Week 8

Corporate Social Responsibility
Why is Corporate Social Responsibility (CSR) becoming such a major concern for many people?
First of all what is CSR? In my understanding, it is doing business in an ethical and moral way, or a code of conduct for companies. Companies with CSR have the responsibility to the society.
What are the pros and cons of a CSR company/organisation?
Advantage
- Better company/organisation image.
- Distinguish themselves from rivals.
- Good reputation and strong position in the market.
- Builds good rapport with the government and NGOs.
- Decrease spending on risk management.

Disadvantage
- Potential conflict of interest with the company/organisation.
- Company/organisation may lack of resources to manage social programs.
- Primary objective of the business is to actually make money and not participate in so many stuff.

So is CSR important? Judge it yourself =)