Corporate Social Responsibility: Why organizations develop a corporate sense of social responsibility?

Corporate Social Responsibility (CSR) was defined by European Commission, as “the responsibility of enterprises for their impacts on society—the process to integrate social, environmental, ethical human rights and consumer concerns into their business operations and core strategy” (Brussels, 2011). Since its inception in the 1950's, corporate social responsibilities (CSR) have moved beyond ordinary ideology to reality. It is regarded as a valuable method through which the organizations define their roles and contribute to the development of society following social and ethical standards. It is merely how businesses give back to the communities from which they operate. CSR takes different creative forms: donations of products, community services, volunteering works and financial contribution. CSR not only benefits the society but also has a tremendous positive impact on the participating companies. It is even considered that the primary aim of engaging in CSR practice by the companies is to improve profits generation for the business.

Reference

Brussels. (2011). Corporate social responsibility: a new definition, a new agenda for action. European Commission.Retrieved from https://europa.eu/rapid/press-release_MEMO-11-730_en.htm