corporate social responsibility

Expert Solution

In your own words, explain what corporate social responsibility (CSR) is. Name two examples of social responsible companies you know and explain why you consider them so.

Solution-

Corporate social responsibility (CSR) refers to a business practice that involves participating in initiatives that benefit society.

Example

While many companies now practice some form of social responsibility, some are making it a core of their operations. Ben and Jerry's, for instance, uses only fair trade ingredients and has developed a dairy farm sustainability program in its home state of Vermont. Starbucks has created its C.A.F.E. Practices guidelines, which are designed to ensure the company sources sustainably grown and processed coffee by evaluating the economic, social and environmental aspects of coffee production. Tom's Shoes, another notable example of a company with CSR at its core, donates one pair of shoes to a child in need for every pair a customer purchases.

Undertaking socially responsible initiatives is truly a win-win situation. Not only will your company appeal to socially conscious consumers and employees, but you'll also make a real difference in the world. Keep in mind that in CSR, transparency and honesty about what you're doing are paramount to earning the public's trust.

"If decisions [about social responsibility] are made behind closed doors, people will wonder if there are strings attached, and if the donations are really going where they say," Cooney said. "Engage your employees [and consumers] in giving back. Let them feel like they have a voice."

We learned that CSR can be viewed as a pyramid with Philanthropic Responsibilities at the top. Discuss what particular advantages accrue to companies who proactively take steps to be philanthropically responsible.

Solution-

While Corporate Social Responsibility (CSR) has been around since the 1950s, its importance and practice took hold much later. The basis of what we consider to be the modern definition of CSR is rooted in Archie Carroll

Rahul Sunny answered 1 year ago

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