Describe the different
concepts of social
responsibility
Social responsibility can be referred to as the responsibility of an organization for the impact of their activities and decisions on society and the environment.
There are various concepts in social responsibility. Major three among them are the following;
1. Under the concept of profit responsibility, executives should monitor the net income after realizing each department's expenses and the whole organization. It focuses on how the company's resources have been allocated ad on how the profits are distributed.
2. Stakeholder responsibility: stakeholders can be referred to as individuals or organizations who vest their interest in the project's outcome in an organization. They have the right to decision-making and control. Financing projects, educating developers, etc., are some of the responsibilities for the stakeholders.
3. Societal responsibility: this concept can be referred to as an ethical framework that suggests an individual should cooperate and work with other individuals in the organization. And this results in the overall efficiency of the firm.
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