Question

Book strategic management planning for domestic and global competition.

Explain how CSR has changed the way companies currently operate.

half page

Answer 1

Corporate social responsibility is that responsibility of the business that goes beyond the notion of profit-making. Corporate social responsibility has changed the way businesses operate and manage their affairs in the following ways:

1. The very emergence of the concept of corporate social responsibility has made the businesses accountable for all their actions. The accountability comes because businesses have been given an identity of that of a person and all its deeds and acts are checked through the prism of business ethics.

2. Corporate social responsibility makes businesses agile and responsive to the business as well as societal needs. Gone are those days when organisations used to indulge in excessive profiteering without paying heed to the concerns of the community it is operating.

3. Corporate social responsibility has made it imperative for businesses to check for the environmental and societal impacts of the business. The business has to think of the economic aspect of the business while caring for the environmental aspect of the business. They have to use these scarce resources in a way that breeds sustainability.

4. Corporate social responsibility was once treated as a discretionary activity of those who had the power and resources to do so. Nowadays, corporate social responsibility is treated as more of an activity that gives companies a competitive advantage and increases the reputation of the business. It is treated more of an investment than a cost.

5. Corporate social responsibility has made it sure that the corporate has a good relationship with its stakeholders. More socially responsible organisation are more trustworthy and sustainable in the long run.