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What are the strengths and weaknesses of corporate social responsibility

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What is Corporate Social Responsibility? Definition of Corporate Social Responsibility What CSR basically means is that a business does more for the wellbeing of others than required in an economical make a profit and legal obey the law sense. CSR critics Although most companies in the world today agree that corporate social responsibility is part of daily business practice, this idea is not shared by everyone.

This is the so-called business to business approach. If CSR is not yet part of your daily business practice, you must act fast. Believe it or not but the expectations of your staff, customers and the wider community have changed.

  • The corporation undertakes to monitor its compliance with its stated CSR policy and report this with the same frequency that it reports its financial results;
  • BSR promotes a culture of risk management in business, as prior to implementing a BSR policy you should examine your organisation in detail, which helps you with long-term strategic planning; Enhanced learning opportunities for staff;
  • Customer Relations A majority of consumers -- 77 percent -- of consumers think that companies should be socially responsible, according to a survey by branding company Landor Associates cited by the University of Pennsylvania's Wharton School.

You are no longer in control. Employees want to feel proud of the organization they work for. An employee with a positive attitude towards the company, is less likely to look for a job elsewhere.

The advantages and disadvantages of Business Social Responsibility

It is also likely that you will receive more job applications because people want to work for you. More choice means a better workforce.

  • Another major advantage of adopting a socially and environmentally friendly business model is that it does, in fact, benefit the society as a whole;
  • The corporation undertakes to monitor its compliance with its stated CSR policy and report this with the same frequency that it reports its financial results.

If a customer likes the company, he or she will buy more products or services and will be less willing to change to another brand. The majority of business executives believes that CSR activities are giving their firms competitive advantage, primarily due to favorable responses from consumers.

  • You are no longer in control;
  • If CSR is not yet part of your daily business practice, you must act fast;
  • Helping external stakeholders usually improves the internal work environment also; Improved marketing and public relations;
  • Corporate Social Responsibility, or CSR, has both advantages and disadvantages, but the former do appear to outweigh the latter in most cases.

Positive PR CSR provides the opportunity to share positive stories online and through traditional media. Companies no longer have to waste money on expensive advertising campaigns. Instead they generate free publicity and benefit from worth of mouth marketing. Costs reductions Yes, you read this correctly.

If conducted properly a company can reduce costs through CSR. Companies reduce costs by: More efficient staff hire and retention Implementing energy savings programs Managing potential risks and liabilities more effectively Less investment in traditional advertising 5. More business opportunities A CSR program requires an open, outside oriented approach.

Definition of Corporate Social Responsibility

The business must be in a constant dialogue with customers, suppliers and other parties that affect the organization. Because of continuous interaction with other parties, your business will be the first to know about new business opportunities. Long term future for your business CSR is not something for the short term.

Large businesses refer to: