Companies have a lot of power in the community and in the national economy. When times get hard, there is the incentive to practice CSR more and better, if it is a philanthropic exercise which is peripheral to the main business, it will always be the first thing to do when push comes to shove.
At the other levels, it is acting enlightened self-interest. The consistent increase in profits also contributes to the long term existence of businesses to continue to provide their services to the society at large.
It can be done through tougher regulation educating and organizing consumers so that they will force businesses to make companies more responsible to environmental challenges Nidumolu et al. Search our thousands of essays: This community involvement goes a long way toward building trust between customers and the business.
In convention terminology economic refers to assets minus the liabilities, but in a broader there are other factors need to be taken into account in a long run such as the human capital, the intellectual capital and the natural capital Elkington, For example, that he is to refrain from increasing the price of the product in order to contribute to the social objective of preventing inflation, even though a price increase would be in the best interests of the corporation.
There are signs that companies are somewhat more enlightened today when it comes to understanding their social responsibility.
There are certain ethical or political philosophy which argue that social goals are pursued by discussing the kinds of characteristics people should have especially those of rules. So the debate continues unabated: Get Access Corporate Social Responsibility and Business Essay Sample The true economic growth of a country is reflected in the state of health, education, earnings and the quality of life that its citizens live.
At this level, the firm is not reaching out beyond the borders of its core concerns. It is mainly defined as concepts and strategies by which companies voluntarily integrate social and environmental concerns into their business operations and stakeholder interactions Enquist et al.
More essays like this: To "do well by doing good"? Social responsibility becomes an integral part of the wealth creation process, which if managed properly should enhance the competitiveness of business and maximise the value of wealth creation to society. Finally at the tertiary level, the firm is reaching out to the wider community, basing its decisions on criteria not related to the immediate benefit of the firm.
Corporations must effectively react on the consequences on natural capital by their action when it is used or harvested Elkington Each of us is qualified to a high level in our area of expertise, and we can write you a fully researched, fully referenced complete original answer to your essay question.Essay: Corporate social responsibility and sustainability Usually CSR and sustainability use to signify the same thing but conceptually there are slight difference as CSR focus on triple bottom lines i.e.
economic, social and environmental responsibility while sustainability emphasis to societal and environmental development.
Nov 24, · It remains the basis for many companies' contention today that "corporate social responsibility," "sustainable business," and other such monikers are a distraction from their core obligation: to act in their shareholders' best interests.
- Social responsibility is the business’s concerned for the welfare of the whole society (Nickels et al. 95). Sometimes the news reports a lot of information that pertains to the social issues or lack of social issues companies are facing.
Social responsibility becomes an integral part of the wealth creation process, which if managed properly should enhance the competitiveness of business and maximise the value of wealth creation to society. Corporate Social Responsibility may be viewed at three different levels, primary, secondary and tertiary level.
Social obligation is the business's obligation to meet its economic and legal responsibilities where it pursues social goals only when they contribute to economic goals. Social responsiveness is the capacity of the firm to conform to changing societal condition, where it tries to satisfy social needs in line with social norms.
Corporate Social Responsibility Essay. CSR is an important consideration in operations management: Corporate social responsibility is the responsibility for businesses actions to be based on respect for people, the community and the broader environment.Download