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Concept of Corporate Social Responsibility - PDF

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Added on  2021-06-15

Concept of Corporate Social Responsibility - PDF

   Added on 2021-06-15

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Running Head: Ethics and Sustainability Ethics and Sustainability
Concept of Corporate Social Responsibility - PDF_1
Ethics and Sustainability 1a.Concept and theories of CSRConcept of Corporate Social Responsibility is emerging and it is far beyond the charity. As permy opinion, it has become the obligation for the organization same as the legal regulations,environmental as well as ethical concerns. Business enterprises plays vital role in industrial aswell as whole country’s development. It has been observed that some of the companies are evenbigger than the developing countries. Social responsibility has become a crucial part oforganizational operations. I have analysed that with the effect of globalisation, size of businesseshas been increased in domestic as well as in international markets. Business for SocialResponsibility defines CSR as “achieving commercial success in ways that honour ethical valuesand respect people, communities, and the environment (Abratt & Kleyn, 2012).According to World Business Council for Sustainable Development, “Corporate SocialResponsibility” is the commitment by business organizations to work in ethical manner alongwith contributing towards improving quality of workforce in consideration with the economicdevelopment. Apart from this as per my view, business enterprises are also responsible towardstheir workforce’s families, local communities, and societies. Theories which are linked with theresponsivities of business enterprises are Corporate Social Responsibility, Stakeholder theoryand the triple bottom line. I have analysed that with the help of these three approaches,organization could easily sustain in the competitive business environment for a long period oftime along with determining the opportunities to enhance its performance. These approaches arealso useful in attainment of desired goals and objectives in the most appropriate manner (Bear,Rahman & Post, 2010).b.Principal trends of corporate ethics and sustainabilityAcross the globe, corporate ethics have created significant place within business operations. INmy concern, latest trends in relevance with corporate ethics for business enterprises areadaptation of code of ethics. For the same, corporates have adopted several training anddevelopment sessions in order to improve organizational performance along with matching upwith the global business environment. From various trends, current and principal trends in corporate ethics are:
Concept of Corporate Social Responsibility - PDF_2
Ethics and Sustainability 2Issues and challenge raised due to utilisation of computer technology within workplace;Character training; and Emergence of corporate ethics literature as a trending genre (Jones & Jones, 2010).Adaptation of these trends in business operations will lead the organization towards sustainabledevelopment. Ultimately, organization will be able to enhance its performance along withgaining competitive advantage in the marketplace. I have analysed that apart from trends incorporate ethics, key trends related with sustainability are growing level of automation, briefing,pressure by public for transparency. As per my opinion these key trends are forcing businessorganizations towards sustainability leadership (London & Hart, 2010).c.CSR from the perceptive of stakeholder interestAs per my opinion, stakeholder perceptive in relation with corporate social responsibility definesthe ethical obligations of outside world for organization. Stakeholders for an organizationinclude customers, directors, employees, investors, society, and all those who take interest inorganizational actions. Organization is required to think from stakeholder’s perceptive that whoall are affected by organizational actions. In relation with the corporate social responsibility inconsideration with the stakeholder perceptive, I have analysed that organization is required toperform their operations so as to perform the activities in an appropriate manner. For example:when a factory performs production activities, waste generates and while disposing waste, it isrequired for the organization to dispose it safely so that stakeholder does not get affected(Mellahi, Morrell & Wood, 2010).In order to perform organizational activities in an effective manner, it is necessary to takeconsideration from stakeholders. I have realised that business ethics plays vital role inorganizational success and growth and stakeholders are one of the major responsibility forbusiness organization. Thus, stakeholders are invited by management to share their views incorporate decisions. Stakeholders are all those people who have interest organizational activitiesbut major stakeholders who get affected by organizational actions are workers, customers,shareholders, community and suppliers (Singer, 2011).
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