The purpose of establishing CSR into core business strategies is to bring stability for in long run and meeting the need of the society at minimal impact on environment.
CSR is a vital component of sustainability or sustainable development that comprises corporate economic responsibility, corporate environmental responsibility and corporate social responsibility WBCSD, p. It is mainly defined as concepts and strategies by which companies voluntarily integrate social and environmental concerns into their business operations and stakeholder interactions Enquist et al.
In simple words, CSR refers to responsibility and accountability of organization for its impact on all relevant stakeholders. In convention terminology economic refers to assets minus the liabilities, but in a broader there are other factors need to be taken into account in a long run such as the human capital, the intellectual capital and the natural capital Elkington, According to Nidumolu, et al.
Therefore emphasis of sustainable organizations not only toward shareholders and profitability but also taking into consideration responsibility for social and environmental bottom lines Elkington, To be sustainable, business needs to more committed on two major dynamics such as top management commitment and involvement to an issue result in quick change and Recruitment and retaining of right kind of workforce Nidumolu , p, Johnson, described WCED, Corporations must effectively react on the consequences on natural capital by their action when it is used or harvested Elkington It can be done through tougher regulation educating and organizing consumers so that they will force businesses to make companies more responsible to environmental challenges Nidumolu et al.
To be environmentally responsible, corporations induce suppliers and retailer to develop eco-friendly inputs and outputs of entire value chains and reduce waste ibid. Government restriction, tariffs, globalization, environmentally sensitive areas and exploitation are problems that are costing millions of dollars for organization.
It may be apparent that in some cases, ethical implications are simply a costly hindrance that potentially forces businesses to finding alternative means to shift viewpoints. It is certainly a potential strategic tactic to gain public support to sustain a competitive advantage.
Another plausible driver of CSR is by independent mediators to ensure that corporate goals don't harm or disadvantage anyone or environment. Unfortunately many consequential events are a reason why CSR policies become evident. But CSR opens up a whole new horizon for safer and better opportunities for both the employer and employee. It is now for more organizations to realize the importance of CSR, and take the right step towards success.
Preserve Articles is home of thousands of articles published and preserved by users like you. The fact that social media has an impact on business to business relationships might seem surprising at first — until one considers that ultimately, the decision-makers at businesses are the same sorts of people that utilize social media websites. For instance, one public service project carried out by a dentist in Lancashire, England — a series of YouTube videos offering frank advice and information about dental care and oral health — resulted in a drastic increase in the number of patient inquiries that the dental practice received every day, which was key in improving revenues.
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Corporate social responsibility is therefore viewed as a control mechanism to ensure that multi-corporations are responsible for their actions (Werther and Chandler 70). The global financial meltdown uncovered many social norms previously unimagined.
Corporate Social Responsibility (CSR) is a concept whereby organizations consider the interests of society by taking responsibility for the impact of their activities on customers, employees, Words Essay on Corporate Social Responsibility.
An argument for Corporate Social Responsibility and Ethical businesses. Print Reference this. Published: 23rd March, Disclaimer: This essay has been submitted by a student. This is not an example of the work written by our professional essay writers. This responsibility was then termed Corporate Social Responsibility (CSR) and. Free corporate social responsibility papers, essays, and research papers.
Oct 12, · Essay on Corporate Social Responsibility in Context of Nepal 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 (CSR) is a self-regulatory mechanism incorporated by corporations in their business model. The term CSR is also used for activities carried out by companies around the globe to give back to the society.