Corporate Social Responsibility

Corporate Social Responsibility

CORPORATE SOCIAL RESPONSIBILITY, SUSTAINABILITY, STRATEGY, AND STAKEHOLDERS.
By: Peter Kent

Nowadays, a lot of companies are using corporate social responsibility to their business operations. In the past, only a number of companies used this. They probably have realized the importance of CSR in every business, or probably there were other reasons. We are all aware that some organizations implement corporate social responsibility just to add value or improve their reputation in the eyes of the public. Whether this strategy works is a big question.

This report will tackle CSR in an organization, its strategic approach on sustainable development and its effects to stakeholders. What really is corporate social responsibility? What are sustainability, strategy, and stakeholders? Let me start by defining all of them and will explain further in this report the concepts of corporate social responsibility and sustainability and its current practices, what it means to an organization, environment, society, and the people.

Corporate Social Responsibility has many definitions and one of them points to “caring of environment”. Others see it also as an ethical and economic obligation to society. For organizations and institutions, they see it as a business enhancing opportunity to achieve commercial success in ways that honor ethical values and respect people, communities, and natural environment (BSR, 2003). It is clearly a strategic and financial importance to every business.
Sustainability in a worldly definition is the capacity of the planet to survive. If we apply it in a company, it will mean enduring or holding on to a business and sustaining its development. We can also say it is sustaining the needs of the present without compromising the ability of the future to meet their own needs. Sustaining a business is not an easy task. It needs strategic and careful planning, and commitment for those involved in running it.

Strategy on the other hand has a lot of...