1.1 CORPORATE SOCIAL RESPONSIBILITY (CSR)
CSR is defined in Investopedia (2014) as non financial benefit action exercise by a company who wishes to take accountability on the natural resources and public wellbeing. Baker (2004) defined CSR as how companies run their business that give positive impact to the public. Stakeholders’ interest is to know whether certain companies give positive impact to the surroundings and public.
By regularly contribute to the economic growth, companies can be considered as practising CSR where by doing so the quality of life of the human capital and public could be improved (Holme & Watts, 1999). In United States, CSR is defined as a benevolent model where companies make profits and contribute some of their returns to charity.
2. LITERATURE REVIEW
2.1 AFTER MATH OF RANA PLAZA COLLAPSED
Bangladesh All Party Parliamentary Group (2013) believes that Bangladeshi needs to be supported by reforming the Ready Made Garment (RMG) sector. The UK as a main export market and support contributor is responsible in providing the necessary help and knowledge transfer.
2.2 CSR IN BANGLADESH
According to Mondol (2009), Bangladesh Companies have practiced CSR for a long period of time. Their charitable practices include contributions to diverse charitable organizations, unfortunate people and religious institutions. However, there are no exact guidelines concerning the company’s involvement in charity for the community in terms of charity’s expense. Moreover, many Small Medium Enterprises (SMEs) has poor management system to deal with public and ecological problems. Bangladesh’s companies only focus on the profit maximization rather than contribute to society and the Mother Nature.
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...laza collapse showed that the government as well as the local or global corporations are not serious in improving safety environment for the employees. To summarize as stated before, Bangladeshi workers, other people, Government of Bangladesh, Mass Media, Welfare Organization, other neighbor Countries, Rana Plaza’s Employees Union, Rana Plaza Company, building engineers and inspectors, mother nature and heavy machinery, Rana plaza’s owner (Sohel Rana), garment factory owners and last but not least western retail giants.
It is the time for a global complaint against “income before public” system. As heartless people only saw low wages Bangladesh workers as sources of profit by taking advantage of them. It also can be concluded that it is possible that the same Rana Plaza’s collapsed incident will happens in the future if we stay and do not do anything.
...ontinues to drive global capitalism, as capitalist continue to expand and accumulate more capital. However, the cost cuts to the clothes we wear come at a high price for garment workers of Bangladesh. The exploitation the vulnerable workers from a country plagued with structural problems and the unsatisfied global expansion of capitalists’, results in the catastrophes like Rana Plaza. The globalization of the capitalist system was written about by Marx and Engels. The flaws in the capitalist systems that would bring its eventual downfall seem to be true at post Rana Plaza. The resentment of those who profit from their suffering; the government, the factory owners and the western retail chains, have brought on riots and demands of compensation. However, until the system is overturned as a whole, the dire work conditions of the Bangladesh garment worker will remain.
Corporate social responsibilities (CSR) have a different meaning in different company but in my view CSR is the concept which is the ability one of the companies can do for society. As the company responsibilities toward the society and environment in the way operate their business. CSR is about how companies manage the business processes to produce an overall positive impact on society. CSR also known as a “corporate citizenship” and with do that CSR is not provide an immediate financial benefit to the company but promote positive social and environmental change. (www.investopedia.com/terms/c/corp-social-responsibility). CSR is a high profile nation which the business world perceives as a strategic (Economist, 2008; Porter & Kramer, 2006)
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.
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.
A corporations CSR should be shaped in order to fit the goals of the corporation, although every corporation’s CSR should differ, since most have different goals and different communities behind them. The CSR should be molded into fitting the corporation’s goals in order to make it easier on the corporation in giving back to the community while achieving its goals. For example, a corporation located in a desert wishes to be more efficient, by reducing water usage it is not only creating lower costs, which result in higher revenue, but also helps the community by not taking up so much water. Taking this into consideration, it is critical that the corporation goals and values are established and clear throughout the corporation, they should be developed by the board or directors and CEO, and the highest managerial level should stress their importance to the rest of the corporation. By making the goals and values at the top branch of the corporate hierarchy, it will be simpler for the corporates community to develop in order to nurture those goals and values. Therefore, a corporation can reach the “shared-value,” a value for both its shareholders and community in a simpler manner that can result benefiting the corporation in the end as well. Throughout the article many examples are given of actual corporations that have benefited and changed their CSR in order to fit their goals, therefore, providing solid proof that these methods work. Nevertheless, as acknowledged by the author’s themselves, most of the corporations taken into consideration where one’s that Harvard CSR students were employed
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 the article, “Bangladeshi Garment Workers Fight Back”, North argues in favor of unions that protest against low wages and most importantly, poor working conditions in garment factories. The root of North’s discussion was the Rana Plaza collapse in Dhaka, Bangladesh, which was one of the world’s deadliest industrial disasters ever to hit the garment industry. Later, North describes how poor working conditions negatively impacts worker’s lives because the cost of living were increasing, but wages were not and nor were working conditions improved. (North, 2013) Throughout the article, garment workers share their experiences about their workplace safety to North.
I begin this essay by defining CSR, there are many definitions for this term by various different theorists, and EU says that CSR is "A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis." On the other hand, Sloman et al. define it as "The concept in which a firm takes into account is the interests and concerns of a community rather than just its shareholder". Davis and Blomstrom (1966), say it "Refers to a person’s obligation to consider the effects of his decisions and actions on the whole social system". These definitions differ from one another in many ways but they agree that CSR involves taking the environment into account and therefore, one must look take social responsibility.
Economically who benefits when retailers in Europe and the United States source textiles from low-wage countries such as Bangladesh? Who might lose? Do the gains outweigh the losses?
CSR is a concept where company involves in social and environmental in their business operations. This is done to achieve a balance of economic, environmental and social obligations.in simple terms giving a hand for those who are not capable of achieving with their objectives and attending to them so that they could make those objectives a reality. This could improve organizations cooperate image which would also leads to attain a high market share.
CSR can relate to social, environment and profit goals. CSR enhances awareness of human, environmental and social issues and places pressure on organizations to adopt procedures and policies that are good for stakeholders wellbeing. Scholars have different definitions for CSR as seen below:
CSR is the obligation of business to promote and to protect the interest of shareholders.
There are now several concepts of CSR and its definition, along with the meaning across corporations. In my opinion, and according with our textbook in page 11. CSR is about a particular set of business and strategies that deal with social issues. In addition, we can clearly perceive that CSRs application along corporations has increase in the past decade due to the several local, and international regulations in order to enforce business to act responsible.
The classical view of CSR is a prominent ideology which business organizations are seen merely as profit-driven organizations. Simply put, businesses work for the sole purpose of making a profit. Thus, this profit motive is the sufficient and unique social identifier that separates a business organization from other institutions in society. These business organizations have a limited, yet essential role in society. Social concerns are considered important, but businesses, in the classical view, are focused solely on the economic activities and are judged accordingly. By having a limited role in society (i.e.,...
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