Corporate social responsibility
A Department of Trade and Industry (DTI) working group defined CSR as “the management of an organization’s total impact on its immediate stakeholders and the society within which it operates.”
Corporate social responsibility is essentially an embryonic period that does not have a standard description or a fully recognized set of specific criteria. With the understanding that businesses play a key role on job and wealth creation in society, CSR is generally understood to be the way a company achieves a balance or integration of economic, environmental, and social imperatives while at the same time addressing shareholder and stakeholder expectations.
CSR is a way of understanding and managing stakeholder issues that adds value to the business:-
• Builds and protects reputation
• boost recruiting potential
• distinguish, generating competitive edge
• Broadens engagement creating new opportunities
• fortifies license to operate
• Builds a sustainable business accepted as applying to firms wherever they operate in the domestic and global economy.
The approach businesses engross the shareholders, employees, customers, suppliers, governments, NGO, international organizations, and other stakeholders is usually a key feature of the concept. While business compliance with laws and regulations on social, environmental and economic objectives set the official level of CSR performance, CSR is often understood as involving the private sector commitments and activities that extend beyond this foundation of compliance with laws.
CSR is by and large seen as the business contribution to ...