Social Responsibility

DEFINITION of 'Social Responsibility'

 Social responsibility is the idea that businesses should balance profit-making
activities with activities that benefit society; it involves developing businesses
with a positive relationship to the society in which they operate.
The International Organization for Standardization (ISO), emphasizes that the
relationship to the society and environment in which businesses operate is "a
critical factor in their ability to continue to operate effectively. It is also
increasingly being used as a measure of their overall performance."

Social responsibility means that individuals and companies have a duty

to act in the best interests of their environments and society as a whole.
Social responsibility, as it applies to business, is known as corporate
social responsibility (CSR). Many companies, such as those with
"green" policies, have made social responsibility an integral part of
their business models.
 Additionally, some investors use a company's social responsibility, or
lack thereof, as an investment criterion. As such, a dedication to social
responsibility can actually turn into profits, as the idea inspires investors
to invest and consumers to purchase goods and services from the
company. Put simply, social responsibility helps companies develop a
good reputation.
 In general, social responsibility is more effective when a company takes
it on voluntarily, as opposed to being required by the government to do
so through regulation. Social responsibility boosts company morale, and
this is especially true when a company is able to get buy-in among its
employees and actively engage them in its social cause.

Read more: Social

Responsibility https://www.investopedia.com/terms/s/socialresponsibility.asp#i
xzz5G2rJROnN
Ways to practice CSR
Recognizing how important social responsibility is to their customers, many companies now
focus on and practice a few broad categories of CSR:

1. Environmental efforts: One primary focus of corporate social responsibility is the

environment. Businesses regardless of size have a large carbon footprint. Any steps they can
take to reduce those footprints are considered both good for the company and society as a
whole.
2. Philanthropy: Businesses can also practice social responsibility by donating money,
products or services to social causes. Larger companies tend to have a lot of resources that
can benefit charities and local community programs.
3. Ethical labor practices: By treating employees fairly and ethically, companies can
also demonstrate their corporate social responsibility. This is especially true of businesses
that operate in international locations with labor laws that differ from those in the United
States.
4. Volunteering: Attending volunteer events says a lot about a company's sincerity. By
doing good deeds without expecting anything in return, companies are able to express their
concern for specific issues and support for certain organizations.

5. Creating Shared Value

Corporate responsibility interests are often referred to as creating shared value or CSV, which is based
upon the connection between corporate success and social well-being. Since a business needs a productive
workforce to function, health and education are key components to that equation. Profitable and successful
businesses must thrive so that society may develop and survive. An example of how CSV works could be a
company-sponsored contest involving a project to improve the management and access of water used by a
farming community, to foster public health.

6. Social Education and Awareness

Companies that engage in socially responsible investing use positioning to exert pressure on businesses to
adopt socially responsible behavior themselves. To do this, they use media and Internet distribution to
expose the potentially harmful activities of organizations. This creates an educational dialogue for the
public by developing social community awareness. This kind of collective activism can be affective in
reaching social education and awareness goals. Integrating a social awareness strategy into the business
model can also aid companies in monitoring active compliance with ethical business standards and
applicable laws.

http://smallbusiness.chron.com/examples-social-responsibility-strategies-10633.html

https://www.businessnewsdaily.com/4679-corporate-social-responsibility.html
 International HRM Trends and Challenges
a) International HRM Trends and Challenges:

• Emerging Trends in IHRM

• Off Shoring – Meaning, Importance, Off Shoring and HRM in India

• International Business Ethics and IHRM – Meaning of Business Ethics, Global

Values, International Corporate Code of Conduct, Criminalization of Bribery,
Operationalizing Corporate Ethics of HR in Overall Corporate Ethics Programme

• Managing International Projects and Teams- Meaning, How Projects are Managed
across the World and Challenges in Managing International Projects across the World

• HR in MNCs – Industrial Relations in MNCs

• Role of Technology on IHRM

• IHRM and Virtual Organization- Meaning and Features of Virtual Organization,

Difference between Virtual Organization and Traditional Organization, Managing HR
in Virtual Organization

• Growth in Strategic Alliances and Cross Border Mergers and AcquisitionsImpact on

IHRM

• Knowledge Management and IHRM

http://www.bms.co.in/hrm-in-global-perspective-revised-tybms-syllabus-2016/