Level Of Social Responsibility Corporations Should Have
An organizational goal that has emerged in the past few years yet has grown immensely in popularity, Corporate Social Responsibility is becoming recognized as an important company objective in addition to profit maximization and growth. In fact, many companies see CSR as much more than a byproduct of their practices. Actually, it has become an active goal many enterprises work toward. Recognizing the responsibility they have toward the society and the communities they exist in allows companies to create structures and cultures within the organization that encourages every member to act in ways beneficial to society.
However, CSR in and of itself varies between firms. Every firm partakes in different levels of social responsibility. Still, the most common adoption of this practice is the Triple Bottom Line i.e. an enterprise’s social and environmental impact along to increase profits for shareholders. Other mainstream levels of CSR are as follows:
What are the 5 corporate social responsibilities?
Environmental responsibility is when companies seek to minimize any adverse impacts it has on the environment. This is usually done by reducing waste, reusing, and shifting to renewable resources for energy.
Ethical responsibility constitutes companies taking measures to ensure their practices and dealings are ethical and fair. This includes their dealings with all the firm’s stakeholders i.e. employees, investors, customers, suppliers, etc.
Philanthropic responsibility refers to companies trying to actively play a more major role in making the world a better place and improving society. Often, this is executed by making generous donations to charities and non-profit organizations that carry the same values and messages as them.
Economic responsibility is when companies seek to ensure the responsibilities they have toward other stakeholders are fulfilled while still being financially viable for the firm so its employees receive livable wages as well as benefits.
Finally, legal responsibility means companies seek to ensure all their business practices and dealings are following the state and federal laws of the land they exist in. This is beneficial for a firm’s public image. Further, It can, for sure, safeguard the company against lawsuits and other legal actions.
Check the following reference articles to learn more about the Level Of Social Responsibility Corporations Should Have:
- Stobierski, T. (2021, April 8). Types of Corporate Social Responsibility to Be Aware Of. Business Insights Blog. (URL)
- The 4 Levels of Corporate Social Responsibility (CSR). (n.d.). Indeed Career Guide. Retrieved February 16, 2022, from (URL)
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