Corporate Social Responsibility : A Case study on Private and Public Corporations in Sweden
Corporate Social responsibility (CSR) has become a key issue for today’s corporations. This type of responsibility refers to the continuing commitment of businesses to voluntarily behave ethically and contribute to economic development while simultaneously improving the quality of life of the workforce, families, local community and society at large. While traditional business models primarily emphasize the economic aspects of a company’s activities (e.g. profitability and growth), the modern one stresses the social and environmental impacts. Recent scandals have put customers’ trust on the frontline, leading to an exponential growth in the interest of corporate social responsibility. Today, unethical behavior can no longer hide in the dark waiting around for an investigation to ensue. Wrongdoings are in an instant communicated to the world via computers and broadcasted by media. Consequently, it is no longer about what corporations say they will do but rather when and how they will do it.
Findings and resulting conclusions show that although there is a lack of definitional clarity of the notion of CSR, the concept is embodied by and refers to the triple bottom line: Profit, People and Planet. CSR can be implemented through codes of conduct, contracts, education, training, guidelines and principles.
The benefits of having a CSR engagement program are numerous and include strengthening profits, enhancing brand recognition and reputation, risk management and boosting employment relations.
Motives behind having good CSR include social betterment and sustainable change. It is about building up a well-functioning corporation that possesses strong values and can manage risks and become a more competitive brand. The brands that will succeed in the future will be those that tap into the social changes that are taking place today.
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