(2) Why should firms undertake corporate social responsibility? Corporate social responsibility (CSR) is a business approach that creates long-term shareholder value by embracing opportunities and managing risks derived from economic, environmental, and social developments. A CSR policy functions as a self-regulating mechanism whereby business monitors and ensures its active compliance with the law, ethical standards, and international norms. The goal of CSR is to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, and stakeholders. Customer social responsibility can build the loyalty and trust that both ensure a bright and sustainable future in business.
Introduction Sustainability of the supply chain has increasingly become a crucial aspect of corporate responsibility. Apart from being good for business, management of social, economic, and environmental effects of supply chain remains the right thing to do. Constantly changing markets have created complex landscapes that businesses must navigate to build sustainable supply chains. Sustainable supply chains aim at creating social, economic, and environmental value for all stakeholders throughout the supply chain. Building sustainable supply chains not only benefits the stakeholders but also aims at safeguarding business interests.
1) Triple Bottom Line: Corporate Social Responsibility is to ensure that an organization takes the right measures to be responsible and contribute positively to the environment and communities that they work in. In many organizations, the Public Relations department handles the relationships between the company and its internal and external environments. This boosts the company’s image. (Ghadban,2010) A tripe bottom line is used to measure three things. These three measures include: • Profit – the economic value of the company or the economic benefit to the surrounding community and society • People – the business practices regarding labor and the community in which the business is conducted.
"Corporate social responsibility is the commitment of businesses to contribute to sustainable economic development by working with employees, their families, the local community and society at large to improve their lives in ways that are good for business and for development." Petkoski D & Twose N 2003, p.1). Leadership plays a critical role in sustainable development through his vision, mission and by providing a strategic direction to the organization (Srivastava k, n.d). Ghandour is an example of a good leader. He played an important role in maintaining the relationship between CSR and Aramex's business.
Protecting the environment has become an important issue in today’s society. There is no longer any doubt that businesses should consider their social responsibility and the impact of their activities on their stakeholders. In addition, firms are beginning to realize that corporate sustainability can prove to be a win win. There are multiple benefits of sustainability linked to costs, revenues, community relations, and more. The decision to strive for sustainability is obvious, but this process is easier said than done.
Under the business strategy of services, PwC will assist clients in identifying risks and opportunities with strategic sustainability goals in mind. They also provide guidance when developing strategies for change management, stakeholder engagement and reporting. They support and encourage organization to moving towards Sustainability 2.0 which “process that builds prosperous businesses creating innovative products and services; businesses founded on good financial results, responsible use of resources, and community well-being” (as cited by Albinson, 2011). Sustainability becomes a means for an organization to strategically change business processes, create new innovative products, and implement new updated technologies (steps to sustainability, 2011). PwC also offers services on sustainability reporting.
Its corporate... ... middle of paper ... ... IBM understands that community and business must be one for mutual benefit and long-term success. Effective corporate citizenship is a by-product of engaging corporate values to that of its people, which will be more meaningful and longer lasting in the end. References Bonini, S., Koller, T. M., & Mirvis, P. H. (2009). Valuing social responsibility programs. Mckinsey Quarterly, (4), 65-73.
While the World Business Council for Sustainable Development provides the most universal definition of CSR: it is 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, CSR is an still evolving concept that currently has a multi faced definition, but it is fast becoming a globally successful concept, and being seen as crucial in creating an attractive corporate image, providing competitive advantage and differentiation to the enterprise over its competition leading to business success. The CSR trend has grown to be a methodology that integrates ethical and economic concerns into long term business values and company visions. It creates a direct link to business strategy and operations that help a firm establish better practices that lead to a better society. Vaitkevicus and Stukaite describe CSR as an engagement to improve t... ... middle of paper ... ...Lantos (2002) argues that if a company implements strategic social responsibility, it achieves positive publicity, improves its CI, and receives other benefits. This is why Lantos (2002) states that companies implement CSR in order to benefit from it, not to help stakeholders.
Sustainable Businesses have become imperative to the corporate industry in part due to global environment awareness. Although sustainability is not a new approach to doing business, sustainable businesses see the value in contributing toward a sustainable society. Today businesses are creating a sustainable strategy aimed not only towards the environment, but have included how the business will operate in the social, cultural and economic environment. Some important practices of sustainable businesses are to be more efficient, attract and retain employees, improve customer and community relations, grow supplier commitments and gain investors’ confidence by doing what is right. Sustainability has already been embraced by consumers, employee, shareholders and stakeholders who are demanding value in products and services but have also become aware of the growing need to protect the environments’ future.
Enterprises lay high emphasis on corporate social responsibility instead of being profitable tools. It is essential for all the enterprises to focus on corporate social responsibility which can help the organization creates long-term sustainability for corporate success. More specifically, corporate social responsibility can be referred as a process which is aim to embrace responsibility for the organization’s actions. Moreover, it can have a benefit to the people who are regarded as stakeholders, like employees, consumers and communities, which is based on its activities. Also, Tai (2014) states that corporate social responsibility is considered as corporate citizenship which tends to be an obligation that can protect, foster, and enhance