Social responsibility is a manager's duty to take actions that will benefit society's interest as well as the compnay's interests

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Introduction

The concept of social responsibility implies that businesses will behave in a way that help community, society and people with the primary purpose of business i.e. maximizing the shareholder value (Barnett, 2019). Investors and consumers hunt for ventures that are not only lucrative but which still contribute to the benefit of people and the community are utterly essential for social responsibility. Broadly speaking, it is presumed that social responsibility is the commitment of a management to take measures that would support the interests of society as well as the interests of the business, however there are also critics who contend that the fundamental structure of the business enterprise does not regard society as part of their stakeholder. Whereas corporate social responsibility means the duty of a management of enterprise to safeguard the welfares of the society. Due to the fundamental principle of social responsibility, managers are not merely directed at maximizing profits or the worth of shareholders, but rather at representing and maintaining the interests of members of a society including employees, consumers and the environment overall (Foss & Klein, 2018).

Social Responsibility Concepts and the role of CSR in contemporary management and business practice

2.1. Conceptual presentation of Social Responsibility

Social responsibility means that individuals and companies continue to act in the interests of their society and environment as a whole in the long run. Social responsibility is classified as corporate social responsibility (CSR), when it refers to organizations and businesses. The purpose of this idea is to incorporate approaches that promote an ethical agreement between the dual interests of benefit attainment and contribution to the entire community and society. These initiatives are of various types such as commission that comprises of philanthropy activities like time and money donation, and omission that includes go green programs and policies. These programs maintain the overall value of the business and further contributes in the profit and worth of the companies. The famous magazine Forbes in 2018 published its edition in which it mentioned the names of top brands and companies that work in the field of corporate social responsibility. Google topped this list of Forbes and the second and third position was occupied by the Walt Disney Company and the Lego when the stated that they shift their manufacturing process to the plant based resources and sources and contribute to the society in this regards

Consequently, investors when making a contribution, buyers and customers weigh in a company's contribution to socially responsible activities.  As such, adopting corporate responsibility will support the core objective i.e. shareholder value maximization. There's a social necessity, though. Acts, or lack thereof, may impact generations to come. Clearly stated, corporate responsibility is indeed sound business practice, so inability to do so will have a detrimental impact on the financial statements of the respective companies.

Social responsibility is usually most workable after a corporation willingly proceeds it on, as compared to being forced by the officials and government to do so by policy legislation. Social responsibility can raise the self-esteem of the employees and workforce of an organization, particularly if a business can include workers with its social and humanitarian causes.

2.2. Managers’ role for Social Responsibilities  

When addressing social responsibility from the viewpoint of the role of manager, it is described as managers' duty and willingness to take action to preserve and develop the wellbeing of society coupled with maintaining their personal interests. The attitudes and role of managers in the globalized economy seem to become more and more optimistic than it has ever been. Therefore, there is a need to put high emphasis on organizational and managerial behavior in order to assure the real impact of social responsibility.  The major issue now is how managers proceed as a socially responsible persons and how to address this profoundly relevant topic in the perspective of businesses and society. There are also laws, values and conventions in the corporate sector, as well as legislation and other legal criteria that help to fulfill the social responsibilities.

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