Importance Of Corporate Social Responsibility In Corporate Business

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1.0 Corporate Social Responsibility and sustainability in business organisations
1.1 Introduction
CSR is the arrangement of practises and behaviors that organisation adopt to benefit their personnel, environment as well as stakeholders in a socially responsible manner (foran, 2001). The purpose of this report is to give the reader an expansive comprehension of Corporate Social Responsibility (CSR) and how it will be applied to businesses in the modern world.
1.1.1 Company Background
The Brandix Group is the largest exporter of apparel in Sri Lanka. Brandix is engaged in manufacturing, developing, and marketing end-to-end apparel solutions to global fashion super brands. Brandix had completed 430 community water supply projects so far for areas …show more content…

Likewise, CSR is important in order to obtain a competitive edge over competitors; therefore an organisation should incorporate sustainable business practises to ensure the long-term success (Botten, 2009). In addition, organisations that blindly follow the profit motive, without concerning the broad range of Stakeholders are increasingly appearing to lack sustainability in the long run, therefore business practises CSR (Waldman, Kenett and Zilberg, 2006) . For example, corporations such as nike takes great care to ensure the materials used in its products are environmentally safe and the process is sustainable, this goes a long way in the eye of the public (Nike, 2005). Furthermore, CSR is a way for organisations to benefit themselves while benefiting society in the long run (Cuvilceva, …show more content…

In addition, CSR can sometimes lead for misallocation of recourses by resulting a reduction of overall societal welfare (Jonker and Witte, 2006). For example, An organisation such as brandix may ineffectively allocate resources for unnecessary social development projects. Yet, there are drawbacks in CSR initiatives where mangers face poor ethical decisions, poverty, corruption, complexity and recourse allocation (Harris, Kuivalainen, Stoyanova, 2012). However, Governments have depended just on legislation and regulation to deliver social and environmental objectives in the business sectors which has led to certain failed CSR activities (Justice,

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