Define corporate social responsibility (CSR). And explain its importance in running the organization. &nb

Define corporate social responsibility (CSR). And explain its importance in running the organization. (min 100 words – 3 marks)

Expert Solution

Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally understood as being the way through which a company achieves a balance of economic, environmental and social imperative, while at the same time addressing the expectations of shareholders and stakeholders. Moreover CSR is an evolving business practice that incorporates sustainable development into a company's business model. It has a positive impact on social, economic and environmental factors.

Importance of CSR in running the organizations -

Prevent financial ramifications: Compliance with the spirit and letter of the law — both nationally and internationally — through self-regulatory processes will prevent fines, put your business "low on regulators' radar screens," and lower legal expenses.
Increase employee loyalty: Treating your employees fairly and generously is a part of corporate social responsibility. By providing good jobs and encouraging high professional and moral standards, you increase employee loyalty, and by procuring only those overseas products produced at factories where workers were treated ethically, you gain support among "Fair Trade" advocates.
Maintain a positive reputation: Demonstrated consciousness in a variety of areas can garner publicity and give a business tangible proof of their conduct, which can be proudly displayed on a company website.
Allowing clients to choose a charity that receives a portion of profits. Many customers appreciate their input being taken into account and are more likely to return when they feel personally connected to the beneficiary of a charitable campaign.

Rahul Sunny answered 2 years ago

1. Explain the importance of Corporate Social Responsibility (CSR). 2. What is a values statement and...

1. Explain the importance of Corporate Social Responsibility (CSR). 2. What is a values statement and how important do you think this may be to the strategic process?

Question 2 Corporate social responsibility (CSR) as actions of an organization that are targeted towards the...

Question 2 Corporate social responsibility (CSR) as actions of an organization that are targeted towards the achievement of a social benefit over and above maximizing profits for its shareholders and meeting all its legal obligations. Deciding how to communicate CSR can be difficult. (a) Discuss FOUR (4) the driving forces behind corporate social responsibility (CSR). (b) Describe TWO (2) types of corporate social responsibility (CSR). Provide ONE (1) example for each types of CSR.

What is corporate social responsibility (CSR)? Is the principle of CSR one that is likely to...

What is corporate social responsibility (CSR)? Is the principle of CSR one that is likely to be widely adopted by companies around the world. Is it likely to significantly change corporate behaviour? Will behavioural change benefit the public? In your answer refer to examples of companies debating CSR or implementing practices of CSR.

On the subject of Corporate Social Responsibility (CSR) (issue is that CSR is better than Firedman's...

On the subject of Corporate Social Responsibility (CSR) (issue is that CSR is better than Firedman's view of CSR and Conscious capitalism) Does CSR issues impact stakeholders in different ways? What might the views of various stakeholders be on the topic? Place the CSR issue within its historical (when) context. What is the history of the position? Has it changed?

In the _____ model of corporate social responsibility (CSR), social goals are brought into the core...

In the _____ model of corporate social responsibility (CSR), social goals are brought into the core of a firm's business model, and economic goals are balanced against social goals. ethics

Select Organizations that promote Corporate social responsibility (CSR) and answer these: •What are the CSR initiatives...

Select Organizations that promote Corporate social responsibility (CSR) and answer these: •What are the CSR initiatives the organizations are taking? •What CSR strategies are they using? •The four dimensions of CSR, how do the CSR strategies connect with them? •What are the benefits? •What are the likely disadvantages or risks to these CSR initiatives •Are the organizations considering other CSR initiatives?

Define Friedman’s and Freeman’s perspectives on Corporate Social Responsibility (CSR). Using examples to illustrate your answer,...

Define Friedman’s and Freeman’s perspectives on Corporate Social Responsibility (CSR). Using examples to illustrate your answer, describe how the Moral Minimum perspective assists an organisation to achieve sustainability and accountability in their operations. (900 words)

Describe the current status of corporate social responsibility (CSR) as an expectation for businesses.

The basic notion of Corporate Social Responsibility (CSR) is that not only the shareholders but all...

The basic notion of Corporate Social Responsibility (CSR) is that not only the shareholders but all groups of society should be given a share from earnings of corporation. Suggest any THREE (3) activities that can be carried out by an Islamic financial institution by giving a relevant example for each.

what is social contract and stakeholder theories of Corporate Social Responsibility (CSR) andexpalin use the social...

what is social contract and stakeholder theories of Corporate Social Responsibility (CSR) andexpalin use the social demandingness, social activist and stakeholder theories of corporate social responsibility in order to discuss the case study below.

Question