CORPORATE SOCIAL RESPONSIBILITY

Corporate Social Responsibility after the Recession

Corporate Social Responsibility after the Recession

Introduction

Corporate social responsibility (CSR) is the phenomenon that management of business process in a way to produce positive impacts on society. According to Baron (2005) the term CSR refers to integrate self-regulation mechanism in business model to show the intentions of organization that it assumes social responsibility and will work for the betterment of the society in which it operates. This term can also be define as the development of the businesses in claiming the responsibility by the impact of its activities on the environment, consumers and workers, local communities, stakeholder and all other members of the public domain. Furthermore, CSR proactively works in strengthening the public interest, by encouraging the growth and development of society, and voluntarily on the elimination of practices which are acting like damaging the public interest, regardless of legality.

Corporate social responsibility is essentially the inclusion of socially responsible companies to deliberate the public interest in the resolution companies' decisions, and in honor of the triple bottom line: people, planet and profit. The practice of corporate social responsibility is a subject of debate and criticism widespread. Proponents argue that there is strong demand for the issue of social responsibility of businesses, and companies that benefit in many ways by working with a broader perspective and longer than their own direct, any short-term profits. Critics argue that the act of corporate social responsibility is merely to focus on the primary economic role of companies, whereas others believed that CSR is no more than decorated window surface. Although critics also argue that, CSR is an attempt to preempt the role of governments as a watchdog on the powerful multinational companies (Besley and Ghatak, 2002, pp. 1343-1372).

This study would attempt to assess impacts that were observed on corporate social responsibility after the recession and its sustainability in today's global environment. In order to assess and apply shareholders/stakeholders values using CSR.

Discussion

New evidence shows that, when deployed effectively, CSR can have a significant impact on motivation, development and retention of staff. For example, Novo Nordisk, a pharmaceutical company in Denmark attaches great importance to CSR noted a decrease in turnover of around 5% after the launch of its "Values ??in Action" (Values ??in Action) that aligns organizational objectives with the principles of sustainable development, while Sears was a 20% reduction in staff turnover after the implementation of its CSR program (Mackey & Barney, 2007, pp. 817-835).

Globally, HR leaders develop and implement systems and assessment premiums that reflect sustainability and hire staff that embodies these values. For example, research by The Conference Board show that 50% of global managers indicate that in their business, social consciousness (also known as CSR) is already one of the categories contained in performance appraisals or she will be part of the future. In addition, 68% of respondents say that the link between social consciousness and performance evaluation is "increasingly important" (Cohen & Wood, 2011, pp. ...