What are the some main approaches toward social responsibility that a company can take?

Here are some ideas:

1. Move away from shareholder ownership and become worker-owned, then democratize the workplace. This is a great way to avoid wage-slavery, and it disrupts rent-seeking behaviors at the same time. It will also tend to inform everything else on this list (since workers will be voting on the direction of the company).

2. Calculate externalities as part of the cost of production (i.e. be aware of them and try to limit them), and practice the precautionary principle regarding innovation.

3. Create relationships within the community where the business operates, and invite community feedback on business practices that impact them.

4. Be responsible about sustainable sourcing and reducing waste.

5. Do not use business resources to exert political influence or lobby government to create a market advantage (i.e. do not participate in crony capitalism).

6. Produce something people actually need or that increases their well-being, that doesn’t hurt them, and that doesn’t create a dependency on your product.

7. Cap the ratio of highest pay to lowest pay in the company, and make that salary scale well-known to competitors.

8. Engage in giving back: to the community, to local charities, by not avoiding taxes, by actively participating in well-being of worker-owners.

9. Engage in “Friendly Competition.”

My 2 cents.

From Quora post: https://www.quora.com/What-are-the-some-main-approaches-toward-social-responsibility-that-a-company-can-take/answer/T-Collins-Logan


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