Factors Responsible for popularity of Social Responsibility Concept:
- Growing Expectation –
The normal expectations of different social groups & also the society are growing & deepening. The businessman finds it difficult to ignore such growing expectations of the society.
- Favourable Image –
Business have a desire to create a favourable image in the society.
They are willing to expand their areas of operations & spend on those areas for such an image. In order to get social social recognition, the businessman must accept more social responsibilities.
- Threat of Strict Control –
Businessman have now realized that if business doesn’t respond to social obligations the government will compel them to accept social responsibilities through social social legislations.
- Professional Management –
The introduction of professional management has given a boost to the idea of social responsibility of business.
- Fast changing Business Environment –
Changes are taking place rapidly in the business environment. For eg – Consumerism, government control, ecological balance etc. These have put on pressures on business to assume social responsibility.
- Organized Labour Force –
The business have no alternatives but to accept the demands & expectations of the organized labour force because of their pressures.
- Realization of Long Term Benefits –
Businessman have realized that it is in their interest to assume social responsibility in the long run to expand business with the support & co-operation of the entire society.
Thus the concept of social responsibility is applicable to all business irrespective of their size & nature of activity. The concept is now universally accepted and recognized. It has been termed as “Corporate Science”.