Csr - Corportate Social Responsibilty

“Corporate social responsibility is a process with the aim to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere who may also be considered as stakeholders.” (McWilliams, 2001)

Or

“Corporate Social Responsibility (CSR) can also be defined as 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.” - World Business Council for Sustainable Development in its publication "Making Good Business Sense." (Lord Holme and Richard Watts, 2001)

From my understanding from previous lectures and from my own experience, I feel, corporate social responsibility is important for an organization because of the following reasons,

* It helps organizations attract and retain employees.

* It also gives a boost to the business and employee morale.

* It Boosts community relations.

* It an easy way to build brand, reputation and public profile.

* It attracts investors.

* Cuts business costs.

It is very important for the businesses to note that, Customers are attracted to only socially responsible companies, which make CSR even more important.

Carroll’s four-part model of corporate social responsibility is the modern way defining CSR as discussed in 10th week of BUGEN class. Also known as the pyramid of corporate social responsibility, it has four types of responsibilities, namely

1. Economic Responsibility – to be profitable.

2. Legal Responsibility – To obey laws.

3. Ethical Responsibility – To do what is right.

4. Philanthropic – Contribution towards social, educational, etc.al.

I’m proud to say that, I worked for an organization which was listed as #1 company in best CSR reputation in the world by Forbes. I worked...