The paper “ Corporate Social Responsibility Initiatives Hold More Value to Corporations and Bring More Sustainable Growth when They Can Be Measured" is a meaningful example of coursework on business. In recent years, studies carried out in the field of CSR have shown how aware the public has become about this practice. Governments, organizations, employees, stakeholders and even consumers now recognize the importance and criticality of social value towards the functioning of an economy. Stakeholders worldwide are embracing the importance of CSR and organizations are acknowledging the importance of incorporating it into business practices.
This subject is being taught in academics to prepare the entrepreneurs of tomorrow to be socially responsible thus enhancing their business value and improving business performance. Moreover, investors now take into account the extent to which a company is likely to incorporate CSR in its business plans before investing in it. As a result, organizations are building socially responsible strategies and programs into their corporate culture to ensure growth, measure corporate advantage, thereby integrating the social value with organizational goals. CSR is a vast topic encompassing areas such as ethics, public affairs, philanthropy, community involvement, health and safety of stakeholders, environmental protection and so on.
Some of the top SCR topics include: Community Development Health & Safety Charitable Causes Education, Training & Development Human Rights Issues Business Ethics Human Rights Issues Child Labor It is also a topic that has seen much debate and criticism since its inception. The dilemma between self-interest vs. public interest and realism vs. idealism has always existed. Similarly, proponents of CSR state that it is not only ethically advisable for corporations to practice socially responsible behavior but it is now their duty to take the common good of stakeholders into account.
They state that corporations need to have a broader vision, beyond short-term gain, and take into account the long-term benefit of society at large. On the flip side, critics of CSR claim that such a practice is not all that important because it distracts large business tycoons from their main purpose which is to look after the best interest of themselves and their stakeholders in the form of higher sales and profits, which also reaps benefits for a nation’ s economy in terms of growth and rising GDP.
Critics also see CSR as an excuse by governments to put pressure on large corporations, monitor their activities and shift their developmental role onto these large corporations. Moreover, some organizations have been the target of ridicule by critics who claim that they exaggerate in portraying themselves as socially-conscious entities just to shift the focus from their operations that in fact risk the environment. Recent sources of pressure on governments and major corporations have come from personalities as Al Gore’ s ‘ An Inconvenient Truth’ , a groundbreaking documentary highlighting the impact on the environment, in the form of global warming and climate change, as a direct result of negligent and irresponsible actions of large corporations. The StakeholdersStakeholders are those individuals or parties that are directly or indirectly related to the functioning of a business and who are impacted by the activities of a particular business or organization.
Such stakeholders are now pressurizing organizations they are associated with to be more socially responsible. The media is being leveraged by non-governmental organizations and communities for this purpose too, whereby newsmakers have a public platform to raise their concerns about the environment and emphasize the importance for companies to be socially responsible.
Employees, the drivers of any organization, are now being more proactive by questioning management on their CSR practices and asking how they can get involved. Some studies show low employee turnover rates at organizations supporting CSR causes through employee training and skill development.