The Importance of Corporate Social Responsibility
Corporate Social Responsibility (CSR) and its importance
Definition Corporate Social Responsibility can be define as the idea that socially responsible companies will outperform their peers by focusing on the world’s social problems and reviewing them as opportunities to build profits and help the world at the same time. In other sentence CSR is about how companies manage the business processes to produce an overall positive impact on society. It means company need to answer to two aspects of their operations, first, about the quality of their management both in terms of people and processes and the second one is about the nature and quantity of their impact on society in the various areas.
Other definitions According to The world Business Council for Sustainable Development in its publication Making Good Business Sense by Lord Holme and Richard Watts, Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. In the United States, CSR has been defined much more in terms of a philanthropic model. Companies make profit, unhindered except by fulfilling their duty to pay taxes. Then they donate a certain share of the profits to charitable causes. It is seen as tainting the act for the company to receive any benefit from the giving. On the other hand, the European Commission hedges its bets with two definitions wrapped into one, which is, CSR is a concept whereby companies decide voluntarily to contribute to a better society and a cleaner environment. A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis.
Why is CSR so important? Most importantly, findings from scientific research are becoming increasingly clear with regard to how CSR is
Definition Corporate Social Responsibility can be define as the idea that socially responsible companies will outperform their peers by focusing on the world’s social problems and reviewing them as opportunities to build profits and help the world at the same time. In other sentence CSR is about how companies manage the business processes to produce an overall positive impact on society. It means company need to answer to two aspects of their operations, first, about the quality of their management both in terms of people and processes and the second one is about the nature and quantity of their impact on society in the various areas.
Other definitions According to The world Business Council for Sustainable Development in its publication Making Good Business Sense by Lord Holme and Richard Watts, Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. In the United States, CSR has been defined much more in terms of a philanthropic model. Companies make profit, unhindered except by fulfilling their duty to pay taxes. Then they donate a certain share of the profits to charitable causes. It is seen as tainting the act for the company to receive any benefit from the giving. On the other hand, the European Commission hedges its bets with two definitions wrapped into one, which is, CSR is a concept whereby companies decide voluntarily to contribute to a better society and a cleaner environment. A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis.
Why is CSR so important? Most importantly, findings from scientific research are becoming increasingly clear with regard to how CSR is