Question

What are the key elements of a corporate responsibility plan? How important do you think it is for a fashion company to have a corporate social responsibility plan?

Answer 1

Corporate Responsibility

This the responsibility of the organization to ensure and monitor the effects of their actions on employees, shareholders, and people living in society. Its main responsibility is to maintain the level of ethicals acts by the organization which is beneficial for everyone which directly or indirectly connected with the organization.

Now let us discuss the key elements of a corporate responsibility plan.

• It is very important and crucial for the organizational management to create the work process which comes under the corporate responsibility plan and they have ensured that each and every corporate responsibility plan needs to be maintained in the rules and regulations of the organization.
• The organization has the responsibility to share its correct and true profit earning with the stakeholders and society to ensure that they are not harming or damaging the economic standing of the society in any manner and helping them to improve and evolve.
• The corporate responsibility is to ensure that all the acts done by them are under the rules and regulations of that particular country in which they are operating and should always prepare their operational process in such a manner that it respects the legal aspects.

The organizations which requires higher amount of manpower and resources needs to be very cautious about the social responsibility which totally applies on the fashion companies as they also require highly skilled labor and resources which they get from the society so in order to maintain the interest of society in the organization and earn profit and achieve their organizational goals they should follow all the norms and ethical behavior which is beneficial for the organization.