There are many other names for Corporate Social Responsibility such as sustainable responsible business, social performance, corporate citizenship, corporate conscience and simply CSR. By definition, Corporate Social Responsibility means an obligation and compulsion for a company to set and run based on long term objectives which will benefit the society. Companies should be committed towards improving the lives of their workforce, as well as communities while contributing towards the development of the economy. Overall, a company needs to run a business which gives a positive impact to society.
Today, many companies have adopted Corporate Social Responsibility in their long term goals. Many have incorporated the program into the company’s code of ethics and mission statements which makes the program known to investors, stock holders as well as other interested parties. Most companies today have their very own Corporate Social Responsibility department, which is in charge of managing social programs, as well as ensuring that the company’s efforts in Corporate Social Responsibility remains relevant to the public.
The scope of a Corporate Social Responsibility program is actually quite wide, which covers from the slightest of change in the company’s operations, to more bigger and public social events. Some even begin in the office itself by offering higher wages and providing good work conditions for their workforce. Corporate Social Responsibility programs are designed to enhance the lives of others as well as be impactful positively to society.
Besides welfare issues, some Corporate Social Responsibility programs target charitable aspects in a community. For example, a company might sell products, in which some of the profits go to charity. While this is an effort to both profit and be charitable as well, it definitely plays a part in giving back to the community. Some bigger corporations usually support charitable bodies and causes as well as directly donate money to the charity organizations that they support.
Supporters of Corporate Social Responsibility programs feel that it is a great way for companies to give back to the community, as well as work in a responsible and ethical way while pursuing economical goals. It is also a great way to retain customers and workforce in the long run, especially when the company is on a track with positive long term goals. Companies with a solid Corporate Social Responsibility department are often well respected and loved in the eyes of the company, which also helps with the revenue generating efforts of the company.
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