What does social responsibility mean to you personally?
Social responsibility means that individuals and companies have a duty to act in the best interests of their environment and society as a whole. The crux of this theory is to enact policies that promote an ethical balance between the dual mandates of striving for profitability and benefiting society as a whole.
What is CSR trying to achieve?
The aim of CSR is to increase long-term profits and shareholder trust through positive public relations and high ethical standards to reduce business and legal risk by taking responsibility for corporate actions.
What is the classical view of social responsibility?
– Friedman’s frequent saying. In reference to Friedman’s classical view, the purposes for business to exist are for distributing products and services to society, and thereafter, for creating economic value which subsequently generate profits for shareholders.
What are the two main perspectives of corporate social responsibility?
There are two major perspectives on Corporate Social Responsibility, Friedmans Classical Perspective and Freemans Stakeholder Perspective.
What is social responsibility and its perspective?
Social responsibility is an ethical theory in which individuals are accountable for fulfilling their civic duty, and the actions of an individual must benefit the whole of society. In this way, there must be a balance between economic growth and the welfare of society and the environment.
What are the major elements in the socioeconomic view of corporate social responsibility?
According to Socioeconomic View of Social Responsibility maximizing profit is the second priority, the first priority is protecting and improving society’s welfare.
What are the four areas that encompass a CSR strategy?
The four types of Corporate Social Responsibility are philanthropy, environment conservation, diversity and labor practices, and volunteerism.
What is altruistic CSR?
Altruistic Corporate Social Responsibility is the CSR of a philanthropic nature. This includes individual and organization voluntarily giving time and money to good works which contribute to the well-being of various societal needs.
What is the highest level of CSR?
Understanding the Four Levels of CSR
- Carroll’s pyramid suggests that corporate has to fulfil responsibility at four levels – Economic, Legal, Ethical and Philanthropic.
- The lowest level of the pyramid represents a business’s first responsibility, which is to be profitable.
- The second level of the pyramid is the business’s legal obligation to obey the law.