Corporate Social Responsibility and Society

Published: 2021-06-17 08:13:05
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Category: Corporate Governance, Nature

Type of paper: Essay

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In contemporary business world, businesses are expected to take more responsibilities beyond the economic reasons of engaging in business venture. According to Porter and Kramer (2006), business organizations involved in societal cause as a response to strategic CSR based on the significance of some social issues relating to society and business. On the basis of the above categorization of CSR agendas, business managers promote pertinent CSR agenda and how to sustain it in the mind-sets and behavior across the organization. Therefore, social agendas of companies must be quick to respond to stakeholders’ necessities, however these programs should also interchange ahead of meeting societal expectations. Bagnoli and Watts (2003) discovered that the inclination of companies to employ strategic CSR is contingent on two issues: the extent of market competition and magnitude of the willingness of the consumer to pay a premium for social responsibility. Early view of CSR involved paying attention to corporate activities which were neither implied by economic nor legal requirements. For instance, the changing attitudes of consumers concerning environmental safeguard, ecology, social responsibility and the change of consumption habits force businesses to search for novel options of undertakings to integrate CSR.
CSR activities are basically like charitable service ; for example humanitarian contributions, organizing business seminars for those affected by natural disaster, restoration works, and offering free financial advices to people. According to the report of Towers Perrin (2009), CSR is the third most significant driver of employee engagement.From the aforementioned, it is beyond doubt that CSR has implications on development of community in numerous ways. Some of the direct and indirect benefits of CSR to the community are:

Increasing conscience-focused marketplaces demanding more ethical business processes;
Close relationship between community and community;
Talents acquisition;
Technology transfer;
CSR helps to protection of environment among others.

Corporate Social Responsibility and Public goods for the development of Community
Community is commonly referred to as a group of people sharing a communal relationship, that are codependent for the self-actualization of certain needs, that lives in neighboring vicinity on a consistent basis. The group should also dutiful and considerate of the independence of other persons within the community. In any giving community, there is a common sense of communal living which is defined as the spirits of cooperation, of obligation to the group welfare, of readiness to connect openly, and of accountability to self and others. Community development community initiatives undertaken by community with outside organizations or corporation to give power to individuals and groups of people by offering them with the requisite capabilities needed to effect changes both in their personal and own communities. Social services are services which are delivered by government, businesses, or non-governmental organization with the main aim of enhancing social welfare. These services typically include education, health care, security services and variety of cultural and recreational services. Therefore, community development in context of socio-economic development is a procedure of taxing the detrimental and offensive inequality of circumstances and infrastructure that destructively shape the quality of life in a place where people work and live.
An examination of public goods provisions by business organization is a welcome contribution to CSR literature, that has been largely concerned with preferring answer to questions such as: do firms ‘do well by doing good’?. Therefore, the need to address the imbalance in the area of social services, public services, public facilities or public utilities, to a large extent has promoted the formation of community association to agitate for provision of basic infrastructure. Infrastructures, in the opinion of Ekong (2000), comprises of basic physical, social and institutional forms of capital, which will increase the activities of production, distribution, consumption activities that will finally improve the quality of life. Fundamentally, infrastructure creates amenities like basic services without which primary, secondary and tertiary productive accomplishments may not effectively function. Put differently, infrastructural facilities are components of the totality of basic needs that a community need to obtain for better living.
In a nutshell, provision of socio-economic infrastructure either by the government, businesses, or non-governmental organization lead to the following benefits: inspire social inclusion, upkeep diverse communities, build sustainable communities, develop healthcare and wellbeing, access to facilities, services and programs, support sustainable growing population, and aid economic development among others.

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