What does the concept of corporate social responsibility mean for
businesses? What sort of conflicts does corporate social
responsibility create for corporations? Is there a conflict between
the shareholders of a corporation and the stakeholders of a
corporation? Can corporations/businesses really be socially
responsible or are corporations/businesses really still thinking about
their own best interests when they seem be acting in a socially
responsible manner? Can you offer an example of a business that is
practicing corporate social responsibility?
Corporate social responsibility refers to a figure of self-regulation that has been incorporated into a business sculpt. It functions as a self-regulatory instrument and a company monitors and ensures that it actively complies with the law spirit while conserving ethical standards and national norms (Council and Gayton 2012). The firm engages in activities that that in appearance further a social good that goes beyond the firm’s interest and required by law. Its main aim is increasing profits in the long term by creating positive public relations and gain high ethical standards with an aim of reducing legal and business risks thus improving the trust of stakeholders through their responsibility for corporate actions.
Corporate social responsibility includes a range of practices that include charity donations that causes branding of the strategies of a business and address issues of human rights and labor. Organizations demonstrate social responsibility variedly, and the ending result and rationale behind their activities vary according to the industry. It also differs depending on the country that the company operates. The case on whether to be socially responsible to the best interest of the company is still emerging as a target of achieving profits in the long term (Council and Gayton 2012).
Metrics and measures of measuring the social responsibility are yet not provided and looking beyond the interests and profits of the company provides the long-term sustainability factor. The lofty and unrealistic expectations of CSR have been questioned by critics and view it as a mere window-dressing. It has been viewed as an act to pre-empt the government duty of being a watchdog over the large and influential transnational corporations. CSR aids the missions of an organization and guides the company’s stands for its customers (Brief et al., 2015). Public sector organizations adhere to a triple bottom line which its principles are similar to CSR, and there exists no formal act of legislation that monitors the performance of a company in CSR.
Brief, A., o f Conduct, C., Bribery, A., Mix, P., Plagiarism, C., Chart, P. F., … & Agreement, S. I. (2015). Corporate Social Responsibility. Issues.