Theories of Corporate Social Responsibility
Corporate social responsibility is driven by the need to make profits in an organization while also impacting the surrounding positively. CSR is thus defined as the responsibility that an organization has towards its environment. This responsibility covers areas such as the social, legal, environmental and economic aspects of the surrounding. Economic responsibility is the key objective of an organization achieved through profit making. Organizational operations are geared towards making profits since this is the only way to ensure operational sustainability and subsequently engage in greater social responsibilities.
The effectiveness of a company in the corporate world begins through sufficient profit making. The legal responsibilities of an organization are required with regards to the operational laws and regulations. It is mandatory for an organization to adhere to the laws of the operational jurisdictions prior to profit making. There are different legal requirements such as security, environmental, crime and bond laws among others.
Ethical responsibilities depend on the decision of the company. The company makes decisions about issues that it regards as right. Ethical decisions are not subject to any rules but depend on the organizational values. An example of an ethical decision would be avoiding partnership with cruel organizations. Philanthropic responsibilities are performed by organizations after accomplishing all other responsibilities. The responsibilities involve actions that are beneficial to the entire society. Through engagement in activities such as charity work, an organization accomplishes it philanthropic responsibilities.
Although all the CSR responsibilities differ in terms of what they entail, they are all important to an organization. Achieving each of the responsibilities is dependent on the achievement of other responsibilities. The key advantage of fulfilling all these responsibilities is that a company gets to make profits while at the same time enjoying beneficial relationships with its environment.
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