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Why corporate social responsibility important
Nature and concept of corporate social responsibility
Impact of company social responsibility on society
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Essay The companies and corporations have more and more influence on economical, ecological and social processes in today’s world. Consequently business social responsibility deserves more attention. Modern society is interested not only in final outputs of business companies but also in how these companies fulfill their responsibilities: to which extent they are spending the natural recourses, what kind of relationships they are building with their employees and what kind of impact they have on the region and society they’re doing their businesses in. During recent 20 years Relationships between the governments, social institutes and private sectors has significantly changed. State governments make more accents on self-regulations of the company and its integrity in social programs. The term “Corporate Social Responsibility” (SCR) gained a foothold in the beginning of 21st century when a lot of international companies used this term to describe their involvement and integrity into society, their responsibilities towards the environment in which they are doing their businesses. CSR supports the projects and programs that are not directed towards profit making. Corporate social responsibility is an aggregation of laws, ethical norms and international standards into a business model. CSR is something that helps companies to include public interest into corporate decision making process. A company should do more than minimum legal requirements referred to environment impact, consumers, employees, communities, societies and stakeholders. SCR can benefit the organization itself and the world around it. Corporate social responsibility (CSR) is the company’s responsibility of their influence and impact on the community. Corporate... ... middle of paper ... ...ips. Companies with good reputation and strong corporate citizenship have strong competitiveness in respect of attracting and retaining investors’ clients and employees. CSR program gives the company more business opportunities. It requires an open dialogue and fair relationships have strong competitiveness in respect of attracting and retaining investors, clients and employees. CSR program gives the company more business opportunities. It requires an open dialogue and fair relationships with customers as well as suppliers and other parties that affect the organization. An open interaction with other parties brings to the company a good chance of being the first to know about the new business opportunities. And finally an organization with good reputation, trust and strong image is more attractive for external and internal investors. Milton Friedman’s Concept
Corporate Social Responsibility (CSR) is the way a corporation achieves a balance between its economic, social, and environmental responsibilities in its operations so as to address shareholder and other stakeholder expectations. In general, when firms hold this wider encouraging role on the public by being engaged with stakeholders, a variety of profit can be produced for both company and the stakeholders. A key inclination is the combination of Corporate Social Responsibility (CSR) into the organization strategy, culture, mission and communications. By incorporating corporate citizenship into the company it is no longer an additional “nice thing to do” or something made to obey laws or regulations. Instead, corporate responsibility has become something business leaders and workforce want to engage in, frequently because executives who believe in the long-term see business profit. The four types of social responsibilities a...
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...
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.
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.
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.
Corporate Social Responsibility (CSR) is an ability to evaluate and initiate things independently to be responsible for the organization’s effects on both social well-being and environment issues. It may involve short-term costs that mostly apply to the company’s effort to develop positive environmental and social changes.
In order to fulfill this approach and become an organization that is driven by socially responsible awareness, many companies have chosen to stick to a Corporate Social Responsibility (CSR) policy. According to Baker (2004), “CSR is about how companies manage the business processes to produce and overall positive impact on society.” While this definition is quite condensed and to the point, there are various broader and more specific definitions to CSR. Holme and Watts (2000), define CSR as a commitment of a business place...
With competition and globalization companies are facing more challenges than before , customers make their decisions based on several factors and expect good quality on products and services , customers also choose to buy products or services positively impacting their community or environment . there for it is important to include CSR in your company’s strategic plan .
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