The Future of Corporate Social Responsibility
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In response to the article “The Future of Corporate Social Responsibility” I fell that I need to agree with Sister Doris Gormley.
In recent years there has been a growth in public sensitivity–and particularly among the investor community–toward corporate social responsibility as a strategic initiative. It is a way in which the company attracts key executives and a strong workforce, builds relationships with business partners, encourages customer loyalty, and in general builds a brand awareness that is associated with positive things.
Increased corporate attention to CSR has not been entirely voluntary. Many companies awoke to it only after being surprised by public responses to issues they had not previously thought were part of their business responsibilities. Activist organizations of all kinds, both on the right and the left, have grown much more aggressive and effective in bringing public pressure to bear on corporations. Activists may target the most visible or successful companies merely to draw attention to an issue, even if those corporations actually have had little impact on the problem at hand.
Corporate social responsibility has evolved from the recognition that businesses must pay attention to what is in the interests of management, shareholders, employees, and the community. It is a concept that is focused on doing well financially and doing good in the process, because success is very often the result of the two being associated. Today this concept has taken on a global significance, and the idea is promulgated throughout the world. By demonstrating concern for the environment, human rights, community development and the welfare of their employees ,companies will gain a competitive advantage by appealing to the growing numbers of socially and environmental oriented consumers, investors and employees.
Corporate social responsibility can include ensuring that the employer is using best practices in dealing with its employees and that the value of diversity is reflected in the companys personnel policies and in their implementation. There is an internal side to this that is crucial if the company is going to avoid loss of share value and a negative image in the marketplace. Internally, it cultivates a sense of loyalty and trust among the employees, it improves operational efficiency of the company and its often accompanied by increase in productivity. Apart from this, CSR helps ensure that the organization comply with regulatory requirements.
There is an external aspect as well, and that is reflected in things such as active and focused charitable giving programs, it can create short term employment opportunities by taking various projects within the community, it creates a positive image and reputation and earns respect among its peers.
Compliance with a variety of discrimination and employment laws is a key aspect of corporate social