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Int J Corporate Soc Responsibility 1, 3 Download citation. But should they? In moments like these, organizational leaders are making difficult cost-benefit calculations.
Generous contributions from companies back to the communities that support them are the baseline nowadays. Modern consumers are hip to the idea that organizations are interconnected with the people and neighborhoods where they do business. Put succinctly by Senator Elizabeth Warren, everyday citizens just expect well-heeled companies to pay their fair share.
One of the most shining examples of corporate philanthropy is Bill Gates. The billionaire who is now getting credit for being ahead of the curve on the threat posed by global pandemics has built a juggernaut philanthropic operation in the form of the Bill and Melinda Gates Foundation.
From education reform to seeding advancements in agricultural technology, his billions have gone a long way towards key CSR goals. This might limit how the framework can be applied across cultural contexts. Even the best theoretical models have a hard time accounting for deception. This allows companies to measure KPIs at various levels of the pyramid and track progress towards overarching CSR goals.
With all of your CSR work being coordinated in one place, corporate managers of CSR can embrace the holistic approach to achieving social change, and start both growing and giving back. Businesses developing philanthropic or discretionary activities give the public the impression that the company wants to give something back to the community. In order to do so, businesses adopt different types of philanthropy, such as gifts, donations, volunteer work, community development, and all other discretionary contributions to the community or groups of stakeholders that make up that community.
Successful businesses often have plenty of ways in which they can take responsibility. Here are a few examples of businesses that either have or have not. Companies that adapt manufacturing processes to be able to use recycled products and lower material costs are examples of economically responsible companies. This benefits society in several ways; increased profitability, reduced ecological footprint.
That also includes not looking the other way when grey areas of the law are being ignored or circumvented. This endangers the company. An example is meeting regulations set by the food standards agency. This would then lead to job losses and financial setbacks for suppliers. The organisational focus on ethics is often about offering fair working conditions for employees, both of the business itself as well as its suppliers.
Honest business practices include equal pay for equal work and compensation initiatives. An example of ethical business practices is the use of products which have fair-trade certification.
Philanthropic initiatives include donations in the form of time, money, or resources to regional, national, or international charities. The co-founder of Microsoft, Bill Gates , is a good example of that. Together with his wife Melinda Gates, they founded the Bill and Melinda Gates Foundation , to which he has donated billions. The Bill and Melinda Gates Foundation focuses on developing education, eradicating malaria, and agricultural development, among other things.
In , Bill Gates was the most generous philanthropist in the world, donating 1. However, he did underline the importance that organisations have to make a profit. The pyramid was developed by Archie Carroll and highlights on the four main responsibilities of the organization, namely, Economic , Legal, Ethical , and Discretionary or Philanthropic.
In the current era, it is expected from the corporate companies to come forward and help the various institutions and communities and take part in filling the shortages for the welfare of the society and as a part of their corporate social responsibilities.
The factor of Corporate Social Responsibility has been around for more than six decades now, but its importance and practice came into the picture much later. The first component of the framework is the economic responsibility that is to generate profits for the company.
The second component is legal responsibility that is to adhere to the laws and compliances set by the society. The third component is ethical responsibility and is closely linked to the second one. It harps on the fact that the businesses should indulge in the righteous practiced even when they are not compelled by the law. The fourth component is the philanthropic responsibility that involves serving the society by contributing towards social, educational, cultural, and recreational purposes.
To understand the true relevance of the entire framework and use it on an optimal level, it is necessary for the corporate companies to focus on its practical implications and applications and look beyond the point of debate and discussions.
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