RESPONSIBILITY OF COMPANIES ON THE DEVELOPMENT OF THEIR HOST COMMUNITIES
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RESPONSIBILITY OF COMPANIES ON THE DEVELOPMENT OF THEIR HOST COMMUNITIES
Chapter One:
Introduction
Background of the Study.
Profit maximisation was regarded as the primary mission and overarching economic motive of any business enterprise. Little or no attention was paid to the fact that, in order to achieve their profit objective, business enterprises must be asked to gather resources from the local environment and have a stable sociopolitical and investment climate.
If a company relies on society for survival, it is only natural that this environment be acculturated and maintained to ensure its longevity. In this regard, the modern business manager’s perspective has shifted to reflect the growing interdependence of organisations and their environments.
There is a growing public perception that businesses should actively participate in the well-being and environment in which they operate and generate profits.
However, the goal of starting a business is to deliver competitive goods and services to customers and society as a whole. This does not, however, imply that they have fulfilled their commitment to the people, particularly the host community where the firm is located and managed.
Although there is no regulation governing the type of services that the host community should receive from the business, it is morally required to cater to at least their host.
This is accomplished by the creation of infrastructure such as access roads if necessary, the provision of safe drinking water for home use, and the provision of energy to local residents.
Other types of services that could be provided to the young residents of that community, include the provision of gainful work for those who have graduated from college.
The host community can benefit from a variety of other services provided by the business, such as the provision of pollution-control measures for air and water.
On the other side, businesses look forward to ongoing patronage from the local population, as well as protecting the safety of the lives and properties of the firm and its employees who are not from the neighbourhood.
Ango (2012) argues that business is a part of society and must adhere to its fair requirements. The link between business and society is mutually beneficial, as both require the other. The goal of this research will be to assess firms’ responsibilities for the development of their host communities.
Statement of Research Problem
With the new competent and competitive players, the Nigerian Organisation system is now driven by advanced competition brought about by MTN globalization, deregulation of financial services, recent multitude of multinational companies, Chief Executives, astronomical development in Information and Communication Technology (ICT), among other things, to render services according to cost-benefit criteria.
This has also had an impact on the habits of the organization’s customers, while the growing demand for clear and hard statistics about Nigeria’s social and environmental performance from an increasingly knowledgeable breed of stakeholders has given rise to corporate social responsibility (CSR).
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