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Role of Corporate Social Responsibility


Role of Corporate Social Responsibility


corporate citizenship, responsible business activities and corporate social responsibility. In modern day, CSR is effectively applied by business organizations for considering their impact on the society by taking responsibility for such impact on consumers, employees, shareholders and communities in inclusion with the environment. 

In the opinion of modern researchers, there is an obligation with the practice of CSR. The obligation is that the organizations should comply with the legislative rules and take necessary initiatives for the purpose of improving the well being of their employees and the general public as a whole. As opined by modern economists, Corporate Social Responsibility is referred to as the strategies conducted by organizations and firms for the purpose of operating their business in a more ethical way (Wang et al., 2016). In this regard, various activities are associated with working closely with the local communities by developing relationships and by making socially sensitive investment for the purpose of active involvement in environmental sustainability. In modern era, the concept of Corporate Social Responsibility has become an important and standard business practices. Most of the organizations are committed to CSR for the purpose of enhancing overall reputation. In the perspective of modern researchers, with the establishment of an effective CSR strategy often referred to as the sustainable strategy which is a vital element in maintaining the competitiveness of the firm and it should be enhanced by the firm itself (Kolk, 2016). In this regard, much emphasis is made by the firms in the formulation of policies and procedures with the integration of social, environmental, ethical or human concerns into day to day business operations with the development of a core strategy in collaboration with the stakeholders. The purpose of this topic is to discuss the role of Corporate Social Responsibility (CSR) in modern world in regard to certain practical illustrations. 

Perspectives of scholars on the role of CSR:

From the very inception, the aim of every organization is to create a favorable impact upon the society for the purpose of maximizing shared values of the founders of a particular business including its employees comprising of both the shareholders and stakeholders. Mention can be made regarding the definition given by the European omission on CSR as the responsibility on the part of the enterprises to create a positive impact on the society (Wang et al., 2016). It is worthwhile to mention here that, the concept of Corporate Social Responsibility is such that it has been debated by many scholars since the beginning of 1960s. However, even today it remains a hotly debated topic among modern scholars and authors. Recently, it was reported by modern economists that, the definition of Corporate Social Responsibility has attained new meaning and definition with changes in practice. It is evident that the view of Corporate Social Responsibility provided by classical philosophers is limited to the basic concepts of philanthropy and thereafter emphasized much upon business-society relations (Marano & Kostova, 2016).  In this regard, much focus has been given on the contributions made by an organization or firm in solving social implications. 

Similarly, in the early years, the concept of social performance has related with that of market performance. This viewpoint was wholly pioneered by Oliver Sheldon and therefore the management was encouraged to take initiatives in raising the level of ethical standards and justice within the society by way of economizing the utilization of resources with the help of resource mobilization. Modern scholars emphasized on the fact that with the implementation of the above mentioned process, business enterprises are able to create favorable impact on the society by providing better living standards. In modern context, researchers have a different point of view. According to modern researchers, the present day CSR policy is associated with corporate responsibility, 

Consumer preferences on CSR and the steps taken by organizations:

It is noteworthy to mention here that, consumers prefers to buy quality goods and services rather than sticking to a particular brand. With the prioritization of Corporate Social Responsibility (CSR), various organizations are held accountable for making sustainable changes in the society in regard to their beliefs, practices and profit margins. Therefore, it is pertinent to mention here that, in such cases, consumers can even turn down their preferable companies or brands if it comes to their knowledge that these companies are not taking initiatives for improving the societal and environmental issues. According to modern economists, corporate responsibility is defined as the method undertaken by the companies for the purpose of taking responsibility for the impacts created by their business operations in the social and environmental spheres (Zahra & Wright, 2016). Therefore, the role of an effective CSR program is to create opportunities for the organizations in demonstrating the nature of their better corporate citizenship and in such process; the role of the CSR program shall be to organization from any outsized risk coming in its way from both the social and environmental spheres surrounding the organization. For the purpose of recognizing the importance of corporate social responsibility to the organization in serving their customers, most of the corporations presently rely upon the practice of various categories of CSR. These can be emphasized below:

Environmental practices: From the very beginning, the prime focus of corporate social responsibility was related to environmental concerns. Therefore, businesses, regardless their size has a large carbon footprint of their own. Therefore, any considerable steps undertaken by these businesses shall be contemplated to be beneficial for both the organization and the society.

Philanthropic practices: Organizations can also involve themselves in the practice of CSR with the donation of money, products and services to certain social causes. In such process larger enterprises contribute enormously as there is storage of lot of resources for the purpose of benefiting charities and local community living. 

Ethical practices: With the fair and ethical treatment of employees; organizations would be able to successfully demonstrate on their corporate social responsible. This practice is applicable in cases of businesses which carries their operations in both national boundary and international locations by complying with the provisions of labor laws of both the countries.

Volunteering: In modern day, the sincerity of the company can be measured with the performance of various volunteering activities. Therefore, in the process of performing good deeds, these organizations can express their concerns regarding specific social and environmental issues. 




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