The Importance Of Economic Responsibility

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Economic responsibility means excelling to guarantee that we, as a society, are financially gaining in order to generate long lasting worth for our stakeholders and contribute to an international and imperishable economy (“Economic Responsibility.”). “Our economic impact spans over customers, suppliers, governments, and society at large.” (“Economic Responsibility.”). For instance, Chili’s is a well-known, popular restaurant. Chili’s exists not only to feed customers but to ensure a profit for its shareholders. If Chili’s was not getting the business they needed, they would fail to be able to pay its members, taxes, and other obligations. Another downfall to this is not only does the company face hardship, the employees endure struggle too, especially servers. Since servers work off tips, no customers means no tips and no customers also make it harder for the business to be able to support its employees financially. In order for a corporate social responsibility program to be executed, a business first must prove that it is profitable. Legal responsibilities refers to the rules and regulations businesses must abide by in order to operate.…show more content…
I’ve been working in the restaurant business for roughly ten months now. Reading the sectors of the Social Performance Model started to get my brain running and viewing work in a different perspective. It got me thinking how they are all very different subheadings, but manage to embody with each other to assist in having a successful business. The economic and legal responsibilities are a vast part of this model and in the business world. This model can be used to help managers visually and systematically work their way through crucial social issues being endured. It also could be used as a planning tool or a problem solving tool which may assist in a better managed social responsibility
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