Assignment: Corporate social responsibility (CSR)
Assignment: Corporate social responsibility (CSR)
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Assignment: Corporate social responsibility (CSR)
When it comes to corporate social responsibility (CSR), do you think companies should lean toward Friedman or Carroll’s ideology? Explain why you think your answer is better for the company and its stakeholders.
PLEASE EXPLAIN WHETHER YOU AGREE WITH MY CLASSMATE RESPONSE TO THE ABOVE QUESTION AND WHY? (A MININUM OF 125 WORDS)
CLASSMATE’S POST
I think corporations should lean more towards Carroll (1991) ideology. One of the reasons that I believe Carroll ideology should be followed is that it suggests companies should not focus solely on profit, although profit is how an organization survives, but the impact that its goods have on consumers. Leaders in an organization not only have a responsibility to ensure that a profit is generated but must also ensure that the corporation is operating in the realms of what is considered ethical, legal, economic, and philanthropic as these elements are all part of the blueprint for what an organization needs to be successful and show their commitment to corporate social responsibility. Carroll (1991) argues, “The total corporate social responsibility of business entails the simultaneous fulfillment of the firm’s economic, legal, ethical, and philanthropic responsibilities” (p.43). When organizations design a plan that adheres to corporate social responsibility they are more likely to be successful in areas other than profit.
What is Corporate Social Responsibility (CSR)
Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable — to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society including economic, social, and environmental. To engage in CSR means that, in the normal course of business, a company is operating in ways that enhance society and the environment, instead of contributing negatively to them.