Introduction Corporate social responsibility can be defined as the voluntary commitment that companies assume to contribute to the progress of society.
The concept of Corporate Social Responsibility has emerged in the last decades and it could be argued that this concept might have been created because of, as well as in response to, the increasingly voiced concern by consumers and pressure groups about the corporate performance and the ethical behavior of some big corporations. The past decades have seen a great evolution of the concept of Corporate Social Responsibility and the modern businesses have adopted it as a way to enhance the relationship with their stakeholders, satisfy the needs of the society, and demonstrate their willingness to improve the contemporary world.
Establishing Corporate Social Responsibility has been beneficial for many big corporations and it programs are now regularly integrated into their business plans. The implementation of Corporate Social Responsibility helps businesses to increase their profitability and market share, engage more motivated and committed employees, improve their reputation and trustworthiness, and ultimately to become the highly valued proactive members of the society.
The core element of Corporate Social Responsibility lies in the idea that businesses have social obligations to the local, national and global society in which they operate. Whether or not a corporation accepts to fulfil such obligations is their personal decision and it distinctly depends on the concept each company has of what kind of company they desire to be. That being said, Corporate Social Responsibility often covers initiatives such as Integrity, Solidarity, Transparency, Fairness, Quality, Sustainability, Respect and Professionalism.
It has now become clear that Corporate Social Responsibility is often linked to activities such as philanthropic, philanthropic, and charitable work and can be implemented through initiatives such as CSR-related campaigns, community outreaches, volunteering, and donations.
When it comes to Corporate Social Responsibility, a company is expected to demonstrate commitment by adopting policies that consider the three main areas of Corporate Social Responsibility: economic, social, and environmental responsibility. Examples of Corporate Social Responsibility activities in the economic as well as social area could be the development of a fair pricing policy, cooperation with businesses from underprivileged regions, and poverty reduction programs. Moreover, a company is expected to practice Corporate Social Responsibility concerning the environment by promoting environmental friendly strategies, the adoption of green strategies, or waste reduction techniques.
The importance of implementing Corporate Social Responsibility lies in its potential to maximise the positive impacts corporate activities can have on its stakeholders, the society, and the environment. It is generally assumed that Corporate Social Responsibility activities serve to help improve the companys operating performance, to foster customer loyalty, to help develop competitive advantage, as well as to create a positive public impression that has a positive impact in the long term.
Conclusion
Overall, Corporate Social Responsibility has become an important and beneficial element in the corporate landscape. It is an essential factor that companies must consider and implement in order to operate ethically and responsibly. Corporate Social Responsibility activities often help businesses to strengthen the relationships with their stakeholders, to gain more public support for their activities, to acquire a better understanding of their social obligations, and to demonstrate a commitment to a ethical and responsible way of operation. As such, it could be argued that engaging in Corporate Social Responsibility activities in nowadays society is an essential factor for the successful operation of a business.
