Corporate Citizens of the World
There is currently a robust and ongoing debate about whether a companies, especially a publicly traded companies, only goal should be profit. Making money for the shareholders used to be what business was about. Now, more and more people are starting to believe that companies should pay more attention to social and environmental concerns that effect not just the shareholders, but the stakeholders and even society as a whole. The practice of Corporate Social Responsibility, or CSR, believes that everything cannot be left up to the market. The market exists to make profits at all costs. So, there needs to be a mechanism in place where social causes and the environment are taken care of. In the age of social media, watchdog groups and the green movement, businesses and corporations have become extremely transparent. There are, and have been, superficial attempts by businesses to employ CSR as a way of mitigating the terrible effects that their business may have on the environment. The practice of CSR by industrial companies is in vogue these days because of the fact that they have contributed to polluting the environment. With growing public awareness and demand for true socially responsible businesses, it is little wonder that companies of today take CSR into account when planning future business operations. When you look at the research and metrics, it is becoming clear to most companies that CSR can also improve profits. They understand that CSR can promote respect for the company in the marketplace which can result in higher sales, enhance employee loyalty and attract better personnel to the business. Also, CSR activities focusing on sustainability issues may lower costs and improve the efficiency of the company. Substantiating some of these beliefs is a study, Corporate Citizenship: Profiting from a sustainable business, by the Economist Intelligence Unit (EIU). "Corporate citizenship", in this...
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