Review On Corporate Social Responsibility

325 Words2 Pages
“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.” (Lord Holme and Richard Watts - Making Good Business Sense) To simplify the above statement, CSR is a role that a company plays in supporting society by understanding its impact on the wider world and taking a responsible attitude; its reporting is not focusing on numbers but emphasis on the people & planet impacts. With increased awareness of global warming and product safety, many businesses are encouraged to find ways to simultaneously do well financially & at the same time do something positive for the society. Good deeds never go waste thus, while building reputation through CSRR, businesses are not only perceived positively by customers but also earning favoritism which help them gain competitive advantage and access new business opportunities. Government has it tough when it comes to balancing economic growth and environmental protection as these two elements mostly work in different directions. The growth of global economy has seen benefits across the world but with that is also increasing public concerns over business activities’ unhealthy impacts on environment. Therefore, regulation of CSR is essential for any economy that wishes to coexist with natures of environment while pursuing economic progress. Lastly, it’s the public whose perspectives are the main determinable factors of CSSR. Anything that happens in the society is first borne by the public. For example, if a business were to set up its factory in an urban area then the wastes & pollution emitted by the factory will affect the health and lifestyle of people residing nearby. Also, the final users of any businesses’ products

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