Essay About Corporate Social Responsibility And Responsible Business

Corporate Social Responsibility
Corporate Social Responsibility
Introduction
Corporate Social Responsibility (CSR), also known as Corporate Responsibility, Corporate
Citizenship, Responsible Business, Corporate Responsibility, or Social Action Program,
Sustainable Responsible Business (SRB), or Corporate Social Performance. It is a form of
corporate self-regulation integrated into a business model.
There is an illusion/myth that Corporate Social Responsibility (CSR) is j ust another name for
‘Philanthropy. But, CSR is not j ust philanthropy. Its more than that. A corporate citizens job
will not end by j ust donating some money and cleaning our hands that any rich person with
compassion can do. The major responsibility includes giving a helping hand to the under
privileged and disadvantaged in all possible ways. Corporate Social Responsibility is a
concept whereby companies integrate social and environmental concerns into their business
operations and in their interaction with their stakeholders (employees, customers,
shareholders, investors, local communities, government), on a voluntary basis. CSR
demands that businesses manage the economic, social and environmental impacts of their
operations to maximize the benefits and minimize the downsides. Key CSR issues include
governance, environmental management, stakeholder engagement, labor standards,
employee and community relations, social equity, responsible sourcing and human rights. It
has become a multi-billion dollar public relations specialty in the business world.
Definitions
Corporate Social Responsibility (CSR) is becoming an increasingly important initiative of
businesses both nationally and internationally. There exists no universally accepted
definition of CSR.
As per WikiPedia, “Ideally, CSR policy would function as a built-in, self-regulating
mechanism whereby business would monitor and ensure its support to law, ethical
standards, and international norms. Consequently, business would embrace responsibility
for the impact of its activities on the environment, consumers, employees, communities,
stakeholders and all other members of the public sphere. Furthermore, CSR-focused
businesses would proactively promote the public interest by encouraging community growth
and development, and voluntarily eliminating practices that harm the public sphere,
regardless of legality. Essentially, CSR is the deliberate inclusion of public interest into
corporate decision-making, and the honoring of a triple bottom line: People, Planet, Profit.”
The definition of CSR by the World Business Council for Sustainable Development offers an
acceptable definition. They state that “corporate social responsibility is 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