Global Corporate Social Responsibility and its Role in Society
The global economy opens the door to take a close look at how commerce is conducted in emerging markets. Corporate responsibility starts with monitoring if economic growth is due to successful business decisions or if the emerging market is due to businesses taking advantage of their countries poor and downtrodden to produce a profit. Corporate Social Responsibility or CSR is now global, not just within your country’s borders. India is a good example of an emerging market that is about to gain a global position and there is a lot of speculation about how this position was gained, not that anyone wants to stop progression, more money and business in the market place is great, but at what price is the question that must be answered.
National as well as international organizations have long realized that governments by themselves are not able to bring success to the downtrodden in their countries or realms. Many leading corporations around the globe have realized that being associated with socially relevant issues has provided a new tool to be competitive in the market. In the modern translation of CSR, corporate responsibility is often translated to mean that the obligation is to the stakeholder, or everyone who is in the smallest way associated with the marketing and production that brings the corporation monetary value.
The stakeholder philosophy of CSR stems from the desire to do positive things that will create an impact that betters the living standards of the stakeholder as well as strengthen the returns to the investors. The whole plan is excellent for strategic marketing, though there should also be side benefits that simply return the satisfaction of doing good things for others who will never be able to give a profit of return.
Companies that have a proven track record of commitment to worthy causes are realizing that this builds brand loyalty. Consumers want to do business with companies that stand for results other than profits. CSR is good for business and provide increased sales as well as visibility and consumers that are loyal to the brand or the company. A positive company image cannot be bought, it has to be built. CSR also deals with environmental issues that are affecting the planet and these are also issues that companies are trying to bring to light amongst the general public.
Corporate social responsibility has to become global due to the fact that many underdeveloped countries will enslave their populace in order to realize profits for a few while the rest struggle to survive. Products and goods created under these circumstances, in the end, serve no one. Are we our brother’s keepers? Yes, every person deserves the basic respects of humanity and deserves a fair return for their labour in order to build better lives and stable economies. We are all responsible to ensure that corporations and governments are held to a standard of ethics that provides fairness and equality across the board of trade and commerce.
Corporate social responsibility is important as large companies have the power and influence that is needed to promote environmental awareness and other issues.
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