The Importance Of Corporate Social Responsibility

1702 Words7 Pages
Introduction:-
Corporate social responsibility means seriously considering the impact of a company’s actions on the society. – Bauer
The obligation of decision makers to take actions which protect and improve the welfare of the society as a whole along with their interests. – Davis and Bomstrom
Corporate Social Responsibility is a concept that integrates a company 's social concerns with their business operations. It aims to create trust between various stakeholders and eventually attain of sustainable development.
Community service and ethical way of functioning only helps to gain more business and increase the adherence of the code of conduct.
Importance and Scope
• Importance of Corporate social responsibility is not merely extended to the
…show more content…
• Although the scope of CSR as a discipline is vast, this research paper is limited to the medieval era.

LITERATURE REVIEW The broad rationale for a new set of ethics for corporate decision making, which clearly constructs and upholds an organizations social responsibility, arises from the fact that a business enterprise derives several benefits from the society, which must, therefore, require the enterprise to provide return to society as well. This, therefore clearly establishes the state of a business organization in the good health and well being of a society of which it is an integral part. Most pompously, in this age of widespread communication and growing emphasis on transparency, the managers should help their company in developing of a Corporate Social Responsibility (CSR) management and reporting framework. CSR is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally understood as being the way through which a company achieves a balance of economic, environmental and social imperatives while at the same time addressing the expectations of shareholders and stakeholders. The idea of
…show more content…
A number of special initiatives were introduced by businesses to improve the plight of certain disadvantaged groups in society. In parallel, there was also a rise in companies acknowledging social responsibilities towards the wider community in the form of cash donations, sponsorship, job creation programs and secondments. Some prominent
British industrial leaders were also vociferous in promoting this concept.
Recently, Sir John Banham, the former Director General of on federation of British Industry, proclaimed:
‘It is a prime responsibility of managements to ensure that companies are good corporate citizens, caring not just for those with a direct stake in business – shareholders, employees, customers, suppliers – but for the general public and the environment in the broadest sense of the term.
Social responsibility encompasses many different aspects of business life. It means putting customers first and providing them with good, safe and reliable products and services. It means being a first-class employer, providing fair pay, good conditions and decent pensions for employees.
It involves genuine concern for health an safety and a commitment
Open Document