Over the years, businesses have invested a lot of effort into changing their responsibilities, purpose, and social roles. These roles have been collectively referred to corporate social responsibilities, CSR and continue to shape businesses. The concept of CSR is founded on the basis of taking responsibility for the effects of a company’s activities on its stakeholders and the environment. It is thus important for businesses to take initiatives on a voluntary basis and comply with the legal provisions to boost the well-being of their stakeholders and especially the community.
CSR is defined as the commitment businesses undertake voluntarily to engage in corporate practices that are environmental, socially, and economically viable and beneficial to their stakeholders and beyond the requirements of the law. It is through CSR that businesses employ strategies that are friendly and ethical to a society and ultimately constructive to a community. This provides a competitive edge to a business thereby allowing them to pursue strategies that prove thoughtful toward social and environmental issues.
The United Nations, through its Global Impact campaign, requests companies to work toward achievement of environmental responsibility, labor rights, human rights as well as anti-corruption. However, businesses should realize that CSR is not generally about greening the environment, cause-related marketing, or altruism but rather an important business strategy. CSR plays an integral role in businesses among which it enables companies to innovate products using cost-effective methods that are eco-friendly. For instance, through CSR, Unilever has been able to produce a line of hair conditioner that produces ...
... middle of paper ...
...enefit in ways other than the conventional and financial ways. The most important benefits of CSR are enhanced reputation, increased satisfaction of customers, and reduction in staff turnover. Due to fairness evident in CSR, companies are able to retain their staff and attract talent at the same time. Companies also meet the needs of their customers in a just way hence loyalty and satisfaction.
The reputation of a business increases once firms show their positive characteristics and caring nature of stakeholders. The CSR activities are carried out during corporate donations, firm’s CSR initiatives and employee volunteer programs which enable the firm to create positive publicity in the media. A business’s positive public perception goes up once it takes the issue of social responsibility seriously and builds a positive environment for employees.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- In understanding business ethics it can be problematic in the sense that, this area is vast, often surrounding many concerns such as corporate social responsibility, difficult decision making to name a few. Furthermore, it generally addresses the entire scope of responsibilities and obligations that a company has to each of its stakeholders like consumers, employees, shareholders, suppliers and the society. Business ethics is the study and examination of moral and social responsibility in relation to business practices and decision-making in business (Author Unknown, n.d.).... [tags: Corporate social responsibility, Business ethics]
1236 words (3.5 pages)
- Business performance of organizations are primarily steered through good ethics and corporate social responsibility, and such business practices have become an integral part in order to conduct successful business operations in today’s highly competitive and dynamic environment (Joyner & Payne, 2012). Ethical business practices are widely implemented in small or large enterprise as the growing need of social responsibility and environmentally proactive practices are recognized by these businesses.... [tags: Business ethics, Corporate social responsibility]
1573 words (4.5 pages)
- Corporate social responsibility is a term used by business which tells us that business has a responsibility with great percentage of interest in which business is integrated social and environmental concerns in routine operations which includes stakeholders for instance employee, suppliers, customers or communities. It is said that CSR is commitment to improve the society by the business practices and corporate contributions (Lee, 2005). CSR in simple words can be described as where businesses help or show sign of interest in helping stakeholders fairly with their lives and trade.... [tags: Corporate social responsibility, Business ethics]
733 words (2.1 pages)
- The problem that was investigated consisted of a question that Milton Friedman posed in one of his articles, which was featured in The New York Times Magazine in 1970. The question was, “What does it mean to say that “business” has responsibilities” (Friedman, 2007, p. 173). Friedman (1970) elaborated on how businesses cannot have assigned responsibilities. Furthermore, he described how groups or individuals should be the only ones that can hold responsibilities, not businesses. He stated that associating responsibilities with the word business is too ambiguous.... [tags: Social Responsibility Essays]
1512 words (4.3 pages)
- According to Riahi (2009), organisations (FirstGroup plc etc) can in fact be deemed as social units deliberately constructed to seek specific goal. In such respect, further resonating catalytic for pro and pessimistic dialogue: Milton Friedman argued within a 1970 New York Times magazine article that the only “social responsibility of business,” is to “increase its profits.” “The corporation,” he wrote in his book, Capitalism & Freedom, “is an instrument of the stockholders who own it, if the corporation makes a contribution, it prevents the individual stockholders from himself deciding how he should dispose of his funds.” (M.... [tags: Social Responsibility Essays]
624 words (1.8 pages)
- Business Community Social responsibility is the part of the framework of an organization or individual which makes up an obligation to act for the benefit of society. There are many different ways act out social responsibility. The social responsibilities of a business can be classified according to the businesses relationships to the general public, customers, employees and investors. The companies that make their product or service with the rooted mindset of benefiting the community and the world around them do this by providing things like scholarship funds, all natural products, biodegradable storage, and or just by treating the consumer as well as the employees as individuals rather th... [tags: Social responsibility]
1178 words (3.4 pages)
- Business and Social Responsibility It is widely known that for a business to be successful it needs to provide a good or service that is desired by the public and also to obtain a profit in providing said good or service. Now while these are the most important components to a successful business, they are not the only ones. The social responsibilities of a business include the following: environmental protection and preservation, employee safety and morale, product safety for the consumer. The financial manager must keep these three social responsibilities in mind when making any and all decisions.... [tags: Social Responsibility Essays]
413 words (1.2 pages)
- Social Responsibility of a Business Over the years, businesses have invested a lot of effort into changing their responsibilities, purpose, and social roles. These roles have been collectively referred to corporate social responsibilities, CSR and continue to shape businesses. The concept of CSR is founded on the basis of taking responsibility for the effects of a company’s activities on its stakeholders and the environment. It is thus important for businesses to take initiatives on a voluntary basis and comply with the legal provisions to boost the well-being of their stakeholders and especially the community.... [tags: Corporate social responsibility]
1136 words (3.2 pages)
- The notion of ethics deals with people’s behaviors within a company. Social responsibility involves a company’s moral obligations and the manner in which the organization makes its decisions. Although ethics and social responsibility are similar on a conceptual basis, each has its own unique characteristics that express their differences and its independence of the other. Ethics and social responsibility have to be present and coincide with one another for a business to be ethically sound. Ethics is the application of one’s personal beliefs and the impact on how a person makes decisions regarding the relationships involving a company.... [tags: Business, Corporate]
1807 words (5.2 pages)
- This paper will compare and contrast the various interpretations of four separate authors in respect to ethics and social responsibility as they apply to business. The four articles to be reviewed are; “The Social Responsibilities of Business is to Increase its Profits” by Milton Friedman, “The Relevance of Responsibility to Ethical Business Decisions” by Patrick E. Murphy, “What is ‘business ethics’” by Peter F. Drucker and “To Be Ethical Not To Be: An International Code of Ethics for Leadership” by Ala’ Alahmad.... [tags: Business Ethics ]
2326 words (6.6 pages)