Csr
Corporate Social Responsibility Financially Benefits Business?
“Corporate social responsibility is a commitment to improve community well-being through discretionary business practices and contributions of corporate resources.”
- Philip Kotler & Nancy Lee
Corporate social responsibility is how an Organization manages its business to produce an impact on the society through its core business activity or through activities outside business interests. It forces the business to be accountable to outcomes of their activities affecting the organization or the stakeholders such as workers, stockholders, customers, and communities while they pursue the organizations objectives and goals. It is about how business takes account of its economic, social and environmental impacts in the way it operates.
Many people are concerned about potential corporate influence. The focused power found in any modern business corporation means that every action it takes can affect the quality human life. The corporate have an obligation towards the society and environment in which they function. If the companies do not use their power for the well-being of the society, then it will tend to lose out. With technology and computer drawing the world together, the whole world has become a stakeholder of the corporate operations. As a result, social responsibility has become a worldwide expectation.
Corporate social responsibility isn't just about doing the right thing. It also offers direct business benefits.CSR is seen to be a valuable asset in an age of mergers and acquisitions, especially as it helps companies spread their brand name.An example of how positive Social responsibility financially benefits business is of Fair Trade Foundation.
Fair trade foundation is a non-profit organization that licences use of the Faritrade mark...
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