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Corporate Social Responsibility, also known as CSR, pertains to the responsibilities of companies towards society with which they function and operate. Corporate Social Responsibility ensures that the business organizations align its corporate values and behaviors with that of stakeholders’ needs and expectations. Corporate Social Responsibility approach incorporates social, economic, and environmental aspects of the business as part of increasing profit or revenues and minimizing the problems or shortcomings. It is not only geared towards the customers and investors, but also towards its employees, suppliers, and the society as a whole. As part of business ethics, organizations go beyond seeking profits…

No business can succeeds without the aid of contributing factors involved in its operations. Employees, consumers, suppliers, and the community are directly involved and affected by the business and what it does. The products and the way the products are introduced have an impact to the society. Corporate Social Responsibility or CSR then becomes a significant strategy in business because consumers would opt for companies that can be trusted; suppliers would prefer conducting business transactions with reliable companies; and employees would like it better working for employers with good business ethics and principles. In the same way, NGOs are bound…

Before we begin to understand what corporate or business ethics is, let us refresh our memory with the concept of ethics. By this we mean the proper way of performing any act or deed. It includes knowing what is right and wrong, and then doing what is acceptable according to standards and social norms. Ethics is associated with proper code of conduct, proper decorum, or the rules that govern our lives. We also refer to it as values and moral principles. Every organization must be guided by a set of ground rules that would serve as the basis of harmony…

The concept of corporate social performance has been around for several decades now, but the idea is still closely misinterpreted for corporate social responsibility, corporate social responsiveness, or any other approach relating to business and society. Although these concepts are closely related to each other, they each have unique connotations. These approaches also represent the various phases in our understanding of the relationship between a firm, or organization, and the environment, or the society, where the firm functions. Corporate Social Performance Defined As mentioned in the earlier paragraph, corporate social performance is confusingly equated with concepts connoting to business and…

Corporate social responsibility gives a sense of obligation for companies on the various programs not just within the organization but the society as well. Part of carrying out these obligations is to actively participate in community programs and affairs. This is what we call corporate volunteering. Many companies engage in philanthropic activities and aid people in the community while providing the employees an opportunity to benefit from the company in various ways. An organization contributes to building and making better societies by encouraging the employees to participate in the various community programs through volunteerism. Moreover, it gives the working professionals…

The general claim about corporate social responsibility mainly revolves around the accountability of giving back the investment returns of the shareholders, being socially responsible towards the environment, and being responsible to the other groups that may be within or outside the corporation. This assertion often arouses debates among business people since the scope of the said “responsibilities” and “returns” and how they will be obtained are not clearly defined. The degree of responsibility towards the shareholders and the stakeholders is also a crucial issue in CSR arguments. As a general characteristic, responsible business always starts out by complying with the…

Corporate social responsibility (CSR) is increasingly practiced by most companies worldwide. This is because it gives a sense of fulfillment and satisfaction when firms are able to develop socially with the community apart from its economic aspect. However, there are certain false claims about CSR. Let us identify these allegories and understand why they are not completely true about the CSR concept. Doane’s Four Key Myths of CSR Deborah Doane has identified four key myths revolving around the concept of corporate social responsibility. The first myth says that “the market can deliver both short-term financial returns and long-term social benefits.”…

The concept of corporate social responsibility or CSR is based on three dimensions which serve as its three pillars. These are the economic, social, and environmental responsibility. For a company to successfully practice CSR, all the three pillars have to be balanced and should be based on obligation and accountability. Social responsibility is the most current dimension of CSR in which corporations take active participation in social issues and community affairs. The target of responsibility is the stakeholders which includes the customers or the buying public. The perception of offering respect and satisfaction to customers is nothing new to businesses…

The practice of corporate social responsibility, or CSR, does not only mean an obligation to the society in terms of social and environmental aspects but also to the employees of a business or corporation. A company has an obligation towards its working individuals in keeping their desire and interest for the job alive. Good practice of social responsibility by the management to the employees will serve as an example to them. In turn, the employees themselves will realize the essence of being socially responsible to the society. Current Business Trends: Corporate Citizenship and Employee Retention The employees are considered a…

Businesses operate in communities that either directly or indirectly affect their transactions. Companies interact with the various sectors in the larger community and part of this is the government. So, in the perspective of corporate social responsibility or CSR, many people feel that the government sector must also play a role in the business activities. Since the government is responsible for regulating the laws and upholding the security of a state, it is just right to engage them in the aspect of social responsibility. The government is considered an external stakeholder that indirectly affects the CSR practices of a corporation….

Through business activities, companies interact with the society and create an impact on the said society where business is conducted. A company starts out employing people, or manpower, and begins the production of goods and services. The latter involves transaction with the local suppliers as well as the customers. Basically, this is the nature of interaction between businesses and the buying public. However, apart from this basic perspective, there are other various ways in which a company interacts with the society that may not directly relate to the mere buy and sell aspect. Understanding the Perspectives of a Local Community…

We often hear the old belief that when it comes to dealing with business, we must be strictly business-like and no other things should get in the way. This means that profitability is the governing language in business. Although true, this perspective is no longer entirely applicable to all businesses because corporations have come to embrace the very essence of corporate social responsibility (CSR). Companies have learned to perform business in the interests of the larger community and in an ethical manner. Furthermore, observing corporate social responsibility also means being able to balance the interests of the shareholders and investors…

When companies uphold corporate social responsibility (CSR), they are accountable to various internal and external stakeholders. Internal stakeholders may include the shareholders, employees, and management while external stakeholders are the consumers or the buying public, suppliers, creditors, competitors, and the local community or the society at large. Let us focus on how companies practice social responsibility towards its supplier and creditors since these players in the business aspect project important roles to the businesses. Who are the Suppliers and Creditors? It is uncommon to consider suppliers and creditors to be part of the company’s stakeholders. But then again, they play…

Corporate social responsibility, otherwise known as CSR, is no longer just a popular concept and business practice in the business world but has also developed in the aspect of career opportunities. CSR defines the way companies behave and operate in social, environmental, and ethical frameworks. The development of substantial career opportunities for value-based professionals reflects the diversity of the field of CSR existing in both private and public sectors. However, unlike any typical job, CSR roles may not have specific designations or titles but the job description reflects CSR programs and activities. Landing a CSR job depends on which area…

Corporate social responsibility (CSR), as an increasing business practice, is understood to be a sense of obligation or responsibility from corporations not just on the economic aspect of business goals, but also to the social and environmental approaches. So, corporate social responsibility fulfills the “triple bottom line” of a business activity which consists of the economic, social, and environmental aspects. Since CSR deals with people in the society as well as individuals within the organization, human rights play an important role in the many CSR activities. The Relevance of Human Rights to CSR Human rights have a significant relevance in…