The developing idea of Corporate Social Responsibility (CSR) has become a crucial part of the functioning of all business corporations. The constant struggle for organizations to develop new innovative ways to incorporate CSR into their respective businesses has increased in the recent years.
This concept is talked about in the article by Harvard Business Review as this new social conduct has presumed to be very crucial to the success and growth of companies. Corporations that breach such regulations suffer from the activist organizations that hammer them down with the use of publicity. Writers such as Milton Friedman have portrayed their opinions suggesting that with the correct use of CSR, businesses should be advancing in their profits while supporting the society in a positive way. With the new use of CSR reports, companies have recognized the new risks for their organizations resulting in innovations that give them an advantage. As time passes new techniques for approaching CSR will be discovered as more and more corporations are starting to recognize the benefits for both their businesses and society.
References:
Porter, Michael E., and Mark R. Kramer. “Strategy and Society: The Link Between Competitive Advantage and Corporate Social Responsibility.” Harvard Business Review. N.p., n.d. Web. 10 Sept. 2014.
“EZproxy Login.” UBC Library. Springer, Jan. 2007. Web. 10 Sept. 2014.