Question

Do the companies are truly becoming more socially responsible, or do they just do a better job of touting the policies/procedures that appear responsible (or maybe are required by law to do) or in reacting to an outraged public?

Answer 1

Corporate social responsibility is where corporations take the responsibility to contribute towards social cause with or without the interventions through regulations. The ways of corporate social responsibility is unlimited and can include any work of corporate which can create a better society, improve environment, health, education, awareness etc. Active participation of the companies through the corporate social responsibility helps it in sustainable development.

There are many organizations that have successfully embodied this platform and increased their involvement in social responsibility initiatives. Many companies incorporate social responsibility into their strategic plans as it helps them in sustainable development and value addition. The value addition can be done through the increased customer loyalty and reduction in costs of compliance with regulations. It helps them to raise the financial performance in the long run and increase their brand value. These companies are also benefiting from greater cooperation from their communities and gain support from community. But this is also true that some companies are not taking social responsibility jobs seriously may be because they don’t have a long term view to comprehend the benefits it brings to their business and its sustainability.