Corporate Social Responsibility (CSR)

Corporate Social Responsibility (CSR)

Corporate Social Responsibility is concerned with treating the stakeholders of the firm ethically or in a responsible manner. Ethically or responsible means treating stakeholders in a manner deemed acceptable in civilized societies. Social includes economic and environmental responsibility. Stakeholders exist both within a firm and outside. The wider aim of social responsibility is to create higher and higher standards of living, while preserving the profitability of the corporation, for peoples both within and outside the corporation. (Hopkins, 2007)

How CSR is relevant in today’s world?

Corporate Social Responsibility has become an element of strategy and increasingly important for today/s businesses. Due to its effectiveness in 21^st century importance of CSR is  growing day by day as competitive advantage among the business rivals.

            There are five identifiable trends that are continuing to grow their importance, they are-

                        Growing affluence,

                        Ecological sustainability,

                        Globalisation,

                        Free flow of information,

                        Brands. (Wertner and Chandler, 2011)