The Importance Of CSR In Business

Introduction

Modern businesses are having trouble when ensuring that their interests coincide with those of other entities, including citizens, future generations, and the environment among others. Consequently, companies are expected to take direct responsibility for the impact that their operations have on the environment and the society at large. The main principle behind the concept of corporate social responsibility (CSR) is sustainability. Consequently, most of the activities that are covered by CSR are necessary for the survival of the businesses that undertake them. Nowadays, there is an ‘unwritten’ rule that businesses have to pass on their success to the world through CSR. Since the advent of CSR, businesses are forthwith judged in terms of their ability to be good corporate citizens. Businesses that find it hard to fulfill their social

Consequently, companies have discovered that on some occasions, CSR is not just a simple mode of operation but it is also a market strategy. On other occasions, CSR is driven by external factors. For instance, CSR as a strategy can be motivated by “changes in consumer behavior, pressure from shareholders and employees, or by enlightened leadership” (Galbreath, 2009, p. 109). On all occasions, CSR can be successfully used to institute a turn-around in a business. Most CSR corporate strategies are implemented using the top-to-bottom approach. Furthermore, most of these strategies involve practices such as organizational alignments, improved budget allocation, and taking roles that are more central in environmental matters. CSR as a strategy might involve an acknowledgement of the firm’s role in respect to external issues. The chosen strategy must also be considerate of the standards of the actions that are expected from a company that seeks to implement CSR. Management is a key factor in any strategy that depends on