Sunday, January 20, 2008
What is Corporate Social Responsibility
We've started to discuss Corporate Social Responsibility in class. We've talked about the "formal" definitions now I'd like to get your thoughts on what CSR to you. What should a company do? Not do? What types of activities should businesses be involved in? Are there activities which businesses should not be involved in?
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A company should have rules of conduct so their employees know what is acceptable and what is not. I believe that if a company has enough money they should be involved in charities or being able to help the community in some way. They will gain the communities respect if they do things like that. Businnes should not do things that are unethical or is morally wrong. I know that is sometiems hard to judge but they should do their best to figure it out.
Corporate social responsibility should not be perceived as merely contribution by companies to its external environment but also to include its internal community. There are many other ways a company can participate in CSR other than giving back to the outer community at large (donations or charities). Companies should make sure their employees are well remunerated (monetarily & recognitions). Companies can assist in providing financial aid to its employees or even boost their morale by retraining or even pay for their education. It might not be able to finance all its employees but at least take a random sample, this would seem unfair to others, but there is also the option of rotating (each time they send a different set of employees back to school). Once these employees are fairly treated they will be happy and therefore give of their best when dealing with customers. Once your employees are happy then your customers will be happy too (in most cases). Companies should not promote unhealthy products (such as cigarette which is considered a killer – cancer) or even sell them for that matter.
Companies should get more involved in Community Youth Clubs. Separate and apart from donating, they can assist in educating the youths about what the business environment entails so as to increase their awareness about the working world and its goods/services offered. Today there is the conundrum of extortionist. Business owners should not support these activities regardless of their lives being threatened. They should join hands in unity with other corporations to “stamp out” this “evil monster” that is facing organisations globally.
Corporations should have their stakeholders' best interests at heart in all matters. Their "CSR" stems from this responsibility of the company to positively impact the lives of the people who are invested in it, be that investment literal (stockholders) or figurative (employees, suppliers, etc).
How a company chooses to define its shareholders, and what steps it takes to promote their well-being, are decisions for upper management.
Even given a narrow definition of stakeholder, such as only the company's direct investors and employees, the company should take care to minimize the negative impacts of its existence while accentuating the positive.
In short, though, I do not believe that a corporation is obligated to give X amount of money to Y charities. Doing good works is not something that should be forced. They should be done as an end of their own, not to fill a quota for the fiscal quarter.
Instead, companies should minimize their ecological footprint and take care of their stakeholders to the best of their abilities.
A corporate should have a well developed institution that specifies to its worker its enterprise's spirit. If they have a clear enterprise spirit, their employees will behave themselves of their own free will. Once a corporate owns a healthy inside working environment, it will be capable to take more social responsibilities.
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