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CORPORATE SOCIAL RESPONSIBILITY (CSR) AND BUSINESS ETHICS AUTHOR: ALPANA TREHAN CHAPTER-14 © 2011, Dreamtech Press :: Chapter 14 1
Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. --- Lord Holme and Richard Watts in a publication, Making Good Business Sense DEFINE CORPORATE SOCIAL RESPONSIBILITY (CSR) © 2011, Dreamtech Press :: Chapter 14 2
Public Expectations from the Enterprise Refers to the anticipations of the people associated either directly or indirectly with an enterprise Better Environment for Business Refers to providing a feasible environment for business operations of an enterprise Good Public Image Helps an enterprise to gain more customers and better employees and maintaining public image helps in improving the performance of the enterprise Responsibility with Power Acts as an important area that should be balanced properly as the decisions of an enterprise have an impact on the environment, consumers, and employees IMPORTANCE OF CSR © 2011, Dreamtech Press :: Chapter 14 3
Improving relationship with stakeholders Refers to the fact that CSR activities help an enterprise to develop the relationship with stakeholders Attracting the investors Refers to draw the attention of investors through CSR activities Improving financial performance Refers to enhance the financial performance of an enterprise Increasing public credibility Refers to improving the credibility of an enterprise through CSR activities for helping enterprises to build trust and credibility with public Utilizing the resources effectively Refers to the optimum usage of scarce resources BENEFITS OF CSR © 2011, Dreamtech Press :: Chapter 14 4
Helps in retaining employees by improving the image of the enterprise among its staff CSR in Human Resources Helps in preventing the goodwill of an enterprise from depletion CSR in Risk Management Builds a unique image of the enterprise in the minds of stakeholders CSR in Brand Differentiation SCOPE OF CSR © 2011, Dreamtech Press :: Chapter 14 5
Lack of TransparencyLack of Community Participation Lack of Non-Governmental Organizations (NGOs) Lack of CSR GuidelinesNarrow View towards CSR InitiativesImportance to Visibility FactorLack of Budget CHALLENGES IN CSR IMPLEMENTATION © 2011, Dreamtech Press :: Chapter 14 6
Internal Promotion Refers to the promotion that takes place within the enterprise It is done by: Updating employees about CSR activities Displaying and promoting CSR activities with the help of intranet and websites External Promotion Refers to the promotion of CSR activities outside the premises of the enterprise It is done by: Sending quarterly, half-yearly, and yearly newsletters to the stakeholders Using the various modes of communication to make people aware about CSR activities PROMOTION OF CSR PRACTICES © 2011, Dreamtech Press :: Chapter 14 7
Business ethics refers to moral as well as behavioral codes of conduct that every individual working with an enterprise must follow. Business ethics plays a very crucial role in various management functions, which are given as follows: Ethics in Finance Deals with various ethical dilemmas and violations in day–to-day financial transactions Ethics in Human Resource Management Deals with the enforcement of the rights of employees in an enterprise Ethics in Marketing Deals with a number of issues such as creating false impression and misinforming the customers Ethics in Production Deals with the responsibility of an organization to make sure that products and processes of production is not causing harm to the environment BUSINESS ETHICS AND IMPORTANCE © 2011, Dreamtech Press :: Chapter 14 8
Refer to the factors that comprise external stimuli and compel people to move in a particular direction without thinking about ethical parameters Primary Factors Refer to the prominent characteristics of an individual Personality Factors Refers to the attempts of an individual to find easy ways to escape from an act of violation of a law or a duty Defensive Factors FACTORS THAT CAUSES UNETHICAL BEHAVIOR © 2011, Dreamtech Press :: Chapter 14 9
Philanthropy refers to the trait of humanity and generosity at individual or corporate levels. The types of philanthropy are: Individual philanthropy Refers to the activities performed by an individual for the welfare of society Corporate philanthropy Refers to the donation of funds, environment preservation, and educational initiatives performed by an enterprise for the welfare of the society CORPORATE PHILANTHROPY © 2011, Dreamtech Press :: Chapter 14 10
Analyzing the problems and requirements of members in the society and providing solutions in the form of a new product or enterprise Performing philanthropic actions, such as conducting educational programs and taking measures to reduce environmental pollution Acquiring funds from organizational reserves; therefore, regarded as an expense for the enterprise Providing rebate of 10% on pre-tax income to the enterprise involved in corporate philanthropic activities CHARACTERISTICS OF CORPORATE PHILANTHROPY © 2011, Dreamtech Press :: Chapter 14 11
Corporate Social Responsibility (CSR) is a voluntary approach that monitors and ensures that an enterprise adheres to ethical standards and norms. Ethics is a moral philosophy that guides individuals to decide what is wrong or right, good or bad, and what comprises desirable behavior in a particular set of social circumstances. Business ethics addresses moral and ethical issues that may occur in the business environment. RECAP © 2011, Dreamtech Press :: Chapter 14 12
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