Corporate Social Responsibility
Corporate Social Responsibility
There is no single definition for corporate social responsibility. Every person has to define what it means to them. However there are a few models of corporate social responsibility that can be interpreted to arrive at a personal definition. In these models of social responsibility four components are taken into consideration. These components are economic, legal, ethical and philanthropic. Arriving at a personal definition for corporate social responsibility can prove a difficult task, especially when first being introduced to the concept, simply because developing a personal definition of social responsibility takes time. Our personal definitions can change and develop depending on our experiences and increase in knowledge on the subject.
The main components that make up a corporations social responsibility are its economic responsibility to bring in revenue, make a profit and compensate for all of their liabilities. They also have a legal responsibility to obey the law, an ethical responsibility to make sound business decisions that do not violate their code of conduct, and a philanthropic responsibility which is to take into consideration, and give back to, the community. All corporations also have the responsibility to their employees, investors, customers, and the general public to provide fair working conditions, not to discriminate, to provide economic security, and to act in a fair and honest way.
I feel that when evaluating a corporation’s social responsibility there are levels of fulfillment. There are definite obligations that can determine whether or not a corporation is operating in a socially responsible manner, based on the economic, legal, ethical components. All of these three must exist without compromise. Once meeting those obligations I would consider the company to be acting socially responsible. However, I would desire for those corporations to go above those obligations, operating...
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