Corporate Social Responsibility (Csr),

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Date Submitted: 12/05/2010 07:12 AM

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My company’s only cause is to make profit; Business is not responsible for social justice

(c) 2009 Times Newspapers Limited

Nowadays such statement is very true in business environment. Unfortunately, most of the businesses are concerned only about profit of their company. However, social justice has not lost its relevance.

The aim of this essay is to evaluate the view that ‘the idea that the company’s resources should be devoted to some cause other than making a profit is outrageous’.

What is Corporate Social Responsibility?

Corporate social responsibility (CSR), in the minds of many, has been characterized by the image of a recent ‘downsized’ employee who, after years of working in firm, is left without nothing more but an insufficient severance check.(Karake-Shalhoub, 1999)

However, this assertion is erroneous. The basic meaning of CSR has been 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. (Guarnieri & Kao, 2008)

The general view is that in the future generating economic value should go hand in hand with the development of social and ‘natural’ capital.( Jonker & de Witte, 2006)

Nowadays, more and more companies are embracing CSR and the commitment to operate in an economically, socially and environmentally sustainable manner. It makes possible to view CSR as a part of innovation and renewal process. ( Guarnieri & Kao, 2008)

Most businesses nowadays have favoured and established business systems and processes. Management of CSR can be integrated into these systems. Clearly, a firm’s social responsibility strategy, if genuinely and carefully conceived, should be unique. As well as a fit with industry characteristics, it should reflect the individual company’s mission and values—what it stands for—and thus be different from the CSR strategy of even...