The Importance Of Corporate Social Responsibility

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Corporate social responsibility (CSR) can be defined as the "economic, legal, ethical, and discretionary expectations that society has of organizations at a given point in time" (Carroll and Buchholtz 2003). The idea of corporate social responsibility means that organisations are tasked with the moral, ethical, and philanthropic responsibilities to their community and environment in addition to their aim to earn a fair return for investors to comply with the law. This essay deals with the question what Corporate social responsibility (CSR) is and how it influences various industries around the world. As well as with the strategies organisations have to promote to generate a sustainable company structure. Corporate Social Responsibility is…show more content…
CSR is generally seen as being the means through which an organisation reaches a balance of economic, environmental and social imperatives, while addressing the expectations of stakeholders at the same time. In other words, CSR is a business practice that involves participating in initiatives that benefit society and at the same time taking it as an opportunity to earn profits. Corporate Social Responsibility (CSR) is believed to have originated in the eighteenth century by Adam Smith, a renowned Scottish philosopher and economist (Blenham 2017). He expressed that the free interaction of organizations and the public would meet the needs and desires of society. This responsibility is called Corporate Social Responsibility (CSR). Corporate social responsibility then evolved from the 1950s and has been revolutionised over the years in line with the growing of economies. Presently, Corporate Social Responsibility (CSR) has become paramount as forward-thinking organizations embed sustainability into core business operations to create shared value for business and society. Sustainability is the concept that organizations that are socially responsible will outperform their competitors by concentrating on society’s problem, which means organisations have moral, ethical and philanthropic responsibilities in addition to its main responsibility which is to make…show more content…
It provides employees the opportunity to be involved in a company’s socially responsible activities. It has the benefit of teaching new skills to staff, which can in turn be applied in the workplace. By undertaking activities outside of their usual work responsibilities, employees have the chance to contribute to work and causes that they might feel passionate about, or learn something entirely new which can help enrich their own perspectives. By supporting these activities, organisations encourage growth and support for employees. Organisations in support of corporate social responsibility (CSR) enhance its relationships with clients. A robust corporate social responsibility framework is essential to building and maintaining trust between the organisation and clients. It can strengthen ties, build alliances and foster strong working relationships with both existing and new clients. One way this can be achieved is by offering discounts or similar services where it can partner with other community based organisations to support their public value outcomes, where funds or resources may be
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