The Importance Of Corporate Social Responsibility

While it may sound suspiciously like one of those tedious management-speak buzzwords

that regularly get trotted out at workplaces up and down the country, there is real substance behind the idea of corporate social responsibility. The events of recent years starting with the global financial crisis of 2008 and continuing through the subsequent malaise, which shows few signs of abating have prompted some particularly awkward questions, with more and more people questioning the very foundations of the system weve built for ourselves. Politicians have sought to portray themselves as advocates of moral capitalism which in itself seems to be an implicit acceptance that there are serious flaws in the current set-up.

One interesting development to emerge over the last few years is the increasing onus on businesses to live up to certain social, environmental and ethical goals which is what corporate social responsibility is really all about. Big businesses often like to pose as being socially beneficial, but exploitative labour practices have been regrettably common over the decades. However, with the advent of the internet, its now far easier for stories of corporate abuse to spread all over the world, having potentially seriously damaging consequences to any business bottom line.

There is also a school of thought which suggests that appealing to a companys sense of corporate social responsibility is in fact more effective than applying pressure on politicians or regulatory bodies. Indeed, regulatory capture in some industries has been singled out as one of the biggest problems of the existing system, while the increasing dependence of political parties on corporate funding has also been cited as evidence that they have been compromised. Mass membership of political parties has, broadly speaking, been in decline for decades, whilst the cost of winning election campaigns including publicity and focus groups has continued to rise. This, some argue, has allowed corporate cash to step into the breach leaving politicians themselves afraid to act against their corporate donors interests.

While customer service is the be all and end all for many shoppers, the rise of the activist consumer has provided many businesses with real food for thought. The ease with which inconvenient information can be shared has also forced big business to take a more critical view of its less palatable practices, whilst those firms which place ethics at the heart of their operations have received a much more favourable appraisal from many shoppers. This trend only looks set to continue in the years ahead.

by: Amy

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