SOCIAL RESPONSIBILITY AS SURVIVAL STRATEGY FOR ACHIEVING BUSINESS ORGANIZATION PRODUCTIVITY (A CASE STUDY OF FIRST BANK PLC)
BACKGROUND OF STUDY
Social responsibility is essentially concerned with public interest. It is the intelligent and objective concern for the welfare of the society which restrains individual and corporate behavior from ultimately destructive activities, no matter how immediately profitable and which leads in the direction of positive contribution to human betterment.
The idea of social responsibility recognizes that each person is attached to an extended social system on which he or she is party dependent. Business people should also consider the needs and interest of others that might be affected by their actions. Public needs have changed and this has led to changed expectations. Society gave business its charter to exist and the charter can be amended or revoked at any time the business fails to love up to society expectations and need.
It includes voluntary action that contribute to improving the quality of use such as donation to charity contribution of educational development such as scholarship award to community members contribution to the sports development and such related action that generates benefits to the society with directs, indirect little or no economic benefits to the organization undertaking the responsibility. The dynamic environment of business is essentially characterized by changing technology taste, habit, expectation and of course changing responsibility on the part of business. The changes are occasioned by the environment and the extent their impacts on business and those short deal with business the public specially the people of business should include all those that have common dealing directly as the stockholder, the workers, the customers, the supplier and the community neighbors.
According to Lord Holme and Richards Worths Jan (2000) in the world business council for sustainable development, publication assumes that making good business to behave ethically and contribute to economic development while improving the quality of life of the work force and their families as well as the local community and society at large.
The Customers: Most well established business organizations have million of customers and ultimate consumers who look to the business organization for the services and good they want.
The Workers: Those are group that have a contractual undertaking with the business organization for service to the organization based on conditions of salary payment and security of jobs.
By Directing: Is the demand for employee in an organization is a derived demand they are lined because of real or anticipated need for the goods and services they will product once these employee are recruited it becomes of function of management to unitize them in the accomplishment of organizational objective. It deals with the use o communication leader towards the attainment of organizational objective.
By Planning: Is an activity performed by all level of management, it is a through process concerning proposed course of action. The overall plan involved broad company objectives while department plan involves that effort to achieve subsidiary goal which contribute to the achievement of all over all enterprise objective in a business enterprise. It is managing director that determine the kind of activities to undertake the resources to be employed the customers to appeal to.
1.2 Statement of the Problem
The direction of interest in the practice of social responsibility as a survival strategy of business by some business organization in Nigeria especially in Akwa Ibom State does not seem to respond to the interest of the society. Some business units seem to have some guiding strategy in their social investment habit and yet they claim to be socially responsible. Social responsibility as a survival strategy of business can promote employment in the society and have reduced some of the mounting levels of blackness. Nigeria business seems therefore of social responsibility as a survival strategy of business.
What is lacking seems to be the direction of effort so as to make it socially effective and national policy statement that will delineate a range of areas in a priority sequence so that business organization can select and base philanthropic action so as yield maximum benefit to the general public as well as to promote their business.
1.3 Purpose of the Study
The main objective of this research work is to review the fact that social responsibility is an organizational strategy for business sustenance with a review to ascertaining whether or not the level of infrastructural provision can constitute to the survival of an organization and other purpose which as follows.
- To identify and study the social activities of banking institution and determine how they fits into the doctrine of social responsibility as a survival of business.
- To equally determine the basic objectives to management of the place under study as regards to undertaking of social activities.
- To identify the basic problems that confront the organization bid to undertake social responsibility strategy of business.
- To identify how their management adopt social responsibility as a survival strategy of business.
- To investigate the interrelationship between social responsibilities and the business environment.
1.4 Research Questions
The fundamental question that have been raised on this include the following.
- Does social activities of the banking institution services serves as a survival strategy of business organization?
- Does management of the organization undertake social responsibility as one of their main objectives?
- Is there any interrelationship between social responsibility and the business environment?
- Does increase in the social sector played a significant role in the input and output level of this organization?
- Does social responsibility act as a panacea to solving economic problems?
1.5 Research Hypotheses
Null Hypothesis is represented by Ho while Alternative Hypothesis Hi
Ho: There is no interrelationship between the provision of social activities as a strategy by banking industry and business survival.
Hi: There is an interrelationship between the provision of social activities as a strategy by banking industry and business survival.
Ho: Management of the organization does not take social responsibility as their main objectives.
Hi: Organizational managers take social responsibility activities as their main objectives.
1.6 Significance of the Study
The researcher works the social responsibility as survival strategy for achieving business survival. It is quite significance to the organization because of the scientific sensitive role of productivity of an organizations. The study is quite of importance because adequate application of social responsibility in any organization is in a direct step towards a better performance and responsibility at various levels of authority without a good responsibility in a organization in flow of information would be difficult and absence of social responsibility as a result of flowing performance. The study is important because the understanding of social responsibility would definitely enhance a will be of great significant to the following set of people.
- The study will broaden the scope of knowledge of the researcher in the area of social responsibility as organizational strategy for achieving business survival.
- The study will be of great valve to the organization under study, as more information will be provided to the management as regards social responsibility and the place of the organization.
- It is equally of greater significant to other researcher as this will serve as a reference material to students who wish to make research on similar topic, and to other users of this project will being a position to analyze the situation in their organization and apply appropriate principle and technique learnt from this study to needy the situation in their owned organization.
1.7 Scope of the Study
The main issue or emphasis of this research work confess on the role of social responsibility and the survival of business organization in Nigeria, this therefore contribute to the usefulness of social responsibility to the achievement of organization and set goods and objective. The study will try to envisage the stand of the organization as it provides social responsibility and how this aspect can enhance the organization efficiently. The study focuses on the basic role social responsibility plays in bringing succor to the general working environment. The research work focus equally on social responsibility as it affect the input and output level of an organization, a gross disciplinary approach is also encourage, contributions on expected principally from these employing in social responsibility issue its application, principle and practices.
As a social responsibility based situation, however the influence of the social environment on the entire public would depend on the relative strength of special valves developed by the organization of structure vis-à-vis the valve of surrounding society therefore we can here claim that the organization received back from the people what it hold put in them in term of social and infrastructural support.
1.8 Limitation of the Study
Notwithstanding the areas of study covered during the research, the study was greatly affected by certain constraints which because unavailable with the time limit.
Time constrains: The researcher was constrained by the time limit. This posed a threat to successful coverage’s intending the course of the study.
Financial constrains: finance was another factor that limited the researcher’s effort towards a better quality project. The role of adequate finance in any project cannot be overemphasized.
1.9 Definition of Terms:
Social responsibility is obligation of decision of decision markers such as markers to take action which protect and improves the welfare.
Profit maximization: This refers to the responsibility of service industries to make profit for its owners as it can.
Social responsibility: This refers to the obligating of service industries to contribute of the goods of the society in a meaningful way through some different philanthropic.
Opportunist group: There are different schools of thoughts that see profit maximization as due the sole responsibility o service industries.