Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 3000 words - 1

Corporate Social Responsibility - Essay ExampleWhen determining strategies, it is important to integrate genial issues as an element of a businesss companionable responsibility to further instill social realignment of businesses. A firm must implement those social business practices that have economic benefits. The business must carry out its operation in a socially responsible manner which reflects its commitment to collective social responsibility. Do for the society which is legally required and also benefits the business. Firstly, the business must be able to make enough profits so that early costs can be covered and social responsibility met (Fred R, 2005. Corporate social responsibility can be defined as a take a hop of corporate self-regulation incorporated into a business model. The purpose first came into give after the advent of many multinational firms after 1960s. The self-regulated conduct of businesses must continue by the law, honourable standards and internat ional customs. The goal of CSR is to basically endorse the firms to take responsibility for their actions and must not negatively impact the environment, consumers, employees, stakeholders and communities. The must make certain(a) not to harm the public in any way and promote their interest by encouraging federation development. It instills the concept of triple bottom caudex that is people, planet, and profit by including public interest in the decision-making of firms. The businesses have to bring some much-needed changes into their mission statements to comply with the social responsibility. Many businesses have started to introduce the concept of social accounting which emphasizes the need for corporate accountability, that is developing appropriate measures and reporting techniques to those who the firm is accountable to. There are some standards and frameworks which the business can use as a guideline for their auditing and reporting kindred AccountAbilitys AA1000 standard . CSR requires firms to produce ethically strong annual financial report and sustainability report so that their social, economic and environmental performance can be measured (Visser, 2008). A business might have to forgo short-term financial benefits when adopting CSR strategy, but in that respect are many long-term advantages that help a business in future, other than financial ones. By adopting CSR, the recruitment and retention can improve. The recruits are much likely to enroll in a firm which follows CSR. The morale of the employees is also lifted when they are asked to participate in social activities like payroll giving, fundraising programmes and community volunteering. A companys decade old reputation and goodwill can be good damaged by socially irresponsible actions like corruption scandals or environmental accidents. Negative reactions from media, government, courts and regulators can affect the public image of a firm. CSR also helps build consumer loyalty by practic ing distinctive ethical values. Successful businesses such as The Body Shop and American Apparel have a strong reputation for integrity and best practice and thus maintain a strong brand loyalty. The Body Shop strictly opposes product testing on animals and support community trade with developing countries. Companies easily get a license to operate in many countries when they follow Corporate Social Responsibility. There is also a great argument of faithlessness and hypocrisy attached to CSR. Some people