In accordance with Greenberg and Baron (2008), corporate social responsibility characterizes business practices that adhere to ethical values that comply with legal requirements, that demonstrate esteem for individuals, and that promote the betterment of the community at large and the environment. It includes operating a business in a manner that meets or transcends those ethical, legal and public expectations that society has of business. Briefly, the definition of corporate social responsibility is that CSR is about how enterprises manage the business processes to produce an overall positive influence on community. Corporate Social Responsibility is subset of
The triple bottom line is separately in three categories, including profit, planet, and people. Firstly, profit is an essential part of company to get good profit and challenge with others. Secondly, planet, corporations should be concerned about their environmental impacts. Lastly, people, companies should be concerned about consequences to communities. From my perspective, companies should balance these three categories, if they want to achieve their goals.
Triple bottom line approach is an addition of the standards to measure the achievement of the firm. Conventionally, a business is considered to successful if it has generated massive profit, but the triple bottom line approach takes into interpretation the three criteria for evaluating the success of the firm i.e. economic, communal and environmental. Triple Bottom Line (TBL) Approach is generally defined by the 3Ps: People. Planet and Profit.
Many organizations have started to become active in addressing social concerns. Social responsibility involves being accountable for the social effects the company has on people directly or even indirectly. The people within the company, in the supply chain of the company, in the community the company is in and as customers of the company, that is the whole lot of stakeholder are all included in this. It refers to the management’s requirement to make choices and take actions that will add to the welfare and interests of the community and that of the organization. The following have been found to be key social aspects of CSR for an
3. Sustainability is more than just being “green”. Does COMAIR reflect a clear set of values, purpose, objectives and vision to support the development of a sustainable competitive advantage as reflected by their “Cycle of Success”? In order to be sustainable companies should adopt the triple bottom line initiative, this will highlight the areas of impact; financial, social and environmental. A quick analysis of each line will highlights the aspects.
The statement which was previously mentioned shows that Starbucks does not solely concentrate upon their profits, but their stakeholders’ well beings and the environment as well. This firm tries to launch many campaigns based on the three factors of the Triple Bottom Line. As a result, when it comes to Triple Bottom Line framework, Starbucks was given the opportunity to appraise and monitor its operations. Interestingly enough, Starbucks is globally well known by people around the world. In a month, Starbucks’s customers roughly call
The main goal of many businesses in the world is to gain as much profit as possible. Environment has been destroyed to provide what people need. In the middle of 1990s, John Elkington has introduced the triple bottom line because he concerned about the sustainability. The triple bottom line attempts to solve many problems by focusing on three things which are people, planet, and profit. Companies have to measure that they do not damage to any of the triple bottom line in order to be succeeded in terms of businesses.
According to Davis, Social Responsibility is a great idea but should be considered in a managerial context. The decade of 1960 was an important decade for Corporate Social Responsibility. Many attempts were made to formalize its meaning and to establish one, unique and accurate definition and many companies started publishing corporate social reports. People were motivated to take into consideration Corporate Social Responsibility and they pushed companies towards social
It is the firm’s obligation to evaluate in its decision-making processes the effects of its decisions on the external social system in a manner that will accomplish social benefits along with the traditional economic gains, which the firm seeks. It means that social responsibility begins where the law ends. A firm is not being socially responsible if it merely complies with the minimum requirements of the law, because this is what any good citizen would do.” A firm will not survive without the support of both the stakeholders and shareholders, thus the CSR proposes the indication which states that a firm can never exist In a vacuum (Khalidah et. al.). Volkswagen has Corporate Social Responsibility embedded into its company’s culture and values.
Corporate Social Responsibility (CSR) has gained its importance as an essential activity for corporate nationally and internationally. It has become a matter of utmost importance for diverse groups demanding change in the business orientation. From 1980 to 2000, corporations recognized and started accepting a responsibility towards society. CSR implies some sort of commitment, through corporate policies and action. This operational view of CSR is reflected in a firm's social performance, which can be assessed by how a firm manages its societal relationships, its social impact and the outcomes of its CSR policies and actions.12 The term ‘corporate social performance’ was first coined by Sethi (1975), expanded by Carroll (1979), and then refined