Question

In your own words, explain what is meant by ‘corporate social responsibility’. Provide two examples.

Answer 1

Sometimes ago there was less emphasise on it but now a days Corporate Social Responsibility has become an integral part on whosevignorance business has to face harsh outcomes.Now let us put our emphasise more on the concept of Corporate Social Responsibility .

A business is earning, surviving and growing because of the society so it also becomes the duty of business to do something for the society or mankind as well this is the concept of Corporate Social Responsibility in simple words. On elaborating more Corporate Social Responsibility is a management concept where business integrates social and environmental concern in their business operations and interaction with their stakeholders.Corporate Social Responsibility at the same time can be defined as a balance between economic, environment and social concerns along with maintaining the growth prospective for the shareholders and stakeholders.Morover the various organisational law has also issued its various guidelines for businesses to implement CSR in their business and make sure that they invest a certain amount of their income in that particular area.On summarising what we have discussed we can say that the business cycle is operating beautifully because of the various wheels present in the society and it becomes the duty of the business to integrate CSR in their business in such a way that along with the business profit they could also increase the human life index vaue, protect the environment and.help in maintaining a sustainable growth for the company.

Examples of Corporate Social Responsibility

1. Business uses various natural resources like rivers, land etc they should imlement some plans for the prevention of these resources and try that there should be minimum harm.done to these resources.

2. Human resources are very significant in the success of any business in the society. business should implement such plans to improve the life quality of these human resources by providing them low cost education and providing a better standard of living.