Corporate Social Responsibility: Beyond Philanthropy

LAW AND BUSINESS

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAN BODY....................................................................................................................................1
CSR go beyond philanthropy and how modern corporation go beyond philanthropy...............1
Corporations are doing well just public relations or is making difference..................................3
CSR branding purely public relations and what badly companies are doing..............................3
CONCLUSION................................................................................................................................4
REFERENCE...................................................................................................................................5

INTRODUCTION
Business law which is also known as mercantile law is the rules, agreement or
legislation. Laws in business means rules which must be followed while carrying business
practice. This report will discuss that corporate social responsibility goes beyond philanthropy or
not. It will evaluate how corporations are reinvesting CSR goals with external and internal
stakeholders. Further it will analyse CSR rebranding.
MAN BODY
Is modern organisation and corporate social responsibility are going beyond philanthropy?
Corporate social responsibility- it is the management related concept and is the business
self-regulation. Under this business aims to run its business operations by concerning social and
environmental concerns. In the case of philanthropy, corporation or organisations are only
donating money but the concept of CSR is different. CSR is the activity which is carried by the
business to solve various environmental and social problems which is involved with
corporations. CSR concept is transformative. It can also provide positive effects to the whole
industry (Demir and Budur, 2019). CSR is not the alternative of philanthropy. In corporate
philanthropy, corporate provides donations for charitable causes by donating something from
their profits. Whereas CSR is the continuous process by the corporations to behave in ethical
manner in order to enhance quality of life of their employees and community as a whole. In
order to carry CSR activities modern corporations also does their business in the way which is
helpful in meeting commercial, ethical and society's expectations which they are having with
business. CSR has wide scope whereas philanthropy has narrow scope. So that is why it can be
said that corporate social responsibility is different from philanthropy.
Corporate social responsibility is one of the most important business activities.
Businesses carry CSR activities to improve their business image in the eyes of public. It also
helps in increasing company's sales because consumers gets attracted towards such companies
which contribute in the society. CSR is the continuous process it shows that business is carrying
its operations in ethical manner and also contributing in the economic development.
It is duty of the company to carry their business activities in such a manner which does not
destroy environment in any manner and in this way company is carrying their business well.
Organisation does not have right to harm environment in any manner. Consumers and
government also goes against such companies which harm the environment in any way. In
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simple words CSR means bringing positive impact in the society via company's activities in
regards of communities, environment, consumers, workforces etc. it also involves Philanthropic
efforts. The interest of company in CSR is growing day by day. Nowadays businesses are
focusing to bring improvement in the society. As they very well know that if they serve the
society then only it will become easy to increase sales. As they can able to attract more
consumers (Frederiksen, 2018). If talking about Philanthropic efforts company gives donations
or organize programs to create awareness which can be related to environment or disease etc.
there are many companies which are having good impact via CSR initiatives which brings social
values into business.
Company which is not carrying their business activities in an effective manner and continuously
harming the environment then such businesses are badly impacting the environment.
The social power of the corporations has increased. Now CSR programmes are
providing value to the communities because they are playing important role in protecting various
environmental factors. In Australia, private organisation have started initiative and have also
started seeing society as the vital thing for getting positive change. Companies in Australia have
started giving funds for communities ventures such as sporting events etc. by organising CSR
programs it gives opportunities to the companies and communities to get engage with each
other. CSR goals are impacting its internal as well as its external stakeholders. Internal include
employees etc and external involves consumers, government, investors, aboriginal people etc. it
can be seen that CSR is growing swiftly in recent times. Companies are making such CSR
strategies which have direct relationship with employee well-being. In order to provide job
satisfaction to the employees, organisation's are giving them rewards, development
opportunities, empowerment, work life balance etc. businesses are also investing in health and
safety settings which helps in enhancing company's performance (Arouri, Gomes and
Pukthuanthong, 2019). Company has also made CSR goals for external stakeholder for
improving their health and wellbeing. Corporations have relations with external stakeholder like
consumers. Company manufacture goods or products which is purchased by the consumers.
Australian companies are also providing help to various indigenous groups which include
Aboriginal people. Companies are working to improve living standard of aboriginal people.
They are also funding these people in providing free education and healthcare facilities. Helping
backward societies also comes under corporate social responsibility.
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