It is mainly defined as concepts and strategies by which companies voluntarily integrate social and environmental concerns into their business operations and stakeholder interactions Enquist et al. In simple words, CSR refers to responsibility and accountability of organization for its impact on all relevant stakeholders. In convention terminology economic refers to assets minus the liabilities, but in a broader there are other factors need to be taken into account in a long run such as the human capital, the intellectual capital and the natural capital Elkington, According to Nidumolu, et al.
Therefore emphasis of sustainable organizations not only toward shareholders and profitability but also taking into consideration responsibility for social and environmental bottom lines Elkington, To be sustainable, business needs to more committed on two major dynamics such as top management commitment and involvement to an issue result in quick change and Recruitment and retaining of right kind of workforce Nidumolu , p, Johnson, described WCED, Corporations must effectively react on the consequences on natural capital by their action when it is used or harvested Elkington It can be done through tougher regulation educating and organizing consumers so that they will force businesses to make companies more responsible to environmental challenges Nidumolu et al.
To be environmentally responsible, corporations induce suppliers and retailer to develop eco-friendly inputs and outputs of entire value chains and reduce waste ibid. Such compliance to regulations assists corporations to take greater responsibilities on the environment by making decisions to invest in protecting and improving the environment Elkington, Social responsibility encourages the idea of bring corporate performance up to a level where it is compatible with prevailing social norms, values, and expectations of performance Sethi, Similar views has been express by Frederick, as social responsibility is to imply a public posture toward societies, economic and human resources and to see these resources are used for the welfare of society.
Aim of the social responsibility of companies is to educate and trained the human capital, to turn a social problem into economic opportunity and economic benefit, into productive capacity, into human competence, into well- paid jobs, and into wealth Drucker, Corporations as an essential part of the society must take responsibilities on the areas which they affected by their actions to build trust among the corporations and the stakeholders in order to attain long term sustainability Elkington, All three pillars of CSR, economic, environmental and social need to be considered as business norms by corporations in order to persuade the expectations of all stakeholders.
This can be achieved if the company concerned and responsible in their actions as impact on society and environment while taking care of its profitability. Porter and Kramer also support the argument of treating CSR as core business value and norms of applying it on their core business strategy, to ensure CSR as a source of opportunity, innovation and competitive advantage rather than expense, restriction, or a charitable deed.
One advantage that taking CSR into the social media sphere offers is the ability to narrowly target certain market segments and demographics, in order to promote awareness of CSR efforts, or to engage the public in participating in these efforts. One example of a firm that uses social media to target a particular segment of consumers when publicizing CSR efforts is McDonalds, which uses the Twitter hashtag Black to promote and spread information about its Black program — an effort to expand access to education, employment, and career information within black communities.
Unlike traditional marketing efforts that might target a geographic locale or a certain demographic, social media platforms allow nearly instantaneous feedback about the success of CSR marketing efforts: In many cases, implementing the use of social media also offers another distinct advantage over traditional means that firms and other organizations user to promote CSR: Compared to other means of achieving publicity for a the impact that WalMart has made is a relatively low cost way to increase public exposure to a CSR campaign or effort.
Though paying an employee to handle social media efforts is probably necessary in many cases, this cost must be compared against the alternative: Small businesses are far more likely to reduce their costs by turning to social media, compared to midsized and large firms, which depending on their sector and marketing tactics might not actually see a decline in costs by utilizing social media.
Additionally, social media platforms allow for publication of content, as well as receipt of feedback from the public, that enhances the awareness of CSR efforts related to private governance, and enhances the impact that these projects have.
One interesting aspect of this is that consumers have uploaded content relating to this effort to social media sites like YouTube , where years after the CSR campaign began, consumers are still engaged in discussions about these advertising techniques do not maximize exposure.
The participatory aspect of social media platforms allows for the public to play an active if indirect role in facilitating discourse regarding private governance efforts, thus integrating elements of participatory democracy into these CSR strategies. Social media also enables firms to diversify the means by which they solicit, receive, and interpret feedback related to CSR campaign efforts. In addition to providing a means to present the public with surveys and feedback opportunities that they might otherwise avoid i.
A good social media strategy implementation assigns resources within a firm to collecting feedback on social media platforms, soliciting additional feedback where appropriate, and archiving feedback for future research and analytics usage. Though the information that is collected from social media platforms in this manner is not as controlled or reliable as information that is collected in more formal surveys, this method does entail certain advantages: An additional way that social media can expand the impact that a CSR effort has is by transcending the barriers that are associated with the use of traditional media.
For instance, publishing information in newsletters, newspapers, or other community-centric publications alone may have been a sound strategy in the past, but today will necessarily limit the exposure that CSR efforts attain. As readership of these traditional forms of media continues to drop, they cannot be depended upon to achieve the kind of exposure that many firms desire.
Hence, they must become part of a more well-rounded strategy that ensures that demographics that increasingly avoid print media especially younger people are also exposed — which means turning to social media.
Social media also helps to eliminate temporal issues related to engaging in CSR efforts related to events within a community. For instance, a firm might be a prominent sponsor of a local arts festival, and yields benefits from having their logo printed on flyers, banners, and other promotional materials distributed at the event.
Ergo, another reason to utilize social media as one component of a CSR effort is to ensure two things: The fact that social media has an impact on business to business relationships might seem surprising at first — until one considers that ultimately, the decision-makers at businesses are the same sorts of people that utilize social media websites.
Essay on “Corporate Social Responsibility and Ethics” Type of paper: Essays Subject: Business Words: Social responsibility is an idea that has been of concern to mankind for many years.
Corporate Social Responsibility (CSR) is a self-regulatory mechanism incorporated by corporations in their business model. The term CSR is also used for activities carried out by companies around the globe to give back to the society.
Corporate social responsibility incorporates dimensions of corporate responsibility, and corporate policy which include a company’s policy to hire minority or disabled workers, or taking a stance on social and political issues that benefit the community. Corporate Social Responsibility is a model for incorporating ethical business regulations into the business model. This model provides corporations a framework to embrace a responsibility towards the community, employees, environment and other service users.
Corporate Social Responsibility essays Over the past decades, there have been increasing concerns from the public that many businesses have little concern for the consumer, care nothing about the deteriorating social order, and are indifferent to the problems of the environment and minorities. Corporate Social Responsibility Project Mercedes-Benz is a leading Automotive Manufacturer throughout the world. Even though they are the best at what they do, they do not focus all their attention on only automotives, they excel in CSR and involvement in the community as a whole.