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Nature and concept of corporate social responsibility
Nature and concept of corporate social responsibility
Nature and concept of corporate social responsibility
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Overview of Corporate Social Responsibility
Corporate social responsibility is the program aimed at reassuring companies to be more aware of the effect of their financial institutions on the rest of society, including their own stakeholders and the environment. Its main focus is to drive changes towards sustainability.
• Types of Corporate Social Responsibility o Environment: The primary focus of corporate social responsibility is the environment. Both large and small financial institutions have a large carbon trail. Any steps they can take to reduce those trails are considered both good for the company and society as a whole. o Philanthropy: Financial institutions also practice social responsibility by contributing to national and local charities. Financial
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o to ensure the execution of CSR initiatives through appropriate procedures and reporting o Creating opportunities for employees so that they participate in socially responsible initiatives.
o eliminating hunger, poverty and malnutrition, promoting preventive health care and sanitation and making available safe drinking water; o Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently unable and livelihood enhancement projects o Promoting gender equality, empowering women, setting up homes and hostels for women and orphans, setting up old age homes, day care centers and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups o Reducing child mortality and improving maternal health by providing good hospital facilities and low cost medicines; o Protection of national heritage, art and culture, and handicrafts o Contribution for the welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and
Corporate Social Responsibility (CSR) is the set of regulations that an organization makes to protect and increase the society in which it functions. There are three areas of social responsiblity: Organizational stakeholders, the natural environment and general social welfare.
Corporate social responsibility has changed over the years, which causes organisations to adapt to ensure that the company is able to prosper. Corporate social responsibility refers to the company’s long-term view; proactivity and attaining more informed knowledge. Altruism is the unselfish concern for the welfare of others, the stakeholders in the company. Corporate social responsibility is an important concept understood by many businesses, be it small and medium enterprises or large and multinational organisations. Therefore, majority of organisations do not undertake corporate social responsibility initiatives primarily for altruistic reasons. This will be explained with reference to Friedman’s shareholder theory, Freeman’s stakeholder
In the article, The Truth About CSR by Kasturi Rangan, Lisa Chase, and Sohel Karim, the importance that coherence plays in corporate social responsibility (CSR), is emphasized. Throughout the article, corporate social responsibility application, within corporations, is broken down into three theaters. According to the article, many corporations do not focus on their CSR programs, and usually see these CSR actions as a secondary responsibility following the responsibility they hold towards their shareholders. It is argued in the article that in CSR is a key and essential block for corporate success, focusing on CSR coherence throughout all three theaters will bring positive results along the way, possibly making the corporation
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...
In recent years, companies are becoming socially responsible and now stakeholders almost expect a company to have CSR policies. Therefore, in twentieth century, corporate social responsibility (CSR) became an important development in public life (Barnett, ND).Corporate social responsibility is defined as “the ways in which an organisation exceeds the minimum obligations to stakeholders specified through regulation and corporate governance” (Johnson, Schools and Whittington, N.D cited in March, 2012). Stakeholders can be defined as “those individuals or groups who depend on the organisation to fulfil their own goals and on whom, in turn, the organisation depends” (Johnson, Schools and Whittington, N.D cited in March, 2012). There are many purposes for this essay, the first purpose is to descried the key principles of corporate social responsibility and explain their importance for stakeholders. Secondly, is to show how far this company follows those principles in order to be accountable to at least three of its stakeholders. In this essay, three stakeholders, environment, customers and employees will be evaluated respectively and the key principles of the stakeholders will be examined.
Corporate social responsibility is about how a business or an organisation works responsibly in order to meet the expectations and needs of the stake holders, employees communities, regulators and as a society alone. (CRS Network)
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
"Corporate social responsibility is the commitment of businesses to contribute to sustainable economic development by working with employees, their families, the local community and society at large to improve their lives in ways that are good for business and for development." Petkoski D & Twose N 2003, p.1).
Corporate Social Responsibility relates to a business long-term approach that addresses the needs of communities, people and their employers. CSR provides to sustainable development by delivering economic, social and environmental benefits for all stakeholders. CSR is a concept with many definitions and practices. The way it is implemented differs greatly for each company and country. However, CSR is a very broad concept that addresses many and various topics such as human rights, corporate governance, health and safety, environmental effects, working conditions and contribution to economic development.
Business organizations regularly run into demands from various stakeholders groups when conducting day-to-day business. These demands are generated from employees, customers, suppliers, community groups, governments, and shareholders. Thus, according to Goodpaster, any person or group of people that can shape or can be shaped by attainment of the objectives by an organization is considered a stakeholder. Most business organizations recognize and understand their responsibilities to these groups and endeavor to honor and fulfill them. These responsibilities are often communicated to the public by a statement of principles or beliefs. For many business organizations, corporate social responsibility (CSR) has become an essential and integral part of their business. Thus, this paper discusses the two CSR views: the classical view and the stakeholder view. Furthermore, I believe that the stakeholder view has brought ethical concerns to the forefront of businesses, and an argument shall be made that businesses would improve both socially and economically if CSR, guided by God’s love, was integrated into their strategic planning.
In the words of Janie Lewis “We have a social responsibility, a constitutional opportunity and a moral obligation to help others”(EnkiQuotes, 2017). As the quote suggests, it is our law-abiding responsibility to take care of the society by helping each other in tough situations and make the world a better place to live.Social Responsibility is a behavioral responsibility in which individuals are responsible for consummating their ethical duties which would benefit the society and make a balance between the social welfare of the environment and economic growth(Anon, 2017). As talking about Social Responsibility in a student’s life, the life of a students is not only about scoring marks and passing the examinations but also, they should be willing to be socially active and serve the society. The Universities play a great role in preparing the students to be socially responsible and make them contribute to the society.There are many thing which a student should keep track of such as maintain a stimulating environment, healthy eating and so many more. This question is drawing too much attention as it
Moreover, we need to examine the weakest sections of the Indian society. People in these desolate regions or “Old India” need to be given job opportunities and a minimum wage act should be prescribed. Nonetheless, these economic programs will not be of much use if social reform in education and community organizations affirmed both by the government and social organizations are not present. Increasing awareness among the women and developing constructive skills in other areas is probably the most active way to battle the current devadasi system.
Corporate Social Responsibility is all about the effort that a company applies that might be more what is being required by the environmental protection groups. Also, it is a responsibility that a company should take for its effects on the environment and on an impact for a social well-being. Moreover, Corporate Social Responsibility it is all about the ways that the companies manage with the process of their business which gives a positive influence on the society. Generally, the companies have to give an answer for their operation process such as the quality of their company’s management of the people and also, the quantity of the company’s impact in different areas of the society.
“Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large”.
Corporate Social Responsibility is management’s obligation to protect and promote their stakeholders welfare. Social Responsibility is more than just obvious ethical issues like honesty and integrity in business dealings.