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Corporate social responsibility(CSR)

Corporate social responsibility (CSR) concerns both the public and the business community. The current global financial crisis has ignited public concerns with corporate social responsibility. It also addresses how corporate social responsibility should develop and operate in the future in order to benefit companies, communities, and society as a whole. By considering above aspects of CSR. I Vaishali D Muke student of LLM (Business corporate law) trying to elaborate various aspects of CSR in this article.

Abstract
Corporate social responsibility plays an important role in a firm’s life in the U.S. today. It is not enough for companies to generate a profit. U.S. citizens expect them to generate a profit and conduct themselves in an ethical and socially responsible manner.

The U.S. Sentencing Commission Guidelines help organisations facilitate this expectation, which is vital for corporate growth and maintaining a competitive edge. Managers who deal with ethical and social responsibility problems oftentimes aren’t dealing with optimal solutions. Managers often settle for solutions that suffice or cause the least harm. Managers charged with choosing the ethical or socially responsible path often face problems with no clear solution.

key components of CSR:

  1. The basic values, ethics, policies, and practices of a company’s business;
  2. The voluntary contributions made by a company to community development;
  3. The management of environmental and social issues within the value chain by the company and its business partners—from the acquisition and production of raw materials, through the welfare of staff, to product sale, use, and disposal.


Corporate Social Responsibility- Definitions

A good company delivers excellent products and services, and a great company does all that and strives to make the world a better place. - William Ford Jr.

Four Types of Corporate Social Responsibility

  1. Philanthropy

    The largest companies in the world are aligned with philanthropic efforts. Microsoft works closely with the Bill and Melinda Gates Foundation to bring technology to communities around the world. The company understands that its success requires not just continued innovation, but building a next generation capable of understanding, using and improving technology.

    Even small companies benefit from aligning with philanthropic causes. A local car wash might offer schools a platform to host fundraisers for sports teams. Restaurants have fundraising nights when proceeds benefit a local school or charity. Supporting these causes happens to also be good marketing, because the community is invited into the business, has a good experience and sees the company in a positive light.

  2. Environment conservation

    Environmental concerns regularly make the headlines, whether a long-term problem like global climate change or a more local issue such as a toxic chemical spill. Companies that align themselves in these efforts help minimise environmental problems by taking steps such as reducing their overall carbon footprint. Although major corporations get most of the attention for their environmental commitments General Mills has committed to a 28 % reduction in greenhouse gas emissions, for example -there are plenty of opportunities for small and mid-sized business as well.

    Does your business have an active recycling program on site? Have you considered using alternative energy sources like solar and wind to help power your operations? There are plenty of green cleaning alternatives that can help reduce your use of harsh toxic cleaning chemicals. All these steps can make a small but significant contribution to improving the environment. You can also ask your suppliers to do the same, letting them know that their environmental measures will be a factor in your purchasing decisions. By doing so, your environmental commitments are multiplied along the supply chain.

  3. Diversity and labour practices

    Business leaders realise that diversity in the workplace is beneficial when everyone is getting along and working as a team. However, labour policies must apply to all employees, even those at the highest levels of the company. The scandals with Harvey Weinstein and Steve Wynn show that no company is impervious to the ramifications of sexual harassment. This movement has also given rise to other diversity issues in the workplace that need attention and consistent action. As a business leader, review your own diversity policies and protocol to address any complaints and violations. This is not only good for your company image, it also helps build a positive company culture with good morale and high productivity.

  4. Volunteerism

    Local communities and charities always need help. Smart business leaders know that being involved in the community in a productive way is good for the company too. Give employees the opportunity to help a local school plant trees or work with the city council on addressing homelessness in the area. Business leaders have the opportunity to choose where to spend volunteer efforts to best help the local area along with the company. The important thing for businesses is to choose a cause and contribute time.

Approaches to CSR

There are two basic approaches to CSR: Traditional Approach and Modern Approach
Traditional Approach, Under the traditional/classical operation of the corporate enterprises, society’s basic demands upon the business were to produce goods and services efficiently and the responsibility of business enterprises was to use resources and engage in activities designed to increase profits and size of enterprises.

The Modern Approach, New social pressures have changed the objectives of business enterprises. There is growing public demand for corporate involvement in solving many social practices so that social responsibility becomes a standard by which business practices are evaluated. It is opined that business houses should formulate financial goals for the shareholders and social goals like pollution abatement, minority employment and related corporate activities.

Impacts of CSR:

The corporate social responsibility also has an impact on the internal environment of any corporate system. It has a direct impact on the decisions of the company and shows their concerns about the society and sustainability. At the same time, their attitudes towards the Corporate social responsibility (CSR) in United States of America effect the talent attraction, directly.

The more a company is concerned about its role in the society and the global system, the more it will be able to find good and innovative talent to its platform. According to recent studies, it has been found that the young talent is more inclined to work for the organisation that is environment-friendly and work more for social causes, sustainability, and philanthropy. Overall the sustainability and CSR programs are on the rise among American companies. The revolutions are already there are the researchers suggest that the corporate entities must implement the CSR and sustainability programs to gain a long-term success.

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