Course material: Business & Society, A Strategic Approach to Social Responsibility and Ethics, 4th Edition, Thorne, Ferrell, Ferrell
CHAPTER 1: Social Responsibility Framework
What
do you believe organizations should be responsible for accomplishing?
Social responsibility (CSR) is
- The adoption by a business of a strategic focus for fulfilling the economic, legal, ethical and philanthropic responsibilities expected of it by its stakeholders
- Businesses should look beyond their self-interests and recognize that they belong to a larger group that expects responsible participation.
CSR Applies to all types of businesses
- Small businesses
- Large businesses
- Sole proprietorships
- Multinational corporations
CSR Adopts a strategic focus
- Requires a formal commitment from top management (Communicated through mission and vision statements, annual reports, websites, and public relations)
- Requires action and results
- Depends on collaboration and coordination across business and among constituencies
- Large companies often create specific positions and departments to support social responsibility programs
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