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Corporate Social Responsibility

Corporate Social Responsibility

DEFINITION:

Corporate Social Responsibility, an integral part of all or at least most organizations is the latest growing trend nowadays. To define; we can say that Corporate Social Responsibility which is also known as CSR is about how companies manage the business processes to produce an overall positive impact on society. However there is not just one universal definition of CSR as with different people even different organizations hold different perceptions for the definition of Corporate Social Responsibility.

"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”

According to Sir Adrian Cadbury, “Business has to take account of its responsibilities to society in coming to its decision, but society has to accept its responsibilities for setting the standards against which those decisions are made.

Furthermore Lao Tzu said the following:

“Fill your bowl to the brim and it will spill. Keep sharpening your knife and it will be blunt. Chase after money and security and your heart will never unclench. Care about people’s approval and you will be their prisoner. Do your work, and then step back. The only path to serenity.”

BACKGROUND:

Corporate Social Responsibility initiated in the 1950’s as in the Americas and gradually took diversified growth into the 1960’s as public debate and in the 1970’s as national problems, such as poverty and unemployment etc. arose.

In ancient Mesopotamia during 1500 BC, King Hammurabi brought about a code where builders, innkeepers, or farmers were put to death if their negligence caused the death of others or major inconvenience to local citizens.

With industrialization, the impacts of business on society and the environment assumed an entirely new dimension. The...