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Corporate Social Responsibility - Essay Example

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Title: Corporate Social Responsibility. Many firms have lately been struggling to adopt appropriate social policies as a part of their social responsibility. The need for social responsibility arises when a company has to set its business mission and strategies…
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Corporate Social Responsibility
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Download file to see previous pages When determining strategies, it is important to integrate social issues as an element of a business’s social responsibility to further instill social realignment of businesses. A firm must implement those social business practices that have economic benefits. The business must carry out its operation in a socially responsible manner which reflects its commitment to corporate social responsibility. Do for the society which is legally required and also benefits the business. Firstly, the business must be able to make enough profits so that future costs can be covered and social responsibility met (Fred R, 2005. Corporate social responsibility can be defined as a form of corporate self-regulation incorporated into a business model. The concept first came into use after the advent of many multinational firms after 1960s. The self-regulated conduct of businesses must abide by the law, ethical standards and international customs. The goal of CSR is to basically endorse the firms to take responsibility for their actions and must not negatively impact the environment, consumers, employees, stakeholders and communities. The must make sure not to harm the public in any way and promote their interest by encouraging community development. It instills the concept of ‘triple bottom line’ that is; people, planet, and profit by including public interest in the decision-making of firms. The businesses have to bring some much-needed changes into their mission statements to comply with the social responsibility. Many businesses have started to introduce the concept of social accounting which emphasizes the need for corporate accountability, that is; developing appropriate measures and reporting techniques to those who the firm is accountable to. There are some standards and frameworks which the business can use as a guideline for their auditing and reporting like AccountAbility’s AA1000 standard. CSR requires firms to produce ethically strong annual financial report and sustainability report so that their social, economic and environmental performance can be measured (Visser, 2008). A business might have to forgo short-term financial benefits when adopting CSR strategy, but there are many long-term advantages that help a business in future, other than financial ones. By adopting CSR, the recruitment and retention can improve. The recruits are more likely to enroll in a firm which follows CSR. The morale of the employees is also lifted when they are asked to participate in social activities like payroll giving, fundraising programmes and community volunteering. A company’s decade old reputation and goodwill can be easily damaged by socially irresponsible actions like corruption scandals or environmental accidents. Negative reactions from media, government, courts and regulators can affect the public image of a firm. CSR also helps build consumer loyalty by practicing distinctive ethical values. Successful businesses such as The Body Shop and American Apparel have a strong reputation for integrity and best practice and therefore maintain a strong brand loyalty. The Body Shop strictly opposes product testing on animals and support community trade with developing countries. Companies easily get a license to operate in many countries when they follow Corporate Social Responsibility. There is also a great argument of insincerity and hypocrisy attached to CSR. Some people ...Download file to see next pagesRead More
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