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How important is corporate social responsibility
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Large corporations hold a key role in the development within society and the environment due to the high demand of marketing of products which they offer to meet certain service and product quality standards to their customers. Nevertheless, these corporations also have a responsibility to involve themselves in corporate social responsibility (CSR). The practice of CSR is ever changing and is now beginning a new period, obtaining supplies from developing countries and building supplier relationships in these countries are becoming increasingly important, some might say even an obligation in order to survive in the current market. There is increasing pressure from immediate environments for companies to act as a profitable organisation whilst also engaging themselves in social projects which benefit society and environment. In the current market, corporate social responsibility (CSR) is becoming as important to a company as accountancy or marketing, a company which does not take part in CSR could be seen as out of date or not accustomed to change, therefore seen as less desirable in every aspect, from customers to suppliers etc. Companies, which choose to take part in CSR, work hard to make it beneficial to all their stakeholder groups by being involved in activities which will be positive towards the business and also the social environment, making sure to maintain a healthy balance. The effects of corporate social responsibility (CSR) can not be underestimated nor overemphasised, it covers a wide range of business aspects including the running of the business and it’s effectiveness to its environmental impact and improvements. CSR is so diverse, it can even improve the quality of a product, by going fair trade for example to en... ... middle of paper ... ...mply just concerning themselves with their own selfish gains e.g. their profits. Companies who choose not to partake in CSR, in a societal manner open themselves up to heavy criticism from the public, who could also be referred to as non-government organisations (NGO’s). However this would be to group them and their ideas all together, which is near impossible within today's diverse society. On the other hand, in today’s society, certain aspects of business have to be prioritised over adopting a positive sense of CSR, making it difficult for businesses as sometimes their interest in wanting to partake in profitable ventures overtakes their want to engross themselves in CSR. However within the business world, there are numerous academics who argue the beneficiary impact CSR can have on a business. Michael E.Porter and Mark R. Kramer(2003) are two of these academics,
While CSR has been around since the 1950s, its significance and practice grabbed hold considerably later. The up-to-date meaning of CSR can be derived from Archie Carroll’s “Pyramid of Corporate
In recent times companies are giving more attention to developing a CSR (Corporate Social Responsibility) and mainly their core values. Core values are used in marketing strategies (Berry, 1999) and also in customer-retention management in order to create distinctive, long-lasting relationships with customers (Prahald and Ramaswamy, 2004; Normann, 2001) and stakeholders (Pruzan, 1998; Post et al, 2002). The interaction with a stakeholder and concerns a business operation use to understand CSR as the voluntary integration of environmental and social, but it has failed to discuss and analyse CSR explicitly from the perspective of stakeholders (Andriof et al,2002; Post et al,2002). Drawing on Freeman (1984, 1994), the adoption of CSR regards two strategies: the shareholder strategy and the social-harmony strategy. As former explained in neo-classical economic theory (Friedman, 1970), early social responsibility for company’s in order to increase profits but after ethics is impossible to disconnect business and it is also necessary to take all stakeholders into account
In recent years, companies are becoming socially responsible and now stakeholders almost expect a company to have CSR policies. Therefore, in twentieth century, corporate social responsibility (CSR) became an important development in public life (Barnett, ND).Corporate social responsibility is defined as “the ways in which an organisation exceeds the minimum obligations to stakeholders specified through regulation and corporate governance” (Johnson, Schools and Whittington, N.D cited in March, 2012). Stakeholders can be defined as “those individuals or groups who depend on the organisation to fulfil their own goals and on whom, in turn, the organisation depends” (Johnson, Schools and Whittington, N.D cited in March, 2012). There are many purposes for this essay, the first purpose is to descried the key principles of corporate social responsibility and explain their importance for stakeholders. Secondly, is to show how far this company follows those principles in order to be accountable to at least three of its stakeholders. In this essay, three stakeholders, environment, customers and employees will be evaluated respectively and the key principles of the stakeholders will be examined.
Globalization Phase, companies were known locally, regionally and internationally, their products were already improved offering innovative services. However, as The Economist (2007) has highlighted, while more global the companies are more aware of corporate social responsibility they need to be, namely, foreign stakeholders will expect, not only innovative and effective products, but also they will open their doors and invest their money to companies that are social responsible.
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.
In order to critique the significance of this initiatives for business success the term(s) CSR / Sustainability first need defining, however this could be viewed as problematic in itself as in is in fact not one term but two. Several authors Gatti and Steele 2014, Jones Hillier and Comfort 2014 xxxxxxxx give thought to give thought to the terminology surrounding CSR discussing that confusion that could arise from the development of multiple terms used to attempt to conceptualise and illustrate the most ethical business practice, incorporating environmental and social issues. McWilliams and Siegel (2001) define the term of CSR as activities or best practices that “appear to further some social good, beyond the interests of the firm and that which is required by law” whereas a more simplified term is used by the European commission as “the responsibilities of enterprise for their impacts on society” (Khan and Kakabadse, 2013)
To understand to broad aspect of CSR, it must be considered for a complex perspective. Therefore Mureşan et al. (2010) states that CSR is the expectation related to the company leading to ecological, economical, legal, ethical and philanthropical responsibility and argues that many people do
I begin this essay by defining CSR, there are many definitions for this term by various different theorists, and EU says that CSR is "A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis." On the other hand, Sloman et al. define it as "The concept in which a firm takes into account is the interests and concerns of a community rather than just its shareholder". Davis and Blomstrom (1966), say it "Refers to a person’s obligation to consider the effects of his decisions and actions on the whole social system". These definitions differ from one another in many ways but they agree that CSR involves taking the environment into account and therefore, one must look take social responsibility.
Corporate Social Responsibility (CSR) is a very familiar term in today’s world. Most of the successful companies try to be ethical and socially responsible toward their stakeholders. Because becoming ethical and socially responsible gains a lot in terms of profit or capturing more market share (Aras and Crowther,2009). This socially responsible approach is paved by the CSR activities of the companies which has a great contribution to their corporate strategy of winning the customers’ mind. In this assignment, the pros and corn of CSR activities of a particular organization a...
A corporations CSR should be shaped in order to fit the goals of the corporation, although every corporation’s CSR should differ, since most have different goals and different communities behind them. The CSR should be molded into fitting the corporation’s goals in order to make it easier on the corporation in giving back to the community while achieving its goals. For example, a corporation located in a desert wishes to be more efficient, by reducing water usage it is not only creating lower costs, which result in higher revenue, but also helps the community by not taking up so much water. Taking this into consideration, it is critical that the corporation goals and values are established and clear throughout the corporation, they should be developed by the board or directors and CEO, and the highest managerial level should stress their importance to the rest of the corporation. By making the goals and values at the top branch of the corporate hierarchy, it will be simpler for the corporates community to develop in order to nurture those goals and values. Therefore, a corporation can reach the “shared-value,” a value for both its shareholders and community in a simpler manner that can result benefiting the corporation in the end as well. Throughout the article many examples are given of actual corporations that have benefited and changed their CSR in order to fit their goals, therefore, providing solid proof that these methods work. Nevertheless, as acknowledged by the author’s themselves, most of the corporations taken into consideration where one’s that Harvard CSR students were employed
Corporate Social Responsibility (CSR) is defined as “practices that businesses use involving programs that aid humanity”
Corporate social responsibility is a form of corporate self-regulation integrated into a business model. CSR policy functions as a built-in, self-regulating mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. In some models, a firm's implementation of CSR goes beyond compliance and engages in "actions that appear to further some social good, beyond the interests of the firm and that which is required by law.” CSR is a process with the aim to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere who may also be considered as stakeholders. The term "corporate social responsibility" became popular in the 1960s and has remained a term used indiscriminately by many to cover legal and moral responsibility more narrowly construed
While the concept of an individual having responsibility is commonly recognized, modern views have lead to the emerging issue of corporate responsibility. Business Directory.com defines corporate social responsibility as, “A company’s sense of responsibility towards the community and environment (both ecological and social) in which it operates. Companies express this citizenship (1) through their waste and pollution reduction processes, (2) by contributing educational and social programs, and (3) by earning adequate returns on the employed resources.” But such a concept has been much disputed since at least the 1970’s.
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
Corporate Social Responsibility is an organisation’s obligation to serve the company’s own interest and the one’s of the society. Moreover, Corporate Social Responsibility has a definition of a concept where the companies integrate social and the environmental concerns into their own business operation and also on a basis of voluntary with their interactions they have with the stakeholders. Corporate Social Resp...