About Corporate Social Responsibility
All businesses should have a core sustainability strategy. Sustainability is becoming a more important focus for all companies, across all markets. 62% of executives believe having a core sustainability strategy is a necessity to be competitive in today’s markets, and another 22% think it will be necessary in the future (cited in Haanaes 2016).
It can be argued that having a core sustainability strategy is a necessity in current industries as sustainability is fundamentally a business approach to forging long-term value by taking into account how a given company operates in the economic, social and ecological environment and is developed on the assumption that creating such strategies foster company longevity. The expectations on corporate social responsibility are increasing, and demand for transparency is becoming more significant meaning companies are recognizing the importance to act on sustainability.
There is no one correct solution in regards to sustainability as the best solution depends on the objectives and circumstances surrounding each company. It is the duty of the management to ensure that the strategy implemented and the sustainability efforts are aligned. Often we see divergence between the two, which results in the sustainability efforts appearing fragile and lacking prioritization.
Many of today’s leading companies at the forefront of promoting sustainability, such as Nike, Coca-Cola, IKEA and Nestlé have stepped up predominantly as a consequence of a crisis. For example, Nike faced a lot of public anger for abusive working conditions in places like Indonesia with poor worker protection laws throughout the 90s, however they managed to turn their image around and in 2005 they became a pioneer in establishing transparency. They did so by themselves publishing a thorough report entailing complete details about their factories and the working conditions which are established and kept. Nikes strong sustainability strategies have been underlined by Epstein, Buhovac and Yuthas (2010) who support the idea that Nike’s competitive edge in the footwear market has been sustained through the fact that they are widely recognized for their positive corporate social responsibility as well as their products. As a result rational consumers would be more inclined to buy from Nike rather than their competitors. Especially because of the type of customers that Nike encounters as customers who use sport-related products might be more informed of issues regarding environmental degradation, such as air quality and waste disposal. These customers are often more attuned to environmental and social issues, and therefore might consider these factors in their purchasing decisions. Therefore by having a core sustainability strategy Nike is able to retain its competitive edge in their industry and consequently appear as the more appealing choice in the consumer eye. By doing so as the market leaders they are setting a precedent for others in the industry to follow, and are promoting the use of sustainability strategies. Thus almost making it a necessity to have one if a company wants to retain their customers and stop them from switching to a more sustainability conscious company.
Today, more than ever, integrating sustainability into business strategies is very important to protect the future of a company. Investors are increasingly taking note of if a company has a core sustainability strategy as evidenced by EY’s annual investor survey (2010). This survey displays that 80% of all respondents agreed or strongly agreed that environmental and social factors offer both risks and opportunities, but that companies have not considered these in their business. These results support the point that there has been a recent shift in investor sentiment to focus also on whether organizations have integrated sustainability into their business strategies as it is shown to enhance the performance of a company. Therefore in order to keep up with the wants of shareholders and investors it is becoming increasingly imperative that businesses have integrated sustainability into their core business strategies.
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Writing an essay on corporate social responsibility
The concept of corporate social responsibility (CSR) has become increasingly important in business today. It is a broad term that refers to the ethical and moral responsibilities of corporations to consider the impact of their decisions and activities on society, the environment, and their stakeholders. This includes issues such as environmental stewardship, workplace safety, employee rights, customer rights, human rights, and philanthropy. CSR is a highly debatable topic, with many different views on what it means and how it should be implemented.
When writing an essay about corporate social responsibility, it is important to consider the various perspectives and arguments on the subject. The essay should provide an overview of the concept and discuss the various arguments for and against it. It should also consider the legal, economic, and ethical implications of CSR policies and their effectiveness in achieving their stated goals.
First, it is important to define the concept of corporate social responsibility. What does it mean to be socially responsible? How should corporations practice CSR? It is also important to consider how CSR policies are implemented and what effect they have on corporations and their stakeholders. This includes examining how CSR policies are enforced, the financial costs and benefits associated with them, and their impact on corporate reputation.
Second, the essay should explore the various arguments for and against corporate social responsibility. Are these policies necessary? Are they beneficial to society? Are they a waste of resources? Are corporations obligated to pursue CSR policies? These are important questions to consider and discuss in the essay.
Third, the essay should discuss the legal, economic, and ethical implications of CSR policies. This includes examining the legal framework that governs corporate social responsibility and the economic implications of these policies. It also includes exploring the ethical considerations associated with CSR, such as the moral obligation of corporations to act in the best interests of their stakeholders.
Finally, the essay should consider the effectiveness of CSR policies. Are these policies having a positive impact on society? Are they leading to meaningful and lasting change? What can be done to improve the effectiveness of CSR policies?
In conclusion, an essay about corporate social responsibility should consider the various perspectives and arguments on the subject, discuss the legal, economic, and ethical implications of CSR policies, and evaluate their effectiveness. This essay should provide an in-depth exploration of the concept and its implications, giving readers an understanding of the complexities of the issue.