The Importance Of Csr For Companies In Mauritius Management

Essay add: 9-10-2017, 16:09   /   Views: 52

CSR has been subject to much analysis for different types of businesses who were controlled and managed by futurist and modern managers who were here to provide a new dimension in the business era. It is a concept where managers or leaders of certain firms decide to contribute voluntarily for a better social environment. Companies provide us with these because they have they need to contribute back for the land that they use. The other reason is that it is purely voluntary, and they provide us with such services without expecting anything in return.

May researches have come with various definitions of CSR, but however, they all posses the following characteristics in common:

Business commitment to try to add value and a better way of living for the whole society.

Making society benefit from it

Protecting nature and our environment

Vyarkarnam also found out during his study that CSR dealt with these following areas:

environmental problems,

charities and donation,

Investment in activities.

Similarly, Gray and others defined Corporate Social Responsibility as:

"The process of communicating the social and environmental effects of organizations' economic actions to particular interest groups within society and to society at large. As such, it involves extending the accountability of organizations, beyond the traditional role of providing a financial account to the owners of capital, in particular, shareholders. Such an extension is predicated upon the assumption that companies do have wider responsibilities than simply to make money for their shareholders."

Corporate Social Responsibility is a process that companies apply to bring benefits to the society. The latter has legal, commercial, ethical and public expectations from business activity. CSR is implemented in a way such that it meets the needs and in some instances, exceeds the expectations.

"Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large." (Michael Hopkins) Whilst preserving the corporate profitability, the business provides greater living standards for both its employees and community meeting the objective of CSR.

The equivalent testimony gave some evidence of the diverse School of thoughts which interpret CSR differently worldwide. Definition of CSR from Ghana is "CSR is about capacity building for sustainable livelihoods. It respects cultural differences and finds the business opportunities in building the skills of employees, the community and the government", however Philippians "CSR is about business giving back to society." 

Considering the definition in the Wikipedia Encyclopaedia:

"CSR is a company's obligation to be accountable to all of its stakeholders in all its operations and activities with the aim of achieving sustainable development not only in the economical dimension but also in the social and environmental dimensions."

The Wikipedia Encyclopaedia also explains that CSR is not the same as charitable donations or 'good works':

"CSR goes beyond charity and requires that a responsible company take into full account their impact on all stakeholders and on the environment when making decisions. This requires them to balance the needs of all stakeholders with their need to make profit and reward their shareholders adequately."

Theoretical Rationale behind Corporate Social Responsibility2.1

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