Meaning Of Corporate Social Responsibility

WHAT IS CORPORATE SOCIAL RESPONSIBILITY

Corporate social responsibility is a strategic decision whereby an organization undertakes an obligation to society, for example in the form of sponsorship, commitment to local communities, commitment to environmental issues etc. Corporate Social Responsibility is a duty of every corporate body to protect the interest of the society at large. Even though the main motive of business is to earn profit, corporates should take initiative for welfare of the society and should perform its activities.

In a book titled Corporate Social Responsibilities, Clarence C. Walton (1967), Walton presented a number of different varieties, or models, of social responsibility, including his fundamental definition of social

On one side, do unto others as you would like them to do unto you. On the other, one should not be forced to resolve neighbourhood problems. Those who find neighbourliness an awkward or coy concept may substitute the idea that social responsibility means the commitment of a business or Business, in general, to an active role in the solution of broad social problems, such as racial discrimination, pollution, transportation, or urban decay. (Eilbert & Parket, 1973, page 7)

THE ORIGIN OF CORPORATE SOCIAL RESPONSIBILITY

The idea of Corporate Social Responsibility spreads throughout the world. The concept of corporate social responsibility has a long and varied history. It is possible to trace evidences of the business community’s concern for society for centuries.

In the 1950s the primary focus was on businesses' responsibilities to society and doing good deeds for society. In the 1960s key events, people and ideas were instrumental in characterizing the social changes ushered in during this decade. In the 1970s business managers applied the traditional management functions when dealing with CSR issues, while, in the 1980s, business and social interest came closer and firms became more responsive to their stakeholders. During the 1990s the idea of CSR became almost universally approved, also CSR was coupled with strategy literature and finally, in the 2000s, CSR became definitively an important strategic

These initiatives have had little impact in the root causes of social problems surrounding our Company. Many of these root causes relate to core business practices of the company, especially recruitment and housing. Although we have the right intentions, we might not be getting at the root causes, or getting at those business activities that may be exacerbating the social problems. Yes, our social contribution is notable but it is not really significant, there is still a lot to be