The Importance of Corporate Social Responsibility on...

The Importance of Corporate Social Responsibility on Global Business Let’s first define Corporate Social Responsibility (CSR) The World Business Council for Sustainable Development (WBCSD): 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†. EU Definition of CSR: A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. CSR it is a form of corporate self-regulation integrated into a†¦show more content†¦Consumers are drawn to those companies that have a reputation of being a good corporate citizen. Research at Tilburg University in the Netherlands showed that consumers are prepared to pay a 10% higher price for products they deem to be socially responsible. The main disadvantage of CSR is that its costs on small businesses it’s too high. Major corporations can afford to distribute a small part of their budget to CSR, but this is not always open to smaller businesses with between less than 200 employees. A small business can use social media to communicate and increase the awareness of its CSR policy to customers and the local community. But it takes time to assess is this works and could involve hiring extra personnel that the business may not be able to afford. At the end of the day big companies and small companies have a duty and a social responsibility to act and â€Å"do the right thing† even if this will cost them more money. We as consumers drive companies to take shortcuts so they can try to compete with the competitor’s price, which is why we see so many companies going abroad. It is not a secret that companies shipping jobs aver seas get their cost lower and they are able to have higher profits, the main reasonShow MoreRelatedThe Importance Of Corporate Social Responsibility Development1196 Words   |  5 Pages Introduction Recent decades have witnessed the importance of Corporate Social Responsibility development in business landscapeï ¼Å'which is defined as be responsibility to all corporation activities with environment sustainable. Whether a small enterprise or a multinational company, CSR is an integral part of company to promote brand imageï ¼Å'enhance social harmony. And it also become a standard of company working measurement. Internallyï ¼Å'the CSR activities give staff respect and welfare, and forRead MoreThe Researcher Will Use A Wide Range Of Secondary Research1294 Words   |  6 Pagesdefinitions of Corporate Social Responsibility (CSR). 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