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Why corporate social responsibility important
Essay define corporate social responsibility
Nature and concept of corporate social responsibility
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Since its very appearance the traditional historical role of business was just to “make money”, if put simple. In other words, corporate financial responsibility was the driving force: all the companies used to care about were to increase the profit and shareholder value. In the few last decades, however, the companies’ attitude has considerably changed. The modern world lives in conditions of pressing social problems. In this regard, the importance of social responsibility of business, companies and organizations associated with the development, manufacture and supply of goods and services, trade or finance, is high as never before. Only they have major financial and material resources to work out solutions for the world’s social problems. Business leaders’ understanding of the key values and their leading role in this matter has led to the birth of the idea of "corporate social responsibility" in the late 20th century. It has become an essential part of the concept of sustainable development, which is not only relevant for businesses, but also for humanity as a whole. As globalization accelerates and huge corporations serve as universal provider, they have also recognized the significant benefits of implementing CSR strategies and values in their various locations and processes. Thereby corporate social responsibility is becoming an increasingly important activity to businesses nationally and internationally. What is CSR? The concept of corporate social responsibility in the everyday life of the international business community has emerged in the 50's - 60's of last century, when the concept was introduced at the enterprises of the United States and Canada. At that time, it was perceived solely as responsibility of the company f... ... middle of paper ... ...e assessed in a different way by various users of the information, representing their individual values and priorities Transparency It implies that the external impact of the actions of the company can be ascertained from organization’s reporting and pertinent facts are not disguised within that reporting. Therefore the whole impact of the corporation’s actions, also the external effects, should be visible to all from the company’s reports. Transparency is especially important to external users of such information as they don’t possess all the essential background details, in contrast to the internal users of such information. Thus transparency can appear to come out of the other two principles, but may also appear a part of the process of acceptance of responsibility from the company for the external impact, that its actions have caused (D’Amato & Henderson, 2009).
To supply the wants and needs of a consumer, society entrusts wealth-producing resources to the business enterprise.” (Santayana, George. Is The Tyranny Of Shareholder Value Finally Ending? So before we go into greater detail on the different perspectives related to social responsibility, one might question the meaning of social responsibility. It is generally agreed that social responsibility is defined as the business obligation to make decisions that benefit society.... ...
CSR covers all economic, social and environmental aspects of a business’ day to day operations. Everything an organization does in some way interacts with one or more of its stakeholder groups, and companies today need to build like a watertight brand with respect to all stakeholders. Whether as an employer, producer, buyer, supplier, or investment, the attractiveness and success of a company today is directly linked to the strength of its brand. Also CSR affects all aspects of all operations within a corporation because of the need to consider the needs of all constituent groups. Each area builds on all the others to create a composite of the corporation in the eyes of all stakeholder groups.
According to Mike Peng, Corporate Social Responsibility (CSR) is the consideration and response to issues beyond the narrow economic, technical, and legal requirements of the firm to accomplish social benefits along with traditional economic gains the firm seeks. CSR is a way in which a company seeks to achieve a balance between profit, environmental concerns and social imperatives. This is known as the ‘Triple-Botto...
The corporate social responsibility is a commitment by a business to contribute to economic development while improving the quality of life for employees and their families’ as-well as contributing to the society. Walmart is a well-known company that offers customers the items they want and need at a low cost, with nearly 4,000 stores in the United States. According to the Fortune 500, Walmart was ranked number 1 in 2015. Just like any other superstore Walmart needs to continue the use of social responsibility by recreating a relationship between business and the community especially if they want to dominate the competition in 2016. The use of sustainability, strategic philanthropy, causing market, shared values, stakeholders and global perspective will help readers understand the purpose of social responsibilities in the corporate world.
An organization’s Corporate Social Responsibility (CSR) drives them to look out for the different interests of society. Most business corporations undertake responsibility for the impact of their organizational pursuits and various activities on their customers, employees, shareholders, communities and the environment. With the high volume of general competition between different companies and organizations in varied fields, CSR has become a morally imperative commitment, more than one enforced by the law. Most organizations in the modern world willingly try to improve the general well-being of not only their employees, but also their families and the society as a whole.
The arguments for and against corporate social responsibility have captured two points of view. Those who believe that organizations should not be concerned about social responsibility base many of their arguments on the costs involved and whether organizations should shoulder those costs on behalf of society. And those who are in favor feel that organizations benefit from society and, therefore, have an obligation to improve it. Although there is no universal agreement, surveys and other reports express that many organizations are, becoming increasingly active in addressing social
That is the reality of most established corporations today. Many companies try to disguise their small attention-driven efforts as genuine social responsibility, a business’s intention, beyond its legal and economic obligations, to do the right things and act in ways that are good for society. Of course, it is nowhere near the top of the list as far as the most environmentally friendly companies are concerned. Nonetheless, its executive leadership and their socioeconomic view, the view that management’s social responsibility goes beyond making profits to include protecting and improving society’s welfare, are still making a great impact.
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. It affects the overall global business process as well. Many organization have revisited and redefined their core values to add corporate social responsibility.
Corporate Social Responsibility, CSR, refers to an organisation’s sense of obligation and responsibility towards their various stakeholders and environment in which the organisation operates. It is considered to be multi-dimensional as its initiatives vary from voluntary partnerships to mitigate environmental impacts, production methods through practicing sustainable business practices such as waste and pollution reduction and promoting stakeholder engagement through conducting social and educational programs (Turker, Duygu. 2009). It can also be used as a strategy to create reputation and brand recognition.
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.
While the concept of an individual having responsibility is commonly recognized, modern views have lead to the emerging issue of corporate responsibility. Business Directory.com defines corporate social responsibility as, “A company’s sense of responsibility towards the community and environment (both ecological and social) in which it operates. Companies express this citizenship (1) through their waste and pollution reduction processes, (2) by contributing educational and social programs, and (3) by earning adequate returns on the employed resources.” But such a concept has been much disputed since at least the 1970’s.
In the current time of growth and progression, individuals should know that how a business not only flourish but sustain itself. Making profit is one of the main targets of every corporates but it must not be the only one. When an individual builds a company in order to do business, they should be well aware of their contribution towards the society as well as their business and employees in it. It is total strategy of all. We should be able to realize every increment contributes of it. One of the major factors that affect a business is how well it participates in Corporate Social Responsibility. According to (Werther & Chandler, 2006) corporate social responsibility (CSR) refers to a business practice that involves participating in initiatives that benefits the society. In authenticity, there is a whole lot to argue about it. There are no major guidelines that decides either a business is participating in Corporate Social Responsibility; what might be considered a Business practicing CSR to some, can still not be accepted for it by others. CSR may be restrained a term which his highly flexible. This paper will discuss about Corporate Social Responsibility and its
Corporate Social Responsibility is an organisation’s obligation to serve the company’s own interest and the one’s of the society. Moreover, Corporate Social Responsibility has a definition of a concept where the companies integrate social and the environmental concerns into their own business operation and also on a basis of voluntary with their interactions they have with the stakeholders. Corporate Social Resp...
Corporate Social Responsibility (CSR) is refers to the enterprise to create profits, bear legal responsibility to shareholders, while also taking into account the impact on the result of the various stakeholders. Corporate social responsibility is an important way towards sustainable development, it is consistent with the reasonable expectations of the business community as a whole, not only will not divert energy companies, but also improve the competitiveness of enterprises and reputation. As a supplier of energy to approximately 5% of Americans and more than 40% of Californians, PG&E is the investor-owned utilities company, which provide natural gas and electricity and focus on Hydroelectric, Nuclear, Fossil fuels and Solar power. (PG&E, 2014) PG&E has a long-term strategy in environmental sustainability to addressing the climate change issue. Their economic vitality sustainability programmes focus on bringing economic benefits to the communities as part of corporate social responsibility. Like the PG&E company channelled $2.5 million to economic development charitable commitment in 2013.( PG&E, 2013)
Corporate Social Responsibility (CSR) is an act in which a company gives back to the local community by means of philanthropy or volunteering in order to gain public trust and their company viability. In the modernized world we live in today, CSR has become an essential strategy for businesses in order to increase their product marketability (Hossain 2014). “CSR is the commitment of business to contribute to sustainable economic development-working with employees, their families, the local community and society at large to improve the quality of life in ways that are both good for business and good for development (World Bank 2008).”