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| ec.europa.eu |
The World Business Council for Sustainable Development in its publication Making Good Business Sense by Lord Holme and Richard Watts, defines Corporate Social Responsibility (CSR) as "the continuing commitment by business firms to behave ethically and contribute to the economic development while improving the quality of of life of the workforce and their families as well as of the local community and society at large." Hence, CSR is a formalized term for practices upholding the responsibilities of the company to its business, employees, stakeholders, government, consumers and society, as engines of social progress to the society.
In the Philippines, CSR, is described as a way in which a business gives back to society (Baker, 2004). Perhaps this is just one of the many ways of showing gratitude by profitable firms to the society in general for a lucrative operation given the popular Filipino trait of “Utang na Loob.”
Moreover, UK Small Business Consortium, says that 88% of consumers said they were more likely to buy from a company that supports and engages in activities to improve society.” Thus, CSR can be considered as one of the winning strategies of firms.
Winning could be attributed to the fact that CSR could bring forth a bunch of benefits not just to the surrounding communities but to business entities themselves. Margaret Rouse in her article states that "CSR policies and programs seek to benefit society while simultaneously improving a corporation’s public image and profitability." Hence, it is safe to assume that CSR is one of the characteristics that could throw one firm into the "in" group profit and image wise.
Yet given the glittering descriptions of CSR are some grey areas." The term is often criticized for simply being a public relations buzzword"(Rouse, 2014). You see, the idea of altruism and benevolence seem to be in question. In the same light, some would ask and would like to measure as to what extent these outreach programs and CSR policies impact the supposed beneficiaries and receivers.
In the Philippines, CSR, is described as a way in which a business gives back to society (Baker, 2004). Perhaps this is just one of the many ways of showing gratitude by profitable firms to the society in general for a lucrative operation given the popular Filipino trait of “Utang na Loob.”
Moreover, UK Small Business Consortium, says that 88% of consumers said they were more likely to buy from a company that supports and engages in activities to improve society.” Thus, CSR can be considered as one of the winning strategies of firms.
Winning could be attributed to the fact that CSR could bring forth a bunch of benefits not just to the surrounding communities but to business entities themselves. Margaret Rouse in her article states that "CSR policies and programs seek to benefit society while simultaneously improving a corporation’s public image and profitability." Hence, it is safe to assume that CSR is one of the characteristics that could throw one firm into the "in" group profit and image wise.
Yet given the glittering descriptions of CSR are some grey areas." The term is often criticized for simply being a public relations buzzword"(Rouse, 2014). You see, the idea of altruism and benevolence seem to be in question. In the same light, some would ask and would like to measure as to what extent these outreach programs and CSR policies impact the supposed beneficiaries and receivers.
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