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Strategies for responsible business - Assignment Example

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However, corporate social responsibility (CSR) is an equally important aspect of any business. With proper CSR, a company can establish good relationship with its customers,…
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Download file to see previous pages For instance, employees may hold sarcastic approach towards the fact that their organization is externally engaged in social work while management is not doing the needful to improve their working conditions. Therefore, the exact definition of CSR can be explained by the overall approach of an organization. A firm that engages in sharing information with its employees regarding probable downsizing, and then helps the displaced employees with new job opportunities is essentially involved in CSR. Likewise, another firm that emphasizes on customer interest by providing them safe, reliable and innovative products is also engaged in a strategic CSR (Waldman et al., 1).
The concept of CSR emerged in the aftermath of World War II, and it gained actual foothold in the business world from 1960 onwards (Carroll & Shabana, 85). CSR essentially means that a company performs its certain activities for a larger purpose of social, economic and environmental benefits over its economic and legal goals. Traditionally a business is known for its profit making strategies and its product or service innovations. In this modern age, CRS activities add brand value to an organization. In fact, many organizations promote their CSR activities so as to gain the confidence of more number of people across the globe. The essence of CSR lies in thinking above profit maximization objectives, and striving towards the goal of performing in a viable social and environmental setup. In truth, a company does not legally have any social responsibilities that are not integral part of its business objectives. The need is to put in best efforts to minimize adverse impact on society and environment; nevertheless the trick lies in balancing such efforts with the core financial objectives. This paper has attempted to critically discuss the following statement: “Companies engage in CSR because, for a number of reasons, they think it will be good for their profit ...Download file to see next pagesRead More
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