Critically Analyse Whether Coporate Social Responsibility Is Benificial to Business and Society

Critically analyse whether Corporate Social responsibility is good for business and society

Corporate Social Responsibility is the term used to describe the self regulation function of organisations, it is there to act as a mechanism whereby businesses can monitor their activity and determine whether it complies with ethical standards and international norms regarded suitable not only by the business itself but by society as a whole. Corporate Social Responsibility (CSR) must be integrated into the business model in order for it to work successfully as it will be a centre point in decision making regarding most areas ranging from issues with waste disposal and what affect this has on the environment to deciding salaries of chief executives and whether they can justify the job they do requires their high pay levels. The objective of CSR is for a business to have a positive impact on society, and to issue a sense of fairness. This includes making sure workers are suitably paid and are safe from injury, local communities are supported and not harmed by issues such as pollution, and that all other stakeholders of the company including customers, government, suppliers etc are not to be negatively affected by the actions of the organisation. In order to successfully achieve this there needs to be a great amount of effort and thought put into the company decision making process, especially for larger organisations if they are to ensure they meet the ethical standers expected by not just one but all of its stakeholders.

This point then raises the issue of cost. Is CSR cost effective for businesses, what are the advantages to businesses dedicating effort and time into CSR, and furthermore is it then beneficial to society. Throughout this essay I will analyse whether CSR really is good for businesses and society, taking many factors into account such as studying different stakeholders, looking at cost, possible benefits as well as the disadvantages.

First I...