THE NECESSITY OF CORPORATE SOCIAL RESPONSIBILITY FOR ORGANIZATIONAL GROWTH
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THE NECESSITY OF CORPORATE SOCIAL RESPONSIBILITY FOR ORGANIZATIONAL GROWTH
Chapter one
INTRODUCTION
1.1 Background Study.
The largest definition of corporate social responsibility is concerned with the link between multinational firms, national governments, and individual citizens.
More specifically, the term focuses on the interaction between a corporation and the local society in which it resides or works. Another definition focuses on the interaction between a firm and its stakeholders.
The concept of corporate social responsibility (CSR) has been contested since the 1950s. Secchi (2007) and Lee (2008) found that the definition of CSR has evolved in both meaning and practice.
The classical concept of CSR was strictly focused on philanthropy before shifting to an emphasis on business-society ties, namely the contribution that a corporation or firm made to alleviating societal problems.
In the early twentieth century, social performance was linked to economic performance. Oliver Sheldon (1923, cited in Bichta, 2003), the pioneer of this viewpoint, encouraged management to take the initiative in raising both ethical standards and justice in society through the ethic of economising,
i.e., to economise the use of resources under the guise of efficient resource mobilisation and utilisation. Business contributes to societal prosperity and raises living standards.
Today’s CSR (also known as corporate responsibility, corporate citizenship, responsible business, and corporate social opportunity) is a concept in which businesses consider society’s interests by accepting responsibility for the impact of their activities on customers, suppliers, employees, shareholders, communities, and other stakeholders, as well as the environment.
This requirement demonstrates that organisations must comply with legislation and take voluntary steps to promote the well-being of their employees and families, as well as the local community and society as a whole.
CSR simply refers to the tactics used by organisations or firms to conduct business in an ethical and socially responsible manner. CSR can take many forms, including collaborating with local communities, making socially responsible investments, building relationships with employees, customers, and their families, and participating in environmental conservation and sustainability efforts.
1.2 Statement of the Problem
An organization’s growth is defined by the combined contributions of its customers, employees, stakeholders, and the environment. Most organisations are failing in terms of corporate social responsibility.
Most organisations emit exhaust gas from their production processes into the environment, putting the people in the community at risk. It is the organization’s responsibility to prioritise the safety of the host community. One of an organization’s social obligations is community development, which requires the organisation to contribute back to the host community.
The productivity of any organisation is determined by its staff. Employees that are treated unfairly have a negative impact on the organization’s productivity.
Employee welfare is one of the organization’s social duties. Employee well-being should be the top priority for organisational management, however most organisations treat their employees unfairly.
An organization’s sales volume is determined by the number of consumers it serves. Customers must be addressed correctly and without harshness. It is an organization’s social responsibility to respect its customers. This study investigates the importance of corporate social responsibility on organisational growth.
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