CORPORATE SOCIAL RESPONSIBILITY

Corporate Social Responsibility (CSR) is a buzzword for carrying out the ethical operations in the company. In order to have a clear picture of the meaning of the concept of CSR, few definitions are presented. In simple terms, it is being described as treating all the stakeholders of the organisation ethically and equally. Various authors proposed various definitions of CSR which are:

According to author Carol (2008) – “CSR is that social responsibility of business which includes comprehensively the ethical, legal, economical and various expectation that society demands from organisation at different point of time”.

According to author Mallenbaker (2012), “CSR basically means how the organisation manages the process of their business and comes with the productivity which directly or indirectly have positive on the society”.

According to author M. Hopkins (1998), CSR is directly linked with the stakeholder both within a firm & outside and treating all of them in an equally manner and in an ethical way is the major responsibility of the organisation.

Above stated definitions, the most relevant will be the Mallenbaker because society includes not only stakeholders but encompasses each and every person with whom organisations are dealing with and what organisation are doing, doing for them only to raise their goodwill by serving them best (Bacher, 2007).

Buckinghamshire University is the finest university, located in UK. They have demonstrated the corporate social responsibility by putting more emphasis on green. It’s not the only factor they are focusing on, but also they have started the public transport between campuses along with that they are getting indulged in the community. Another step for CSR that they have taken is contributing funds for the student learning. This step gaining so much importance that many companies started doing the same.

Ex: P&G, to increase the sale of their products they says that if their products are purchased than the part of their money spend will be contributed for students education.

Ex: talking about green, Panasonic come up with their products which are environment friendly. They consume less power and emit less dirt into the environment (Innes and Norris, 2005).

Ex: Easy day, a retail store which is a part of wall mart, started the bus services for the people to take them to their store or for their transport as well with the aim to connect with the public. That shows their responsibility towards the society.

Social responsibility policies proposed by the Buckinghamshire New University: inspiring for green, public transport and education for student (Mallin, 2009).

Now, their benefits are: first, though people depleting the nature’s resources but they love them equally as well. That’s why organisation is taking initiative for green to get familiar with the society. Which help them to raise their goodwill in the market. Second, where people face any problem, organisation seems as an opportunity to serve them and transport is one of them (Aguinis, 2013). That’s why the organisation started buses for the public and indirectly placed their image in the mind of people. Third, financially unsound people fails to provide education to their children’s so for them organisation provide funds to teach them and comes in the limelight and raise the positive image in market.

By the above explanation, it is being cleared that CSR is just like basic calories, without them organisation want be able to survive for long. To get placed in the society they have to give them the first priority rather to concentrate on profit only (Servaes and Tamayo, 2012).

REFERENCES

Books

Bacher, C., 2007. Corporate Social Responsibility. GRIN Verlag.

Innes, J. and Norris, G., 2005. Corporate Social Responsibility: a case study guide for Management Accountants.

Mallin, A. C., 2009. Corporate Social Responsibility: A Case Study Approach. Edward Elgar Publishing.

Journals

Aguinis, H., 2013. What We Know and Don’t Know About Corporate Social Responsibility. Journal of Management.

Servaes, H. and Tamayo, A., 2012. The Impact of Corporate Social Responsibility on Firm Value. Forthcoming, Management Science.