Corporate Social Responsibility - Conclusion

Conclusion

(hii, 2019)

What is Corporate Social Responsibility and its Responsibilities?

In Conclusion, “Corporate social responsibility (CSR) can be defined as a self-regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public.” (Invetopedia, 2019) This is simply the approach that businesses take to allow for development by performing positive social, environmental and economic tasks. “According to Carroll’s CSR pyramid, there are four responsibilities of CSR Legal, Philanthropic, Ethical and Economic responsibility.” (tudor2u, 2019)

Advantages and Disadvantages of CSR

Corporate Social Responsibility allow for may advantages and disadvantages that can be very helpful or detrimental for the business. I believe that it would be better for business to perform these Corporate Social Responsibility as there are many benefits which include creating a positive image, increasing in loyal customer and this will lead to an increase in profits. As we know there are always advantages and disadvantage of performing any task. The main disadvantage of performing Corporate Social Responsibility is that it is expensive for business to accomplish. Major businesses can allocate a budget for the CSR expense since they have the revenue while small have it rough. For small business it’s even harder since that have very small revenue so a huge expense like CSR will be detrimental to its continuation. This will create a negative image in the eyes of customer since the business cannot perform CSR.

(Austin, 2017)

The Impact of CSR on Businesses

The impact that CSR has on businesses can be considered either positive or negative. “It has been found that 77% of Canadians only wants to work for a company which has a stronger CSR program.” (Randstad, n.d.) As stated, CSR creates a positive image for the business leading to an increase in loyal customers generating an increase in sales.  From this we can now understand to importance of Corporate Social Responsibility and the advantages and disadvantage.

If you have any question or disagree with anything, I have said please comment in the comment box regarding your thoughts. You can also share your taught on the topic as it would be greatly appreciated.

References

Austin, M. S.–T. (2017, February 17). Corporate Social Responsibility. Retrieved from Corporate Social Responsibility: https://ethicsunwrapped.utexas.edu/glossary/corporate-social-responsibility

hii, c. (2019, January 18). Corporate Social Responsibility – Going beyond the status quo. Retrieved from Corporate Social Responsibility – Going beyond the status quo: http://clementhii.com/corporate-social-responsibility-going-beyond-the-status-quo/

Invetopedia. (2019, February 11). Corporate Social Responsibility (CSR). Retrieved from Corporate Social Responsibility (CSR) - Investopedia: https://www.investopedia.com/terms/c/corp-social-responsibility.asp

Randstad. (n.d.). Retrieved from Randstad interim: https://www.randstad.ca

tudor2u. (2019). Carroll's CSR Pyramid. Retrieved from Carroll's CSR Pyramid: https://www.tutor2u.net/business/reference/carrolls-csr-pyramid