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Consumer Social Responsiility

Autor:   •  April 4, 2019  •  Research Paper  •  5,019 Words (21 Pages)  •  46 Views

Page 1 of 21

Introduction

For over 50 decades now and still counting, CSR provoked dramatic debates towards its definition, necessity, areas of implication, alignment with business strategy, and ways to practice it effectively. Thus, CSR has grown to be a very subjective concept with plenty of variables to consider, so whenever an organization wishes to apply CSR initiatives it implies a governance of art and science to achieve.

The global business understands Corporate Social Responsibility and is exercised by organizations as they conduct their business in an ethical way, taking account of the social, environmental and economic impact of how they operate and going beyond compliance. In the current business environment, CSR has become not only the right thing to do, but it has also become the competitive thing to do. The business world is awakening to an undeniable reality: our global economy, society and environment are inextricably aligned.

With CSR, organizations take responsibility for the impact of their activities on customers, employees, shareholders, communities, and the environment in all aspects of operations. This effort extends beyond simply obeying local laws, as organizations voluntarily take steps to improve the quality of life for employees and their families, as well as society at large. CSR is sometimes called “corporate citizenship,” meaning that a company should be a good neighbor to the communities that are affected by its presence

There are compelling reasons why companies should engage in some form of effort aimed primarily at social welfare. Proponents of CSR have used four arguments to make their case: moral obligation, sustainability, license to operate, and reputation.

Moral obligation means that stakeholders of a growing number of companies are satisfied only when the company balances the impact of its business with socially responsible practices. Sustainability involves meeting the needs of the present without compromising the capability for future generations. Substantial progress can be made by investing in solutions that are socially, environmentally, and financially sustainable

Moreover, the very license to operate and crucial contracts themselves, with governments and other entities, might be conditional upon such obligation. CSR as a whole business concept may be supported due to reputation impact, on the grounds that they will improve a company's image and even raise the value of its stock.

A strategic corporate social responsibility is about deciding initially the extent to which an organization should be involved in social issues and creating a social agenda which considers what social issues to focus on and to what extent. It enables an organization to have an option of choice in decision making to make the right choices and build upon focused, proactive and social initiatives in concert with their core strategies as it increases the contribution of specific companies.

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