Corporate Social Responsibility: A Business Approach for Sustainable Development

Corporate social responsibility
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Table of Contents
Table of Contents.......................................................................................................................1
What is CR or CSR (corporate social responsibility)?...............................................................2
CSR model.................................................................................................................................2
The 21st century CR surge..........................................................................................................2
Corporate responsibility and the media......................................................................................3
The upside of CR.......................................................................................................................3
Reputation risk management......................................................................................................3
Brand differentiation..................................................................................................................4
Talent attraction and retention...................................................................................................4
CR and the corporate reputation................................................................................................4
Consumer values and expectations............................................................................................4
Investor pressure: the growth of socially responsible investing................................................4
Responsibility inside and out: employee involvement in CR....................................................5
Being green................................................................................................................................5
Communicating about CR..........................................................................................................5
CSR: a commitment to integrate social and environmental concerns:......................................5
Public and environmental interests into corporate decision-making.........................................6
References..................................................................................................................................7

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What is CR or CSR (corporate social responsibility)?
Corporate social responsibility means a business approach that contributes towards
sustainable development through producing social, economic as well as an economic benefit
towards all the stakeholders of the firm. It is about the study of how the company affects the
economy and its environmental and social aspects. CSR is different for different companies.
The set of activities and objectives are supported by the corporate social responsibility of a
company.
CSR model
The CSR model proposed by Carroll illustrates the responsibilities which it serves:
Economic: the business needs to earn the desired profits and the returns on the revenue
invested. And it is the only way by which the company can gain the benefit of trust from
society and make it survival sustainable in the long term (Forbes 2019).
Legal: this criterion obliges the company to follow the laws and the policies and abide by the
other rules and the regulations such as the regulations under the employment sector, the
competitive laws and the policies one must follow while competing and the rules concerned
with the health and the safety issues.
Ethical: the ethical responsibility asks the company to act morally and ethically where the
business and its operations are required to work beyond the narrow obligations of the law,
and the policies such as the company should treat its employees, customers and the investors
abiding by the moral and the ethical nature (Griek et al. 2019).
Philanthropic: this responsibility suggests the company to return to the society whatever it
has taken from them by doing the charity, giving the donations and others. This responsibility
is not mandatory, but it is an important role which must be performed by the company.
The 21st century CR surge
The corporations and the companies have gained more awareness about their interests
and the objectives. The societies that are collapsing are not beneficial and suitable for the
company’s survival. The business operations also need stability in the political aspects. The
approval of the community only allows the company to conduct its operations. All the
environmental and the social issues must be considered as the changes in the climate, the
inequality in the income of the population and the negligence of these aspects have a serious
influence on the company (Management 2019).