Question

Question:

What is corporate social responsibility? What are some arguments in favor of corporate social responsibility? What are some arguments against corporate social responsibility? How has the COVID-19 pandemic affected the debate surrounding corporate social responsibility? What are some things companies can do to be socially responsible in the wake of the COVID-19 pandemic?

Your answers will be short essays and should be three full paragraphs or longer.

Answer 1

Corporate Social Responsibility (CSR): Social Responsibility of Business Organizations often referred to Corporate Social Responsibility (CSR). In simple terms, it can be defined as the efforts made by the business organizations either by donating some money for the social cause or activities for the betterment and welfare of the society.

Arguments in favor of CSR are it protects the interests of the stakeholders in terms of providing good facilities for the labour working in their company along with the protection of consumer rights by forming consumer redressal cells. Now in the present scenario, everyone is educated and observation is not limited to the products of the company and their profits, it is also being observed to what extent they are helpful and what are their contributions to the society. with less investment in CSR Company can earn huge profits in the long run in the markets with good brand fame.

Arguments against of CSR: Critics of the CSR always says business is an economic activity, Hence the company should always carefully examine the economic viability of its operation. Further, they say it is the job of the government to look after the interests of society. Some Critics say Amount spends on CSR can be adjusted in terms of High cost of goods to consumers and Low wages to employees. If either of the cost of goods or wages will be adjusted it results in getting low profits for the company. They believe Primarily that managers with low potential skills and lack of competence will only have the aptitude of solving social problems rather than concentrating on the maximization of profits for the company.

It is obvious if we do anything either good or bad it having their positives and negatives. Albeit, some times we cannot weigh everything in terms of monetary value or reward for everything we did.CSR is also one among them, we cannot weigh it in terms of profits, as we are human beings living in society at least we have some responsibility to do something within the capacity for the good social cause. Then noval coronavirus COVID 19 has completely changed the arguments of critics in CSR. Everyone now in the global pandemic situations and economic crisis supporting as much as possible. Some companies such as Apple, Walmart, Microsoft, etc., have already announced supporting their employees in this difficult situation by declaring that they will continue to pay out their employees who work on an hourly basis, updating the policies of sick leaves for assisting them as additional coverage. Reliance a multinational conglomerate in India has donated 500 billion rupees to the government COVID 19 supporting fund, Supply billions of food packets for assistance to the daily wage laborers who lost their wages due to Global Corona Lockdowns.

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