Corporate Social Responsibility and Business Ethics and Laws

Corporate Social Responsibility
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Corporate Social Responsibility
Corporate Social Responsibility (CSR) is considered a management concept where businesses involve environmental and economic issues in the interactions and operations between the business and its stakeholders. CSR is a concept that helps a business achieve the triple-bottom-line approach, which h means the business can balance the environmental, social, and economic imperatives while still focusing on the expectations of both the shareholders and the stakeholders of the same business. Also, CSR differs from other social activities that a business involves itself in its operation (Advantage, 2020). Some of the activities include philanthropy, charity, and sponsorships. It is important to distinguish CSR from such activities despite enhancing the brand of the business and its reputation. CSR does more than strengthening the brand or even popularizing the business.
However, the promotion of the adoption of the CSR strategy requires various approaches that align with the capacities and needs of most businesses. Most businesses fear that CSR might affect their economic performances in the market and reduce their economic viability. The truth of the matter is that when CSR is based on a program that measures its performance against the financial results of the business, the business will remain economically strong or even at a good competitive advantage. For example, the UNIDO base their CSR on the Triple Bottom Line Approach (TBLA) model, which has been successful in helping many small businesses attain their social and economic standards while at the same time retaining their competitive advantages (Halbert & Ingulli, 2020). Generally, TBLA helps measure and report a business's performance against the social, environmental, and economic performance. Through the TBLA, CSR helps align private enterprises with the objectives of sustainable global development by availing the businesses with comprehensive objectives rather than profit-oriented objectives. CSR facilitates sustainability and considers a business sustainable when it is secured financially, has minimal environmental impacts, and operates according to the needs and expectations of society.
When CSR is implemented correctly, it can result in various competitive advantages, including improved productivity and image, increased sales and incomes, improved risk management procedures, a better human resources base, improved decision-making, and enhanced customer loyalty. On the other hand, there are key issues that are related to CSR. These issues include:
* Employee and community relations
* Anti-corruption measures
* Gender equality
* Eco-efficiency
* Environment conservation
* Working conditions and the labor standards
Business Ethics and Laws
Business ethics and laws refer to the applied set of conditions designed to address a commercial activity's moral issues. Business ethics mainly rectifies and rights the wrongs that occur in a business environment. For instance, the introduction of a rule that foreclosures in California were registered was after an increased number of foreclosure scams. Nevertheless, business eth...