Describe the current status of corporate social responsibility (CSR) as an expectation for businesses.

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Expert Solution

Social responsibility is a commitment that an entity would balance profit-making activities with activities that are beneficial to the society. It means going beyond business basics and serving a positive relationship to the needs and requirements of the society in which they operate. Corporate social responsibility (CSR) means that managers and executives have ethical, moral, and philanthropic responsibilities in addition to their responsibilities on the compliance with the law and providing a fair return for stakeholders. With the help of corporate social responsibility programs, inclusive of responsible business practices and volunteer efforts and philanthropy; businesses can be beneficial to the society and also boosting business brand image.

In the current situation wherein local, national and international economies are negative impacted due to the unpredictable nature of this virus. The coronavirus has shaken all the businesses and health threat covers the globe, an entity first responsibility and top priority is towards on the people they depend on most, their employees. The business must ensure the employee safety and comfort. The employees should be provided as much flexibility as possible to complete their work tasks. It is not a time for self-promotion for an entity; and any appearance of trying to take financial gain can damage the brand reputation forever. Business can create a positive impact on society and entity's bottom lines with the creation of corporate social innovation strategies. The companies can update their policies on sick-leave to provide a support and an additional coverage for their most vulnerable employees.

The business should move the needle during the pandemic with the implementation of initiatives and strategies that benefit society along with their long-term success by supporting their customers, employees, and the economy at large. In a post-COVID world the CSR will be repaid in increased loyalty, a lasting reputational gain and higher productivity for many years to come.

Rahul Sunny answered 1 year ago

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