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Corporate Responsibility
It is almost impossible for any person to live a completely private or independent life. Therefore, people in the same society depend on each other for survival. Consequently, it implies that everybody in the society owes a responsibility to other people living in that society as well as to the environment they live in. The same way, one society owes a responsibility to all the others living around it. In a corporate or business environment, an organization has several stakeholders, including investors, suppliers, customers, employees, and the society as a whole. To all of them, it owes responsibility. Many individuals and businesses tend to define corporate responsibility in monetary terms; hence, they end up giving
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However, this is not so, as corporate responsibility goes far beyond money; it touches on the culture and ethics of the company and its engagement and concern for real-life issues of its stakeholders. Corporate social responsibility (CSR) is a concept that touches far beyond the demand and supply aspects of the market (Husted, 2015). Corporate responsibility is, therefore, an essential part of businesses because it helps the company to attain its goals and objectives. It is quite a tremendous addition to the building of the company’s reputation which the company uses to win and maintain its stakeholders, including the most important people in the company’s existence: employees, customers, and investors. According to Saniuk and Szczanowicz (2014), many companies fail in the implementation of CSR because they either lack awareness of the concept itself or have limited knowledge of the concept’s aims, objectives, and results of corporate social responsibility management. Another contributing factor for this failure is because this responsibility is forced by the general …show more content…
According to the definitions given above, viewing corporate responsibility only in monetary terms is apparently short of the whole essence of corporate responsibility. A wealthy company could be giving millions to charity; however, if by so doing, it compromises the welfare of its stakeholders, especially employees and customers, or pollutes the environment from which the rest of the community derives their livelihoods, then the amount given to charity does not equate to corporate responsibility. As implied by Bronn (2011), corporate social responsibility is more than just giving to charity and contributing to social functions. It involves the creation of good company vibes. It requires that the company goes a step further to demonstrate an interest in creating more value as opposed to just increasing financial returns to investors. Bronn (2011) goes further to link corporate responsibility to marketing by introducing corporate social marketing which he defined as a behavioral change strategy that profits the community while emphasizing on the generation of commercial interest. He further quotes another definition which states that corporate social marketing encompasses marketing initiatives which involve at least one
Social responsibility can be defined as “the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large” (Mallen Baker, 2004). In addition, social responsibility has been defined differently by various corporate leaders that provide guidelines which impacts how one manages the core business. Social responsibility is an essential part of a business. If managed correctly should strengthen the competitive spirit of the company and provide prosperity to society.
Corporate Social Responsibility (CSR) is a movement that aims to promote a greater awareness of how business activities and decisions influence corporate environment, stakeholders, and society in general. Adam Lindgreen and Valerie Swaen’s article “Corporate Social Responsibility” addresses this broad topic in a more narrow direction of CSR implementation as it discusses the most important stages of this process. While this article relies only on the previous research, it provides unique insights into CSR and even challenges the common views of this concept as the authors thoroughly analyze their secondary sources.
Corporate social responsibility (CSR) invaded the corporate world over the last few decades. This concept has become an essential need for competitive advantage unlike its original role as a nicety. The companies have seen the business benefit of the initiative and stakeholders have appreciated the initiative. This has led to the wide application in the firm’s operational agenda.
Corporate Social Responsibility (CSR) is a concept whereby organizations consider the wellbeing of the public by taking responsibility for the effect of their actions on all stakeholders; customers, employees, shareholders, communities and the environment in every aspect of their operations. This responsibility is seen to extend beyond the statutory obligation to comply with legislation and sees organizations willingly undertaking additional steps to improve the quality of life for employees and their families as well as for the local community and society at large.
Every business has a social responsibility toward society. That means to maximize positive affects and minimize negative affects on the society. Social responsibilities includes economic-to produce goods and services, that society needs at the price, that satisfy both-business and consumers, legal responsibility-laws that business must obey, ethical responsibilities-behaviors and activities that are expected of business by society, but are not codified in the law, philanthropic responsibilities-represent the company’s desire to give back to society (charietys, volunteering, sponsoring).
Corporate Social Responsibility (CSR) is the way a corporation achieves a balance between its economic, social, and environmental responsibilities in its operations so as to address shareholder and other stakeholder expectations. In general, when firms hold this wider encouraging role on the public by being engaged with stakeholders, a variety of profit can be produced for both company and the stakeholders. A key inclination is the combination of Corporate Social Responsibility (CSR) into the organization strategy, culture, mission and communications. By incorporating corporate citizenship into the company it is no longer an additional “nice thing to do” or something made to obey laws or regulations. Instead, corporate responsibility has become something business leaders and workforce want to engage in, frequently because executives who believe in the long-term see business profit. The four types of social responsibilities a...
Corporate Social responsibility is the care and concern shown by the businesses towards society and carrying out activities by which the society can be benefited.
Social Responsibility Corporate social responsibility is a corporation's initiatives to assess and take responsibility for the company's effects on environmental and social wellbeing (Investopedia, 2016). Some people think of this term as an oxymoron, which is a figure of speech in which two opposite ideas are joined to create an effect, but others see the term corporate social responsibility as a distraction. A corporation's sole responsibility is to generate returns for its shareholders, not to try to save the world or to fret over its own impact (Investopedia, 2016). The term generally applies to efforts that go beyond what may be required by regulators or environmental protection groups. CSR may also be referred to as "corporate citizenship"
An organization’s Corporate Social Responsibility (CSR) drives them to look out for the different interests of society. Most business corporations undertake responsibility for the impact of their organizational pursuits and various activities on their customers, employees, shareholders, communities and the environment. With the high volume of general competition between different companies and organizations in varied fields, CSR has become a morally imperative commitment, more than one enforced by the law. Most organizations in the modern world willingly try to improve the general well-being of not only their employees, but also their families and the society as a whole.
Corporate Social Responsibility is management’s obligation to protect and promote their stakeholders welfare. Social Responsibility is more than just obvious ethical issues like honesty and integrity in business dealings.
In the current time of growth and progression, individuals should know that how a business not only flourish but sustain itself. Making profit is one of the main targets of every corporates but it must not be the only one. When an individual builds a company in order to do business, they should be well aware of their contribution towards the society as well as their business and employees in it. It is total strategy of all. We should be able to realize every increment contributes of it. One of the major factors that affect a business is how well it participates in Corporate Social Responsibility. According to (Werther & Chandler, 2006) corporate social responsibility (CSR) refers to a business practice that involves participating in initiatives that benefits the society. In authenticity, there is a whole lot to argue about it. There are no major guidelines that decides either a business is participating in Corporate Social Responsibility; what might be considered a Business practicing CSR to some, can still not be accepted for it by others. CSR may be restrained a term which his highly flexible. This paper will discuss about Corporate Social Responsibility and its
There are hundreds of definitions of corporate social responsibility, or CSR. The one we think says it the best comes from the International Organization for Standardization’s Guidance Standard on Social Responsibility, ISO 26000, published in 2010. It says:
However, there can be more definitions about what Corporate Social Responsibility can be. For example, Corporate Social Responsibility can be the commitment which is continuing for a business to behave ethically and bring to economy the development to improve the workforces’ of the whole society and local community and their families’ quality of life. Corporate Social Responsibility is also known as the obligation of a company to serve the society’s interest and of course its own. With the help of the Corporate and Social Responsibility, social and environmental concerns companies can integrate into their business and stakeholders operations.
Both of these areas are the lifeblood of the company, and any benefit to them should not be overlooked. Before a company can become proficient at corporate social responsibility, they must first know its definition. Corporate social responsibility is defined as actions that can be taken by a company to ensure they are adhering to ethical and social responsibilities of the day. These corporate social actions are self-regulatory, as a company strives to adhere to guidelines while also going above and beyond being a Good Samaritan in the business world (ECA, 2015). This can place certain businesses at the forefront in customers mind because of the example they are setting in the marketplace. A company going above and beyond the call of duty to work towards a more philanthropic approach in the surrounding community is a perfect example for corporate social responsibility. Going deeper into the definition, corporate social responsibility acts like a “double bottom line” for a company, as they strive to achieve financial goals, but also achieve their social mission out in the community. Once a company is aware of what the concept of corporate social responsibility is, they can now implement it and start to reap the many benefits of its
A company has an economic obligation. It must earn a favorable return for its stockholders in the restrictions of the law. But, corporate social responsibility means that organizations have also ethical and societal responsibilities that go past their economic responsibilities. CSR needs organizations to develop their documentations of their responsibilities to include other stakeholders such as workers, customers, suppliers, local societies, state governments, international organizations, etc. Ethics could be seen as a fundamental component of individual and group activities at the heart of organizations’ errands.