The Social responsibilities of corporate companies are known as Corporate Social Responsibility. It is a duty of the corporate body to protect the interest of the society as well as the environment. We know the main motive of business is to earn the money, corporations should take initiative for the welfare of the society and should perform their activities within the framework of environmental norms.
According to Lord Holme and Richard Watts “Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large.”
Corporate companies are part of society and their business activities affect directly or indirectly to the society. So the companies should provide goods and services legally, efficiently and profitably to the society. It is also the newest management strategies where companies try to create a positive impact on society while doing business.
Most of the consumers expect from companies to not only make a profit but also operate responsibly to address social and environmental issues according to a study of Cone Communications.
Why CSR Matters? For a balance of economic, environmental and social imperatives, CSR matters. It is a type of management concept whereby companies integrate social and environmental concerns in their business as well addressing the expectations of shareholders and stakeholders. Environmental sustainability impacted by corporate actions so companies have to environmental sustainability with recycling, waste management, renewable energy or reducing paper use act. Raising money for local charities, sponsoring local events and supporting local economy can provide a better life to the community people.
Efforts of Corporate for Social Responsibility
Companies have a large carbon footprint and they are reducing those footprints with the use of new technology or other innovations. It would consider both good for the company and society. So the protection of the environment is the primary focus of the corporate companies.
Corporates also practice social responsibility by donating to national and local charities which can be beneficial to the society. They have lots of resources that can benefit the local community. Attending volunteer events says a lot about a company’s sincerity and social responsibility. By doing good deeds without expecting anything in return, companies are able to express any concern for their issues and support for certain organizations.