BUSINESS STRATEGY

Corporate Social Responsibility

Corporate Social Responsibility

Introduction

The economic, social, physical, moral, legal, and psychological dimensions of environment are the focal point of Corporate Social Responsibility. This concept is prevailing and dominant in the business reporting. Corporate Social Responsibility (CSR) is the part of policy concerning for each and every organization. It is necessary to claim and recognize those activities of corporate which is socially responsible and which is not responsible. The philosophy behind the corporate social responsibility is that either we do or do not agree with the opposing parties about the interest and gains from the business and its wider impact on the society. Sustainable and balance development is one of the greatest challenges of the humankind. The protection of core environmental and social values for the international standards and natural systems is the need of the time. It is the in the best interest of business to address and reduce the common problem in the paradigm of the society.

Question no. 1

Definition

The correlation and association between individual citizens, global corporations, and transnational companies as a part of organization in which the local society operates is known as Corporate Social Responsibility. In other words, CSR is defined as a broader relationship between a company and its defining stakeholders.

Each syntax or phrase of the definition presents a dimension of the issue as a part of parallel argument in the paradigm of ethics (Carroll, 2009, pp. 33). It is a kind of social contract between the organization and the society.

Concept

There is a sound and holistic business case for corporate social responsibility. The nature of corporate social responsibility with uncertainty makes it difficult to understand and define the CSR to its certainty. There are three basic principles that work as core concepts of corporate social responsibility.

Sustainability:

The concern or actions of the present have options for variable effect that are available in the future. This statement is the major concern for its validity. The sustainability is the prime principle of CSR that allocation and utilization of resources in present are no longer obtainable for use in the future. The finite quantity of resource is another particular concern. Sustainability implies that regeneration of resources should be according to the resources of the society (León-Soriano et al., 2010, pp. 249). The input and output models of consumption of resources is the winder system of the organization.

Accountability:

The development of measures of environmental performances and treatment of the actions of the organization is the principle of accountability. A wider societal network with many responsibilities is the core concept of the accountability. The power of the external stakeholders has the influence to affect the actions and forces of the organization. The characteristics of this state of principle are its understanding to all the individuals. The relevance, comparability, and reliability of the information are also necessary to understand.

Transparency:

The pertinent facts and reporting of the organization is ascertained by the external actions and impacts of the organization in the principle of ...