There are four key aspects of social responsibility: ethical, legal, economic and philanthropic . Businesses that have CSR policies first ensure they are accountable to themselves, their shareholders and their employees. In addition, they hold themselves accountable to their customers and the world around them.
- Environmental Responsibility. ...
- Ethical Responsibility. ...
- Philanthropic Responsibility. ...
- Economic Responsibility.
The four components of corporate social responsibility are economic, legal, ethical and discretionary .
Social responsibility means that businesses, in addition to maximizing shareholder value, should act in a manner that benefits society . Socially responsible companies should adopt policies that promote the well-being of society and the environment while lessening negative impacts on them.
Social Responsibility: Commerce. Conscience. Compassion . Once considered mutually exclusive, these three ideas have converged in a powerful global concept—Corporate Social Responsibility (CSR).
- Reducing carbon footprints.
- Improving labor policies.
- Participating in fairtrade.
- Diversity, equity and inclusion.
- Charitable global giving.
- Community and virtual volunteering.
- Corporate policies that benefit the environment.
- Socially and environmentally conscious investments.
- Improved public image. ...
- Increased brand awareness and recognition. ...
- Cost savings. ...
- An advantage over competitors. ...
- Increased customer engagement. ...
- Greater employee engagement. ...
- More benefits for employees.
What is CSR and its importance?
CSR stands for Corporate Social Responsibility and is a business’s approach to sustainable development by delivering economic, social and environmental benefits. It also encapsulates the initiatives by which a company takes responsibility for its effect on social and environmental well being.
What are the six main characteristics of CSR?
The six core characteristics of CSR follows as the features which shows how CSR is represented with different initiatives and processes ranging from voluntary activities, managing external factors, stakeholder management, alignment of social and economic responsibilities, considering practices and values and finally ...
What is CSR and examples?
What is CSR and examples? CSR is where businesses look at how they can better serve society as a whole , thereby improving its public image and relations. Examples include Google that invested $1.5 billion into renewable energy, and Disney which invested $100 million in children’s hospitals.
- Engaged employees. ...
- Loyal customers. ...
- Positive public attention.
- Related to Business Activities. ...
- Continuous Process. ...
- Coordination between Individual and Social Interests. ...
- Two Way Traffic. ...
- Universal Concept. ...
- Recognition of Doctrine of Trusteeship. ...
- Wide Scope of Responsibilities. ...
- Means of Gaining Social Power.
Two opposing perspectives to CSR have emerged resulting from different interpretations of the role of corporations in society— business view and societal view .
Legal Responsibility
Legal responsibilities are not only liable to the individuals in the society but also to the businesses in the society. ... These rules and regulations are set for maintaining balance and the greater good of the society . A law-abiding enterprise is a socially responsible enterprise as well.
Student social responsibility mainly focuses on taking responsibility for one’s own actions . It is a promise everyone should make for the society while working for the social, cultural and, ecological causes.
What are 3 examples of responsibility?
- Responsibility: Each morning you are expected to feed the dog. ...
- Responsibility: You meet your friends at the park to play and are expected to be home by 5:30. ...
- Responsibility: Taking care of your personal safety.
