Csr And Corporate Social Responsibility

Corporate Social Responsibility (CSR) is something that affects all companies and should be an active factor in the company’s decision making. It is something all corporations need to care about. CSR is when business’ or corporations take part in an initiative or campaign for a cause that will benefit society and/or in some way make the world a better place (Taylor, 2015). Initially, Corporate Social Responsibility started to take shape around the 1950’s, but some say that it dates all the way back to the 1800s, the idea of CSR was seen (Carroll, 2007). One may think that because it is dated so long ago, it doesn’t have an important impact today nevertheless, it is proven that Corporate Social Responsibility is a pathway for entities to self benefit as they are in the process of benefitting society.

The concept of Corporate Social Responsibility is a relatively new in the management field and there is no single definition of it since everyone’s interpretation of the term is different. “Corporate Social Responsibility means something, but not always the same thing to everybody.” (Votaw, 1972, p.25) and from my understanding of the concept, CSR to me is “The voluntary business activities within the boundary of law that contributes to the wider community for a more sustainable environment”. Since everyone has a unique interpretation of CSR, the range of relevant CSR practices across businesses has been quite diverse as there is no such thing as features of CSR (Marcel van Marrewijk, 2003). Rising environmental and social concerns in

“Economic, social, ethical and environmental responsibilities, some of which require compliance with the law others requiring discretionary action to ensure that the company does not knowingly operate to the detriment of society” – McIntosh et al, 1998, Pg. 284

CSR is the Company Social Responsibility. It can be defined as the responsibility of the company towards the community and the environment in which it operates. It is way through which the social, economic and environmental imperatives balance of the company can be achieved and at the same time the expectations of the stakeholders can be met.

Corporate social responsibility is a form of corporate self-regulation integrated into a business model. CSR policy functions as a built-in, self-regulating mechanism whereby business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. The goal of CSR is to embrace responsibility for the company 's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere. Furthermore, CSR-focused businesses would proactively promote the public interest (PI) by encouraging community growth and development, and voluntarily eliminating practices that harm the public

Corporate social responsibility (CSR) is about how businesses align their values and behavior with the expectations and needs of stakeholders - not just customers and investors, but also employees, suppliers, communities, regulators, special interest groups and society as a whole. CSR describes a company's commitment to be accountable to its stakeholders.

It is not the financial gain that rates the business success rather; it is the impact they leave on society. Implementing CSR is one of the most debated topics in the business world. Because there is no written or documented law in the business industry that states the need of CSR within the business structure, CSR is not an official requirement that must be attended. Yet, CSR practices are key to growth in the industry. Still, some businesses are not aware of the responsibility they have. As a result, the text I chose addresses the shortage of CSR practices. Hundreds of attempts were and are still being made to recover from the impacts of ignoring CSR. One attempt that the text makes is emphasizing the idea of starting simple and local changes to reach global sustainability. There are three interconnected parts of society where CSR is expected to be implemented. These parts are community involvement, environmental sustainability and ethical marketing. It is easy to notice how every person in a society is involved and holds a specific role in these parts. Community involvement means giving back to the community and its people, like building schools, charitable donations and supporting local issues. Environmental sustainability is about making the earth

In the today’s business world, there are many strategies being used to run businesses. In the recent past, the topic of Corporate Social Responsibility (CSR) has grown rapidly.

Supporters of the broader view believe that businesses have other obligations apart from pursuing profits. Because of their great social and economic power, corporations must carry social responsibility towards society and wider community. Businesses cannot make decisions which are made solely with economic point of view, because they are interrelated with the whole social system business activities have deep implications for society. As a result, society expects business to pursue other responsibilities as well.

Finally, the article will provide guidance and recommendations to effectively communicate, develop, and improve the CSR strategy. The recommendations will ultimately improve stakeholder relations and productivity.

Corporate social responsibility has been defined, according to the European Commission, as “the responsibility of enterprises for their impacts on society. They should have in place a process to integrate social, environmental, ethical human right and consumer concerns into their business operations and core strategy in close collaboration with their stakeholders”.

In today 's business world, it is difficult for corporations to define what is regarded as a responsible business practice in the areas of ethical and social responsibilities. The hallmark of a good company is to maintain a strong ethical practice, values, policies and social responsibilities that guides its conducts as well as the activities of its employees.

CSR has several definitions and can be comprehended differently by various stakeholders. One of the definitions mentioned by ACCA (2014) is “a company’s obligation to all of its stakeholders across all of its activities with the aim of achieving sustainable development in the economic, the social, and the environmental dimensions”.

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 concept of corporate social responsibility (CSR) has been developed for decades and it has been conceptualized in a number of ways. The business only can get success if there is interaction between all stakeholders in the company. The business organization of any form whether it is small or large, are seen as a creation of society and their survival is only dependent on the society. Socially responsible firms view CSR as a source of competitive advantage by attracting a higher quality and quantity of job applicants (Fombrun and Shanley 1990; turban and greening 1996). CSR can be defined as that strategy which manages the business processes to produce an overall positive impact on society. CSR is a concept in which the company decides how to interact with its stakeholders on a voluntary basis involving social as well as environmental concern. According to kotler and lee (2005) CSR is “ an obligation undertaken in order to improve the welfare of the society through on demand business application and contribution of corporate resources”