MNC Incorporation of Corporate Social Responsibility for Strategic Planning

2117 WordsJul 15, 20189 Pages
Question: “MNCs” face particularly demanding challenges when it comes to managing their corporate social responsibilities”. Critically discuss this statement using real business to support your arguments 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…show more content…
Daniels and Radebaugh (2009) assert that another advantage of corporate social responsibility for the firm is that it results in efficiencies and cost savings. Companies that show an interest in environmental sustainability cut costs on energy consumption or resource use and such companies are also able to create customer loyalty through making the workplace more enjoyable and by committing to social responsibility such companies would not be required to pay higher wages to ensure best talent in the organization to stay. The above discussion has shown the importance of corporate social responsibility for a company. There are many challenges which multinational firms face while fulfilling their corporate social responsibilities especially in developing countries. Griffin and Pustay (2007) assert that CSR requires engagement with internal and external stakeholders so it enables enterprises to anticipate better and take advantage of fast-changing expectations in society as well as operating conditions. This means it can also act as a driver for the development of new markets and create real opportunities for growth (Van Tulder and Kolk 2001). The first challenge while fulfilling corporate social responsibilities by a multinational
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