Corporate Social Responsibility
The concept of social responsibility is a fairly recent one in the business world. Awareness about the social responsibility of business organizations is rapidly on the rise and firms are also accepting this concept. The textile industry is no exception. Textile producing and trading firms are also realizing their responsibility towards the society and the environment. This article aims at analyzing the concept of social responsibility and the common ways in which textile firms try to fulfill it.
What is social responsibility?
Social responsibility is “an organization’s obligation to maximize its positive impact and minimize its negative impact on the society”. In other words, it is “the concept that businesses should be actively concerned with the welfare of the society at large”.
The concept of social responsibility is applicable to individuals and governments as well as organizations. The social responsibility of an organization is referred to as ‘corporate social responsibility’.