Social responsibility is an aspect of business decision making that determines the direction of an organization. The welfare of the organizati0on and the society is enhanced through its recognition to the larger society demands and interests while strategizing on the growth and sustainability of the business. The recognition of the economic, legal, ethical and philanthropic responsibilities enables the creation of trust and commitment by the stakeholders of the organization. In the global environment an organization` is widely influenced by the social behavior of the host country and the existence of other organization in the country. Thus, it is important for an organization to strategize on models which enhance the realization of the social responsibility, which are the drivers of organizational growth. Conformity with the community behaviors through offering their demands and expectations promotes trust and commitment, hence the well being of the society and the organization. There are benefits that are accrued by consideration of social responsibility as a strategy in decision making of an organization, as the trust in stakeholders is greatly increased coupled with customer satisfaction. The employees of the organization identify themselves with the organization as they are committed to increase productivity through enhanced morale. The loyalty of the investors is increased as the dependability of trust and social ethics defines the image of the organization. The fulfillment of the demands and expectations of the stakeholder in return enhances the economic well being of the organization through the sense of community, as access to productivity and growth is fostered by social institutions. The positive attitudes realized in relation to the operations of the organization leads to innovations, which increase profits hence increased saving (Ferrell, 2011).
Social responsibility is imperative in business environment as it enhances the economic, ethical legal and philanthropic responsibilities. Commercial bank of Dubai have applied these responsibilities to enhance its operations, the bank has conformed to the legal requirements that governs its operations. Through its profit motivation, the bank has created ethical behavior which has promoted its economic capacity through employment of the society and providing its services to them. In promoting the well being of the society, the bank has embarked to sponsoring community activities such as education and health donations toward a safer environment.
Social responsibility is a key element for a business in any environment to consider critically. The growth and prosperity of a business is enhanced by the incorporation of the economic, legal, ethical and philanthropic responsibility as a strategy in the process of decision making. These social responsibilities are the determinants of the trust and commitment that exists between the stakeholders of the organization and the organization itself. The returns to investment are thus, realized as the social responsibility has achieved the trust of the organization promoting growth economically and socially to the society.