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Formal Business Report - Essay Example

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The definition of Corporate Social Responsibility suggests that apart from financial outcome the companies also have a responsibility towards the society. However, studies by different researchers suggest that even in discharging their social responsibility, their actions are…
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Formal Business Report
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Download file to see previous pages CSR has been defined by the British Government as being how business takes account of its economic, social and environmental impacts in the way it operates - maximising the benefits and minimising the downsides (Jones, Bowd and Tench 2009). CSR has also been defined as a ‘‘concept whereby companies decide voluntarily to contribute to a better society and a cleaner environment’’ (Dijken, 2007). This suggests that the companies acknowledge that apart from financial performance, they have a responsibility towards the society. This includes their voluntary responsibility towards the internal and the external stakeholders. CSR is now synonymous with terms such as corporate citizenship, proactive community involvement, commitment to quality, human rights, health, safety and environment. However, CSR initiatives should be voluntary but most organizations engage in discharging their social responsibility more as a compliance with legal regulations. Lack of a universal and precise definition also reflects that CSR activities are motivated by a desire for eventual return (Frankental, 2007).
Data to evaluate the actions of companies has been gathered both through secondary sources and primary sources. Secondary data has been collected from academic journals presented as literature review. Primary data has been gathered to evaluate how consumers perceive the CSR initiatives of companies in general. A small survey was conducted among people that work for different organizations. This was a general survey to gather the impression that people have about CSR and its potential benefits. To gather qualitative data, questionnaire (Appendix A) was distributed to about 25 people and the results of the survey has been presented and discussed.
CSR provides sustained competitive advantage, CSR enhances corporate image and CSR ensures the stakeholders’ interests are taken care of (Chen 2012). However, organizations resort ...Download file to see next pagesRead More
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