Corporate social responsibility (CSR) is the consideration of, and response to, issues beyond the narrow economic, technical, and legal requirements of the firm to accomplish social benefits along with the traditional economic gains which the firm seeks. (Peng, 2012). According to World Business Council for Sustainable Development (WBCSD, 1999), CSR is an organization’s commitment to a discretionary behavior that leads to economic development and contributes to the welfare of its employees, local community and society at large. (Ilona, Kazlauskaite, 2011). Corporate Social Responsibility (CSR) has become very important in that it become a strategic issue that spans across various departments of a firm.
Many large corporations are devoting serious time and money to environmental sustainability programs and various social welfare initiatives that would benefit employees, customers and the community at large. CSR is about building trust. Trust in the brand, the employee, the company to “do the right thing” and trust in the product or service. The task of CSR is to prevent morally guilty practices, which can weaken soci... ... middle of paper ... ...r.com. Ogilvy Public Relations, 2014, 22 Mar 2014.
In recent years, many enterprises have been showing a keen interest in practicing Corporate Social Responsibility (CSR), as it helps companies to differentiate themselves from their competitors by generating awareness of their responsible practices. On the other hand there has also been a growing awareness in the business world at large is the concept of CSR and in companies that practice CSR. As a result there has been a growing perception among many enterprises that sustainable success and shareholder value is linked to socially responsible behavior. Companies have become conscious of the fact that contribution to sustainable development can be achieved by managing operations to enhance economic growth as well as promote consumer interests. 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.
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
What is corporate social responsibility (CSR)? According to the Wikipedia Corporate social responsibility (CSR) is a company's obligation to be accountable to all of its stakeholders in all its operations and activities with the aim of achieving sustainable development not only in the economical dimension but also in the social and environmental dimensions. (en.wikipedia.org/wiki/Corporate_social_responsibility retrieved:10/09/07); another definition is that ¡°CSR is about how companies manage the business processes to produce an overall positive impact on society.¡± (mallenbaker, http://www.mallenbaker.net/csr/CSRfiles/definition.html. retrieved:10/09/07) In another words, it is most likely to be described as the commitment of corporate contributes to the society in order to maximize the benefit to all the related stakeholders. The stakeholders include the owners, investors, employees, customers, government, suppliers, competitors and the community.
It is beneficial to the community and themselves. Corporations should help out the society since without the society or community, corporations wouldn’t be as successful as they are. I think that CSR is a great way of showing care for things other than themselves which gives a company a more pleasing look in a consumer’s eye. Therefore corporations should continue to offer their time or money into communities.
These changes in societal expectations and thus company purpose we’ve seen in the business community over time often blurs the line of what it means to be socially responsible, how far a company should go to achieve this and just how much it should cost. By definition, corporate social responsibility means that a “corporation should act in a way that enhances society and its inhabitants and be held accountable for any of its actions that affect people, their communities, and their environment.” This definition indicates a clear commitment to the people of society and implies that harm to the people should be immediately acknowledged and corrected. With any problem, this may come at considerable cost to a company. This commitment comes with the understanding that businesses will forgo profits if their actions negatively impact society in order to correct their mistakes or alternatively if positive social action can be taken they are expected to do the same where profits are concerned, within reason. JPMorgan Chase is an American multinational banking and financial services holding company.
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.
It is basically an expression employed to illustrate what some view as an organization’s responsibility to be responsive to the requirements of all the stakeholders associated with its business operations (Labbai, 2007). Additionally, in simplest words it implies “what company does, how it does it and when and what people say. Ethics and Social responsibility are combined together and applied in a number of disciplines of management like HR, computer, Finance and many others etc (Grayson, 2003). Further, taking the above discussion into consideration this particular paper attempts to throw light on the concept of social responsibility and ethics in sustainable marketing. Corporate Social Responsibility (CSR) and Ethics in Marketing When talking about Social Responsibility and Ethics with respect to marketing, the marketer needs to properly understand the... ... middle of paper ... ...olutions in a socially responsible manner are the most expected to be successful.
I learned that "leadership is the candle that leads you to success". Aramex has corporate leaders with a vision recognizing that profit had social as well as financial benefits. They came with Aramex’s concept of activism which means innovating ways and solutions to all challenges company faced on the business front, the socio-economic development front, or the environmental front. The leadership in Aramex preserved a culture of integrity and safeguarding the company’s