The Importance Of Corporate Social Responsibility

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Do you know what does corporate social responsibility mean? According to a few information from ic.gc.ca (Canada government website), Corporate social responsibility abbreviated by CSR that mean the way firms integrate social, environmental and economic concerns into their values, culture, decision making, strategy and operations in a transparent and accountable manner and thereby establish better practices within the firm, create wealth and improve society. The World Business Council for Sustainable Development has described CSR as the business contribution to sustainable economic development. Building on a base of compliance with legislation and regulations, CSR typically includes commitments and activities pertaining to: corporate governance and ethics, health and safety, environmental stewardship, human rights (including core labor rights), human resource management, community involvement, development and investment , corporate philanthropy and employee volunteering , customer satisfaction and adherence to principles of fair competition , anti-bribery and anti-corruption measures accountability, transparency and performance reporting, supplier relations, for both domestic and international supply chains. Generally, corporate social responsibility is usually useful for business because it can improve company’s net income. However, there are a lot of discussions over the topic. Some agree that social responsibility helps boost the company’s bottom line. Others say social responsibility really drags down the company’s bottom line. In my opinion, corporate social responsibility can improve company’s bottom line (net income). I want to talk about Sheraton hotel for interesting example to support my idea. First, Sheraton hotel is... ... middle of paper ... ...l. If they are successful, they will create brand name for that company and help the company to increase revenues, profits. It means the corporate social responsibility improve company’s bottom line. In conclusion, I think the corporate social responsibility improve company’s bottom line. For these reasons, we also can see famous companies on the world; they have the corporate social responsibility policies to refer business strategy. They will assist net income of company to improve and significant rise in profits. Reference: Porter, K. (n.d.). American cancer society. Retrieved from http://action.acscan.org/site/News2?page=NewsArticle&id=8703 Corporate social responsibility. (n.d.). Retrieved from http://en.wikipedia.org/wiki/Corporate_social_responsibility corporate social responsibility. (n.d.). Retrieved from http://www.ic.gc.ca/eic/site/csr-rse.nsf/eng/home

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