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

corporal Social Responsibility - Essay ExampleWhen determining strategies, it is important to integrate societal issues as an subdivision of a businesss social responsibility to further instill social realignment of businesses. A home must implement those social business practices that have economic benefits. The business must carry extinct its operation in a socially responsible manner which reflects its commitment to corporate social responsibility. Do for the society which is legally required and also benefits the business. Firstly, the business must be able to make comme il faut profits so that future costs can be covered and social responsibility met (Fred R, 2005. corporeal social responsibility can be defined as a form of corporate self-regulation structured into a business model. The excogitation first came into use by and by the advent of many multinational firms after 1960s. The self-regulated conduct of businesses must abide by the law, ethical standards and inte rnational customs. The goal of CSR is to basically endorse the firms to off responsibility for their actions and must not negatively impact the environment, consumers, employees, stakeholders and communities. The must make sure not to constipation the public in any way and promote their interest by encouraging fellowship development. It instills the concept of triple bottom line that is people, planet, and profit by including public interest in the decision-making of firms. The businesses have to institute approximately much-needed changes into their mission statements to comply with the social responsibility. Many businesses have started to introduce the concept of social report 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 like AccountAbilitys AA10 00 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 there 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 more likely to come in in a firm which appraises 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 saving grace can be easily 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 committ al by practicing distinctive ethical values. Successful businesses such as The Body Shop and American robes have a strong reputation for integrity and best practice and therefore 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 insincerity and hypocrisy attach to CSR. Some people