The Essence of Corporate Social Responsibility in Business

 Marivic B. Gonayon

Divine Word College of Laoag

Abstract

The term "Corporate Social Responsibility" or CSR came into common use in the late 1960s and early 1970s, after many multinational corporations formed. Corporate Social Responsibility or CSR is when a company operates ethically and sustainably and deals with its environmental and social impacts. This means careful consideration of human rights, the community, the environment, and the society in which it operates. Corporate Social Responsibility or CSR is a business approach companies follow to make a social impact and focus beyond profits. CSR is titled to aid an organization's mission as well as a guide to what the company stands for and will uphold to its consumers. Considering different aspects that have a huge impact on a business is vital for the business' success and profitability. This article answers the question, "Is CSR beneficial for those who decide to put up a business someday as well as the society and environment?". This article also discusses a lot of arguments from different authors which help readers to fully understand the essence of CSR concerning business, whether someone is still starting to put up a business or for the improvement of business.

Keywords: Corporate Social Responsibility, Social Responsibility,

Categories of CSR, Business Benefits of CSR, Ways to Incorporate CSR into Your Business

Introduction

CSR stands for Corporate Social Responsibility and is a business’s approach to sustainable development by delivering economic, social, and environmental benefits. It also encapsulates the initiatives by which a company takes responsibility for its effect on social and environmental well-being. CSR looks beyond the company's profits and focuses on benefiting the greater community (Hall 2020). The comprehensive definition of social responsibility is concerned with what is or should be the relationship between global corporations, governments of countries and individual citizens. More locally, the definition is concerned with the relationship between the corporation and the local society in which it resides or operates (Kapur 2020).

It is important to look at the wide range of aspects that can affect a business including the reputation of a business. By following the business approach which is the Corporate Social Responsibility main focus is to bring together people of different cultures, backgrounds, and ideologies to support and advance a single common initiative for the betterment of all people and to increase profitability in business. The main purpose is to build a positive business reputation, build stronger relationships with customers and generate more sales. This business approach not only benefits the business itself but also the society and environment for it also works to satisfy the needs and wants of the society.

            According to Friedman (1970), a corporation's purpose is to maximize returns to its shareholders, and since only people can have social responsibilities, corporations are only responsible to their shareholders and not to society. Socially responsible activities conducted by a corporation are distorting economic freedom because shareholders are not able to decide how their money will be spent. Friedman thus argues that corporations should focus on those activities that are causally related to company profit, excluding charitable activities that do not directly generate revenue. Friedman's main message is that the main responsibility of a business is to create wealth and that the corporation is an instrument of maximizing profit and that their priorities should be to maximize shareholder value, have a high competitive advantage and use whatever means, as long as it remains legal, to increase their sales and profitability. CSR which focuses beyond profits, has a close resemblance with Milton Friedman's argument for it focuses also on maximizing profits for its shareholders. Friedman's claim could help in achieving the purpose of the CSR approach. In generating more sales and building stronger relationships with customers, then a business could generate more profits that will benefit itself.

            In contrast with Friedman’s arguments, Reich (2008) stated that Corporate Social Responsibility (CSR) is a dangerous distraction, focusing hyped-up attention on the social interventions of corporations rather than laying responsibility squarely on the government, which is the only factor that can solve social problems. Reich still holds the view that CSR is about virtue and generosity rather than social impact and competitive advantage. He believes that we must also give importance and focus on virtue and generosity when applying the CSR approach to business. It is because businesses that want to stay relevant to new generations and who want to help people in need around the world while increasing their revenue and efficiency will benefit from embracing CSR. I agree with Robert Reich's arguments because nowadays, consumers want to spend their money on products and services that they believe in and engage with companies that follow ethical practices that meet their own beliefs. He does not only want businesses to focus on maximizing returns or profits but more on building good relationships with customers through applying both virtue and generosity in business.

            Handy (2002), in his article named "What's a business for" stresses the need to reevaluate why businesses exist. He proposes that the purpose of a business "is not to make a profit, full stop". Handy argues that companies should be managed as communities, for that is what they are, communities of employees organized to serve communities of customers. While Friedman's focus is to maximize profits that will satisfy shareholders' expectations because they are the investors that provide funds and will contribute to them their business. Handy, on the other hand, in contrast to Friedman's arguments, strongly believes that it should not only focus on shareholders' expectations but should also think about the benefit that an individual and employees of a corporation can get in a business. In connection with his article, businesses have a bigger purpose because it exists. What is the purpose of putting up a business? In his arguments, we can simply understand what's business for and it is not only for profits and shareholder's expectations towards a business but also take into consideration the employees involved in the everyday operation of a business and people who are part of the business which contribute to the success of a business. The employees of a corporation should be treated as an asset because they have a big influence on the operation of a business. Unlike Friedman's, which is not in favour of charitable activities, Handy’s purpose includes donating to a charity. Compared to the two articles by Friedman and Reich, Handy has a bigger scope to consider in business. I strongly agree with Handy’s arguments because we cannot just think for profits and shareholder expectations in a business but we should give importance to the assets of a business which are the employees that involve in a day-to-day operation of a business and customers by which businesses cannot be successful without them.   

Why should businesses be embracing CSR?

            To be complete, the concept of CSR had to embrace a full range of responsibilities of business to society (Carroll 2018).

According to Hall (2022), there are five reasons why should businesses be embracing CSR:

1.      CSR is a moral obligation. Domestically, businesses need to give back to the communities and nations that provided them the opportunity to succeed. Globally, economic and security concerns/events can immediately have a negative global impact. Investing, developing, and doing-no-harm will strengthen all sectors of business. As businesses use resources that a given society provides, they are obliged to give back to that society as their moral obligation. Giving back to society is a moral obligation that results from social contracts (Tamvada 2020). Amao (2008) argues that morality, which is driven by societal expectation, forms the basis of the corporation's entrance into the existing social contract. He further argues that the modern corporation has acquired the capacity to enter the existing social contract under the status the law has afforded to it.

2.      It helps in engaging customers/ clients. Building relationships and rapport with both customers and clients is important within any company and having a social responsibility policy can impact this. Using CSR can also help you engage with your customers in new ways. Since the message of CSR is about something ‘good’ it can often be an easy way to connect with your customers or clients. Creating this positive relationship with customers/ clients and the wider community can lead to a potential increase in sales and rising profits.

3.      It can improve brand perception. Being socially responsible can strengthen both a company's brand and image. As mentioned, the public perception of a company is critical to client confidence. By portraying a positive image through taking part in CSR projects, a company can make a name for itself by not only being successful in what they do but by being socially conscious too. Also, by engaging actively and positively within the community, companies’ employees could be interacting with potential customers, indirectly marketing the company in the process. Companies that actively promote their social responsibility activities, can take steps to publicize these efforts through the media. Getting the word out about corporate donations, or other CSR initiatives is a powerful branding tool that can help build publicity, for you in both online and print media.

4.      It supports employee engagement. Employees tend to perform better when they engage in socially responsible activities. Good CSR programs are proven to be more economically effective when trying to engage leaders and team members than things such as training and conferences. People also want to work at a company who have CSR ambitions in place – as a company's greatest asset is its people. Corporate responsibility can help a company to build the best team possible as companies which demonstrate impact initiatives, will have an easier time recruiting talent.

5.      It can improve innovation and collaboration within businesses. When employees engage in social good activities, it is proven that they become more innovative and collaborative. A lot of skills can be developed when taking part in any kind of CSR activity and beyond this, employees can learn about potential clients, develop their communication skills, improve leadership, and gain invaluable local insights. In turn, these new skills can develop within the workforce and allow the company to flourish within its market. If the employees are happy, their work will be of a higher quality.

Putting forth the business case for CSR requires a careful and comprehensive elucidation of the reasons why companies have concluded that CSR          is in their best interests to pursue (Carroll 2018).

Categories of CSR

According to CFI Team (2020), although corporate social responsibility is a very broad concept that is understood and implemented differently by each firm, the underlying idea of CSR is to operate in an economically, socially, and environmentally sustainable manner.

Generally, corporate social responsibility initiatives are categorized as follows

1.      Environmental responsibility. Environmental responsibility initiatives aim to reduce pollution and greenhouse gas emissions and the sustainable use of natural resources.

2.      Human rights responsibility (also called Ethical responsibility). These responsibility initiatives involve providing fair labour practices (e.g., equal pay for equal work) and fair-trade practices, and disavowing child labour. Companies campaign to improve their business ethics, which in turn has a positive impact on society (Easley 2019).

3.      Philanthropic responsibility. Philanthropic responsibility can include things such as funding educational programs, supporting health initiatives, donating to causes, and supporting community beautification projects. This criterion pays attention to the well-being of the unprivileged or needy people who badly require our support to sustain themselves on this planet (Nafi 2018).

4.      Economic responsibility. Economic responsibility initiatives involve improving the firm’s business operation while participating in sustainable practices – for example, using a new manufacturing process to minimize wastage. In this context, companies try to find out a solution that can facilitate their business growth and generate profits by benefitting the community and our society (Nafi 2018).

Business Benefits of CSR

The business benefits of corporate social responsibility include the following:

1.      Stronger brand image, recognition, and reputation. CSR adds value to firms by establishing and maintaining a good corporate reputation and/or brand equity.

2.      Increased customer loyalty and sales. Customers of a firm that practices CSR feel that they are helping the firm support good causes.

3.      Operational cost savings. Investing in operational efficiencies results in operational cost savings as well as reduced environmental impact.

4.      Retaining key and talented employees. Employees often stay longer and are more committed to their firm knowing that they are working for a business that practices CSR.

5.      Easier access to funding. Many investors are more willing to support a business that practices CSR.

6.      Reduced regulatory burden. Strong relationships with regulatory bodies can help to reduce a firm’s regulatory burden.

CSR practices can also benefit both society and the company by creating innovation (e.g. new products/services and efficient production processes) through CSR practices. However, further study is required on the motives for CSR initiatives which are becoming important to attract an increasing number of businesses to integrate the CSR concept into their core operations.

Ways to Incorporate CSR into Your Business

According to Newlands (2017), Corporate social responsibility lets companies put their expertise and money into helping local communities while illustrating that business is not just about making profits. If anything, the business has become about giving back and working in a collaborative way that offers solutions to help people and, indirectly, the world.

Below are some ideas on how to incorporate CSR into your business based on some methods he implemented in various companies he had worked with:

1.      Establish your corporate social responsibility values and relevancy. To make CSR part of your company culture, consider establishing a set of values and a sense of relevancy that explains why your business is socially responsible. This can become the basis for any employees or talent who is onboarded as you grow. They can look at your values and better understand the reasoning behind behaviours that promote corporate social responsibility. You can relate these to health and wellness, education, diversity, or anything else you value and want your team to believe in.

2.      Determine the skills related to social responsibility. If you are slim on resources to participate in social responsibility programs, focus on those activities that can rely on your time and talent. This includes specific skills you can put to work within the company, as well as volunteer activities outside of the company. These skills are often worth their weight in gold, as they offer programs and other organizations-specific capabilities that they would not otherwise be able to tap.

3.      Identify potential projects for your company. While it may take considerable time to keep your business going, you will always be busy. That means you can start taking the time now to participate in internal or external projects related directly to corporate social responsibility. This way, these regular projects will become a living example of the CSR values you are trying to promote.

4.      Target talent who are on the same page about corporate social responsibility. One of the millennials' key traits is their interest in doing work that matters, so they are usually already willing to participate in CSR. They may even help you shape your policies and strategy related to corporate social responsibility. Do what you can to identify the team members who are willing to participate in these types of activities, as you will not be paying them to join nonprofit projects or volunteer. Try to work side by side with your team so they see you putting your words to work, knowing you share the same beliefs for the greater good.

5.      Identify ways your company can be environmentally sound. By focusing on specific initiatives related directly to the environment, which is one of the pillars of CSR, you may find that you can save more money in terms of overhead costs. For example, you can focus on initiatives directed at lowering the company's impact on the environment through solar-based energy use and smaller office spaces. Try to identify how being socially responsible can also result in this added benefit and consider implementing those tactics to help promote a lean operating structure.

6.      Take baby steps when implementing your CSR program. Realistically, you may want to take small steps related to corporate social responsibility. Any action that helps the community, society and environment can make a difference.  You can build on your CSR program as you develop and expand your company. You are imbuing your business with the spirit of doing more than just making a profit; you're also in business to make the world a better place.

Conclusion

            Corporate social responsibility (CSR) is an important component of modern business operations that is gaining more and more attention today. Businesses that embrace CSR will increase their income and efficiency while helping those in need throughout the world and staying relevant to younger generations. By applying the CSR approach correctly, people can manage to improve their business and satisfy the demands of their consumers. Identifying what is the business's primary goal and purpose will also help in the success of a business.

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Corporate social responsibility: Make it a priority

 SUZETTE N. ALEJANDRO

Divine Word College of Laoag                                  

ABSTRACT

Corporate social responsibility is a philosophy, a priority and accountability rather than merely a policy. Effective corporate social responsibility policies typically require organizations to commit to both an internal and external approach to ethics, although they do not automatically equate to lower profitability. However, what exactly does "corporate social responsibility" mean? Who is advocating for businesses to be socially responsible, and for what reasons? This article covers the progress of the CSR concept as well as some of the attempts to define the social responsibilities of businesses. This article also discusses the benefits of CSR and how to implement it effectively.

Keywords: Corporate Social Responsibility, Stakeholders, Consumers, Community, Employees, benefits of CSR, implementing CSR              

INTRODUCTION

The business serves both economic and social purposes. It is the only activity that has an impact on all facets of society and the country. Businesses innovate, create new goods and services for people, produce goods and services for the nation and society, and create new molecules to treat human illnesses. The business also creates jobs, generates income, exports, and collects taxes to help the government run smoothly. The business also makes use of the resources of society and the nation. But this only represents one side of the story; the other side is all about the exploitation of human and natural resources, sexual harassment at work, political funding of business interests, the spread of materialism and pollution, the encouragement of terrorism to increase the sale of weapons and ammunition, the sale of tobacco and alcohol, acid rain, global warming, and numerous other human rights cases of abuse.

More so, as discussed by Byars (2018), the environment and sustainability have been the concerns responded to by the corporations to their stakeholders. Corporations and customers are becoming more and more aware that their actions can and often inflict harm to the environment. Destruction of the environment can ultimately lead to a decrease in resources, limited business prospects, as well as a lowered quality of life. Businesses that harm the environment frequently conceal their actions to avoid being discovered and suffer financial loss, legal penalties, or social consequences. The Earth itself, which is affected negatively by their hidden actions, maybe the only testimony.

Moorhead (2016) stated that smart business executives must be aware that a stable foundation is necessary for a company to build and enhance its commitment to sustainability and corporate social responsibility (CSR).

CSR DEFINED

What is CSR, one would begin to wonder. Simply defined, it is essentially giving back to society. CSR, however, is defined by the World Business Council for Sustainable Development as "the ongoing commitment made by businesses to act ethically and to contribute to economic growth while strengthening the quality of life of employees and their families as well as those in the community and society."

More so, social responsibility refers to the business decisions and actions that are at least partially made for purposes other than the organization's immediate economic or technical interest (Mittal 2008). Most CSR activities are related to sustainability, environment, safety, and gender issues (Tian et al., 2011).

Additionally, CSR also refers to an organization's efforts to address a wider range of social and environmental issues and concerns (Lindgreen et al., 2010).  Also, CSR is generally understood to be “beyond what is required by law”, i.e. beyond legal conformity (Buhmann, 2006).

Corporate social responsibility (CSR) is also known by several other names. These include corporate responsibility, corporate accountability, corporate ethics, corporate citizenship or stewardship, responsible entrepreneurship, and “triple bottom line,” to name just a few. As CSR issues become increasingly integrated into modern business practices, there is a trend towards referring to it as “responsible competitiveness” or “corporate sustainability” (Hohnen 2007).

SOCIAL RESPONSIBILITY OF BUSINESS

            No business can run its own in complete isolation. A business depends on a variety of interactions with its stakeholders, which include its shareholders, customers, employees, suppliers, communities, and others.

According to Mittal (2008), there are four significant groups that both influence and are influenced by business, and business is expected to recognize its responsibilities towards these groups. These categories are:

1.0 Responsibilities to Shareholders

Not all corporations have the luxury of not needing shareholders' cash. Many do need capital from equity investors. They frequently represent the new, expanding businesses that we all want to see more of. These businesses might stay in low gear or never even get moving without shareholders who are ready to take risks that a bank or a bondholder would not (Fox et al., 2012). Shareholders who have invested in businesses have only one interest: making money. They have invested money to make money. Thus, organizations' main duties include increasing shareholders' wealth, providing a good return on investment, paying dividends on time, protecting the interests of even small shareholders, listening to and respecting shareholders, and regularly inviting shareholders to participate in decision-making (Mittal 2008).

2.0 Responsibility to Employees

            Employees have a key role in the success of the company. Employees are no longer considered the organization's most underutilized resource. As stated by Costas, J., & Kärreman, D. (2013), CSR functions as a method of aspirational control that binds employees' ethical conscience to the organization and aspirational identities.

            Organizations have many obligations to their employees, including fair treatment, no bias based on sex, cast, or creed, equal pay, fair and performance evaluation system, a pleasant and secure working environment, establishment of equal employment standards and norms, the provision of job welfare facilities, equal chances for accomplishment and promotion, proper recognition, appreciation, and encouragement of special skills and capabilities of the worker, and provision of labour welfare facilities.

            More importantly, all employees must be given the chance to participate in managerial decisions regarding appropriate and desirable training and development programs, allowing workers to grow as individuals in response to the changing environment.

            Finally, consider family well-being. That is, if employees' home lives are less problematic, their productivity will be high (Mittal 2008).

3.0 Responsibility to Consumer

Consumers are generally aware of a company's CSR behaviour and its impact on the environment and the community (Tian et al., 2011). Consumer interest in corporate social responsibility (CSR) has increased over the past ten years (Carrigan and Attalla 2001).  Several reasons for this have been advanced: On the supply side, businesses are becoming more involved in CSR activities and place greater focus on promoting their CSR efforts while, on the demand side, consumer advocate groups are highlighting unethical corporate behaviour and encouraging boycotts (Snider et al. 2003). More so, consumers actively seek out goods from companies that conduct business ethically as they become more conscious of the value of social responsibility (Collier 2018).

            Organizations have many obligations to their customers, including the following: to offer products of known quality; to ensure that products are delivered to customers and to prevent any form of profiteering by middlemen and fraudulent individuals; to provide goods at reasonable prices; to offer necessary after-sale services and to ensure that spare parts are available on the market;  to fulfil its commitments impartially and courteously following applicable laws; to ensure that the product supplied has no negative effects on the customer; to hear and address the genuine complaints of the customer; to hear and address any type of cartel formation, and finally, to provide sufficient information about the product, including their adverse effects, risks, and care to be taken while using the products.                                                      

            More importantly, consistent research and development are essential for enhancing and innovating the offered goods and services (Mittal 2008).

            Note that companies who consistently adhere to high standards for the safety of products and services have a significant competitive edge over their rivals (Benoit, 2013).                     

4.0 Responsibility to Community

            Communities are interacting with corporations more frequently now than in the past, a development supported by the reduction of trade barriers through international trade agreements, attempts to strengthen the rights of foreign investors and broader processes of national liberalization across many developing nations (Newell 2005).

            Simply, the business has a variety of responsibilities to the community: to prevent environmental pollution and to maintain ecological balance; to increase operational efficiency; to support research and development; to promote small-scale industry; to promote the development of the region in which they operate; and, finally, to take steps to conserve limited resources and to develop alternatives, whenever possible (Mittal 2008). 

BENEFITS OF CORPORATE SOCIAL RESPONSIBILITY

            The advantages of CSR speak effectively about how crucial it is and why you should try to implement it in an organization.

            Collier 2018 stated some clear benefits of corporate social responsibility which are:

1.0   Improved public image. This is important since customers consider your reputation when determining whether to buy from you. Simple things like employees giving an hour a week to a charity demonstrate your company's commitment to doing good. As a result, consumers will view you considerably more favourably.

2.0   Increased brand awareness and recognition. If you're dedicated to moral behaviour, this news will get around. Your brand will become more widely known as a result, of raising brand awareness.

3.0   Cost savings. Your production expenses can be reduced by making some easy modifications in the direction of sustainability, such as using less packaging.

4.0   An advantage over competitors. You distinguish yourself from rivals in your sector by embracing CSR. By taking social and environmental considerations into account, you position your organization as one that is dedicated to going above and beyond.

5.0   Increased customer engagement. You should announce your use of sustainable systems loud and clear. Create a tale out of your efforts and post it on your social media platforms. Additionally, you should showcase your work to regional media in the hopes that they will cover it. Customers will pay attention to this and interact with your brand and activities.

6.0   Greater employee engagement. Similar to consumer involvement, you should make sure your staff is aware of your CSR initiatives. It has been demonstrated that workers prefer to work for a company with a positive public image over one without. Furthermore, you'll be far more likely to attract and keep the best candidates if you demonstrate your commitment to causes like human rights.

7.0   More benefits for employees. When you embrace CSR, your employees might get a variety of advantages. By encouraging activities like volunteering, you foster both personal and professional development and make your company a more positive and productive place to work.                                                                                                               

IMPLEMENTING CORPORATE SOCIAL RESPONSIBILITY

            How is CSR implemented? Small and large enterprises alike should both invest in CSR. When we hear the term CSR, we often picture expansive, international programs that both large and small firms may find difficult to implement.

Collier (2018) cited some corporate social responsibility for small businesses and these are getting involved with local communities like participating in local events, attending fiestas, patronising and buying from local suppliers; volunteering; going green or reducing the amount of electricity used and recycling and upcycling of used materials; alternative transport methods like embracing the benefits of carpooling and taking public transport to work; and lastly to support the development of employees, ensuring that your employees feel happy, healthy, and safe whilst at work.

These are the suggested steps by Hohnen (2007) on how to implement CSR in large companies, first to develop an integrated CSR decision-making structure; prepare and implement a CSR business plan; set measurable targets and identify performance measures; engage employees and others to whom CSR commitments apply; design and conduct CSR training; establish mechanisms for addressing problematic behaviour; create internal and external communication plans; and lastly to make commitments publicly.

CONCLUSION

            Indeed, corporate social responsibility (CSR) is a philosophy, a priority and accountability. It is simply defined as essentially giving back to society. An organization must conduct itself with a sense of social responsibility. It is seen as good practice for the business to consider social and environmental issues, even though it is not required by law. CSR implies that a company cares about broader societal concerns as well as those that influence its profit margins, which will draw clients who share their beliefs. As a result, conducting business sustainably makes sense.         

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