What is Corporate Social Responsibility
Corporate social responsibility can be defined as the process in which a company or business aligns its values and goals for the purpose of producing an overall positive impact in the society. It basically entails the business contributing to development and to the society both ethically and socially. This includes the development of the workforce, their families and their society at large.
The responsibility of a corporate social responsibility includes being a good citizen in the community; this entails setting good examples for the entire citizens to follow and relating well with the citizens. The other responsibility is conducting the business environment in an ethical way and for the best interest of the wider community. The business should not only focus on making profits but also build the entire society; this means as the business grows it should grow with the entire society. Another responsibility is the Corporation responding positively and fast to any emerging expectations and social priorities plus balancing the shareholder interest with the interest of the entire community.
Corporate social responsibility is all about taking the interest of shareholders, employees, the society and any other kind of relationship. Corporate social relationship goes way beyond restricting the corporation within the law since social responsibility is above the law of the land. As a business it about analyzing what type of effects the company or industry has to the community surrounding for example in terms of pollution. The company should be able to regulate the extent to which they can pollute the environment in order to relies profits, the company should also be able to device mechanisms to cub these pollution effects.
There have been debates going as to whether it is the responsibility of the business to participate in social responsibilities. Some individuals argue that it is not the responsibility of the corporation to be involved in social problems and issues, as a result there were schools of thought that have been brought forward. When you analyze the free market school of thought against the corporate social responsibilities you find that the free market school of thought tries to overrule the social responsibility of business in that; social costs reduce economic proficiency and limits profits and that incorporating social goals in a business dilutes the primary role of the business which is to make profits.
On a corporate responsibility view the corporate or organizations do not have the obligation to question their rights to operate in the society. All businesses depend on the society and there exist a mutual relationship between the society and the businesses which should be respected. Lastly corporate social responsibility involves pursuing long term goals which are of benefit to the company and the society.