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, shareholders, communities and the environment in all aspects of their operations. This obligation is seen to extend beyond the statutory obligation to comply with legislation and sees organizations voluntarily taking further steps to improve the quality of life for employees and their families as well as for the local community and society at large.
Businesses do not exist in isolation of their immediate community and beyond, they create products and services to serve their needs for the purpose of profit making.
However, as they carry out their industrial and commercial activities for profit making the need to inculcate a sound Corporate Social Responsibility CSR in their core business strategy has become critical to their long term sustainability and commercial success.
This has become even more imperative with the growing sophistication and demands of consumers in Western countries like the United Kingdom UK for brands that are socially and environmentally responsible for without which their continued patronage may be stalled. The COP21 Global Environmental summit held in Paris in Novemberwhich brought together politicians, scientists, investors, numerous non-governmental organizations and many others, clearly indicate the urgency in reversing the long years of environmental despoliation that the global environment has been subjected to with much of it caused by industrial pollutions of business entities.
This growing awareness has made companies increasingly value the need for an effective CSR strategy which would have a long term effects on their corporate performances Baron, ; Gill, Understanding the connection between the CSR and a firm performance and sustainability has in recent times gotten lots of interest among researchers Bevan,although many argue that their findings are inconclusive and rather misleading Jones, et al ; Vogel, CSR can be seen as those actions that appear to further some social good, beyond the profit seeking interest of a firm and that which may be required by law, to affect the society with positive impact on the community, consumers, environment, and workers Baron, CSR programmes would include those actions that improve the environment, community, and lives of all the stakeholders of a business entity Moon and Vogel, Discussions have suggested that there are several issues that relate to the concept of CSR.
Early scholars have had inconsistencies in the debate regarding CSR Dahlruds, Orlitzky, et alinferred that the inconsistency in the debate over CSR involve fundamental conceptual issues. Friedman is one of such notable scholars who considered shareholder wealth maximization is the single social responsibility of firms and goes ahead to caution against any broader conceptualization of CSR.
In recent times there is a growing saliency of CSR in the strategic objectives of businesses desiring to expand it provision of socially and environmentally responsible products whose demand is quickly gaining momentum Orlitzky, et al, ; Matten and Moon Meeting the needs of present generations without compromising the needs of future generations has further raised the value of CSR not just as a mere gesture but as a necessity.
Business entities are increasingly applying sustainable practices in their operational activities. Sustainability refers to the activities, which the organizations perform, which is voluntarily or mandated by law that shows the inclusion of social and environmental concerns in their business operations.
Implementing a strategic CSR has shown to be successful for some firms and some studies have also shown that the effects of corporate social responsibility has been reached on customer satisfaction and that these strategies can either have a positive or negative impact An increase or decrease in customer satisfaction can have great effect in the market value of a company, and as such increasing consumer patronage through the instrumentality of CSR cannot be taken for granted.
CSR has become one of the very important features of businesses in a rapidly changing global marketplace where consumers growing awareness and sophistication have increased the demands for socially and environmentally responsible products and services.
The despoliation of the global environment due to continued application of unsustainable business practices has seen the promotion of CSR to be increasingly projected in recent times by governments, consumers, non-governmental organizations and other stakeholders.
One of the many issues confronting corporate governance is the slow pace of appreciating the positive impact of CSR on organizational competitiveness.
This may not be farfetched, as some organizations still value the age old thinking that the only responsibility of businesses is to make profit.
This age old thinking is fast becoming obsolete especially with increasing stakeholders demand for sustainable business activities McKinsey, It is no longer fashionable especially for big companies with international subsidiaries to be found wanting.Oct 12, · Corporate Social Responsibility Essay; Corporate Social Responsibility Essay The ideas of Corporate Social Responsibility and Corporate Citizenship are spreading faster than ever before and become one of the hottest business models in the recent decades.
Both corporate social responsibilities and sustainability, and its related concepts. · We then fulfill our responsibilities towards the society, the region and our country.(Tsai et al., ).
People criticize that. The role of banks in Corporate Social Responsibility. The role of banks in Corporate Social Responsibility in,,,. Journal of,schwenkreis.com · Although the concept of corporate social responsibility (CSR) has been advocated for decades and is commonly employed by corporations globally, agreement on how CSR should be defined and implemented remains a contentious debate amongst academia, businesses and schwenkreis.com?article=&context=od.
· responsibilities of directors and employees have also to be considered alongside the role of The development of corporate social responsibility 13 government policy and examine its relevance to a particular sector, the regulated schwenkreis.com This free Business essay on Corporate social responsibility is perfect for Business students to use as an example.
Pyramid of social responsibilities (Carroll, ) Most respondents from the corporate sector (65%) state that their key NGO partnerships have helped their companies to change their practices for the better (a 6%. · Corporate social responsibility is the voluntary contribution of business to society in social, economic and environmental spheres, connected directly to the main business of the company and beyond a statutorily prescribed schwenkreis.com://schwenkreis.com