to satisfy their customers.
(d) Development of social standards: Business enterprises are not mere profit-making entities. For their long-term growth and existence, they require to fulfil the new standards of social welfare.
(e) Development of business education: The spread of education over time has made consumers, investors, employees and owners more of social problems, thereby making them more sensitive to social issues.
(f) Relationship between social interest and business interest: No business enterprise can work in isolation from society. Thus, there should be a balance between business interests and social interests, such that the business can grow by doing the maximum good to society.
(g) Development of a professional managerial class: Every business professional pursues the goal of profit maximization. But today’s professional managers make efforts to satisfy the interests of all members of society.
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