Integrating Corporate Social Responsibility as a Strategic Tool for Competitive Advantage
Dr. Parul Khanna
MBA, Ph.D Assoc. Prof. & Dean R&D Institute of Management & Technology,Faridabad drparulkhanna07@gmail.com
Ms. Chhavi Mathur
Research Scholar Global School of Business
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Introduction: Today, we live in an age in which companies, businesses and society are more connected and interactive than ever before in the past. Corporations are more aware of their role towards the society. They are responsible bodies that feel a sense duty towards commonwealth and the environment that comes with a growing realisation that they, as an integral
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Consequently, “in a world where power has shifted from the public to the private sector, the expectations which society has in relation to the environmental, social, and ethical responsibilities of companies have risen”. CSR has quickly moved from a domain typically associated with anti-corporate non-governmental organisations (NGOs) and activist campaigners into a mainstream business issue which is now “a critical determinant of trust in companies”. With this development, CSR itself (also referred to as corporate citizenship) has naturally taken on a number of different meanings. Although these definitions are similar, when attempting to identify the essential components of a successful programme for improving corporate social responsibility it is important to explore the similarities and differences among the definitions used. To that end, some of the more common and generally accepted definitions of CSR are as follows:
“Corporate social responsibility is essentially a concept whereby companies decide voluntarily to contribute to a better society and a cleaner environment”; “Corporate citizenship is about business taking a greater account of its social and environmental – as well as financial – footprints”; Corporate social responsibility is where “a corporation operates in a manner that meets or exceeds the ethical, legal, commercial and public expectations that society has of businesses”;
Firstly, I would like to explain what Corporate Social Responsibility is. “It is a company’s sense of responsibility towards the community and environment (both ecological and
The purpose of this essay is to research the notion of CSR and uncover its true framework and outline what social responsibility truly means to corporate organisations, and whether it should be seriously considered to be a legitimate addition to the corporate framework of an organisation.
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. (World Business Council for Development, 2016)
Corporate Social Responsibility are actions taken by a corporation that have positive and lasting impact for all stakeholders associated with the organization, seeking to strike a balance between profits and helping to establish lasting investment in the community (Carrol, 2015). In the 1980’s, then President Reagan challenged the business community to take on more responsibility to address social problems (Carrol, 2015). Socially responsible actions can benefit local communities as well as the greater societal good.
Corporate social responsibility is a term that conveys a corporation’s social responsibility to society. In the old days corporations felt that once they had gained support from the public they had a responsibility to give back to the community. This idea of giving back meant serving as volunteers and providing financial contributions in aim of correcting the problems of the community. Corporations have a wide range of opportunity and reach within most societies so it is important and can ultimately be a great aid for a corporation to help in correcting the problems of society by contributing and giving back along with other individuals. I also believe that corporate social responsibility means ensuring that there are not problems arising that make it hard for consumers to continue to support a corporation. The continuation of a corporation is dependent upon consumers and I believe it is the
Corporate social responsibility is not going to solve the world’s problems. With that being said, corporate social responsibility is a way for companies to benefit themselves while also benefiting society. It allows companies to take small steps to make big differences in areas of need. Some may say that it is a bunch of “greenwashing” – the deceptive use of green marketing that promotes a misleading perception that a company’s policies, practices, products or services are environmentally friendly – but there is a call to action that inspires a company to get involved in the community (Kewalramani, Sobelsohn).
Corporate social responsibility is an organizations’ impact on society that goes beyond what is ethical. Being socially responsibility, an individual in upper management must realize how the actions might be able to influence the rest of the environment. If a company is socially responsible the company is honest, trustworthy, and display integrity while dealing with others and provides the attention to the stakeholders, build a community by searching for goals that are compatible with and respect individuals and accomplish silent triumphs.
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.
Corporate social responsibility (CSR) is a term used to describe a company’s efforts to improve society in a certain way. These efforts range from donating money to an organization such as a nonprofit organization, to implementing environmentally friendly policies in the workplace. This idea is not required for companies; instead it is something that companies do to improve their communities. The way companies practice CSR is different from company to company, and some companies may not even practice it at all.
According to Wikipedia “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 the local community and society at large.
Corporate social responsibility according to Henderson (2001) can be defined as the commitment of organizations to help society by improving working and living conditions of employees, their families, and the community as a whole.
Corporate social responsibility (CSR) is the pledge a business makes where it promises to behave ethically and contribute to economic development while improving the quality of life of workforce and their family as well as the local community (Pride, Hughes, Kapoor 42). This practice helps to form or improve the positive image of the company. Businesses that follow the socially responsible model consider the impact of the company’s actions on society. This also includes promoting and supporting local, national and global causes, which is a part of CSR called corporate philanthropy, where businesses donate some of their profits or resources to charities (Taylor). Companies that show social responsibility this way must be devoted to doing so on a regular basis, because if don’t follow through with it, your organization may be viewed by the public as dishonest. Many critics of CSR believe that this model reduces the main goal of business, restricts the free market goal of maximizing profit, and also limits the ability to compete in a global marketplace (Pride, Hughes, Kapoor 47). Though critics may believe they are right, CSR gives companies a chance to address social issues caused by business’ and other factors and allows them to be a part
Corporate social responsibility (CSR) refers to the social and environmental responsibility policies and practices developed by an organization to increase its positive influence and reduce its negative activity towards society (Schwartz 2010). Organizations must take responsibility for their actions and all the members of the organization must comprehensively review and consider all their tasked achievements and contributions. A healthy balance between economic progress, social responsibility, and environmental protection can lead to a competitive advantage and solidify an organization's place as a corporate citizen (Dickinson, et.al, 2008).
Boatright (2006) contend that corporate social responsibility denotes the responsibility recognized by a company for acting in socially responsible manner. There is no single universally accepted definition of corporate social responsibility, it has generally come to mean business decision making linked to ethical values, legal compliance, and respect for people, community, and environment. CSR accepts a company to go further than required by law so as to treat employees fairly and with respect, operate with integrity and in an ethical
Corporate Social Responsibility in other words called as corporate conscience, corporate citizenship is a form of corporate self-regulation formed into a business model. It functions as a self-regulatory mechanism whereas a business monitors and ensures its active compliance with the spirit of the law, ethical standards and international norms. In understanding corporate social responsibility we must first understand the idea of being responsible for society in which we live and work in. CSR as "A company’s sense of responsibility towards the community and environment. Companies express their citizenship through their waste and pollution reduction processes and by contributing educational and social programs and by earning adequate returns on the employed resources."