Question

what is corporate social responsibility and how does this corporation understand the concept.

Answer 1

Corporate social responsibility has become one of the standard business practice in most of the companies. It is the self regulating business model which helps the companies to be socially accountable for themselves, public and stakeholders. The overall goal of the Corporate social responsibility is to achieve the positive impact on the society as a whole while improving the creation of shared values for the owner, employees, shareholders, stakeholders of the business. Social responsibility is about an organization taking responsibility for the impacts of its decisions & activities on all aspects of society, environment & community, It is about operating ethically, transparently and contributing to the health and welfare of the society. To engage in CSR means, in the normal course of business company is operating to positively contribute to the society and environment. The CSR may includes charitable donations which encourage the employee volunteerism by providing the paid time off for such activities. Some of the companies seeks to have the greater impact with the help of CSR initiatives by integrating the social values into business strategies . Example: In order to protect the scarce natural resources , companies may make the commitment to use only recycled materials for packaging. Most of the companies use the CSR efforts in order to build the public perceptions, building trust with stakeholders and to attract customers.