In the 19th Century, global warming has become a major threat to Man and businesses. Global warming is responsible for the change in weather and climates which may be damaging for some businesses, especially those in the primary industry. Governments have decided to take action on this matter through the introduction of CSR (Corporate Social Responsibility). However, there are still companies who are against CSR due to several reasons. This essay will discuss about CSR as one of major management concept. In particular, it will consider the true meaning of CSR, the importance of CSR, the boons and banes of using CSR and the impact of CSR.
To begin with one of the main topics in this essay is the definition of CSR. CSR, Corporate Social Responsibility, …show more content…
A few years back, inhumane employment practice within a Chinese factory that assembles Apple’s products has resulted in eighteen employees attempting suicide (Chan & Pun, 2011, cited in Lee et al., 2013,pp.1861-1869). This also happened in other global giant companies like Adidas, Nike and Wal-Mart. (Lee et al., 2013,pp.1816-1869). The incident itself has resulted the company to suffer a large amount of loss. The factory may need to be closed for investigation, resulting delayed production. The company will lose some of its customer loyalty as it suffers bad reputation and sales revenue will be lower since production is halted.
In conclusion, the argument about whether companies should adopt CSR is indeed controversial due to the reasons stated above. CSR is a management concept that should have in every company. CSR is important to both stakeholders and company although there are advantages and disadvantages implicated. There are already many cases of companies that disregard CSR and have imposed a huge impact on their respective companies. Therefore, as an ethical human being, it would only be right for companies to have a minimum standard of CSR depending on the company’s financial
To begin with one of the main topics in this essay is the definition of CSR. CSR, Corporate Social Responsibility, …show more content…
A few years back, inhumane employment practice within a Chinese factory that assembles Apple’s products has resulted in eighteen employees attempting suicide (Chan & Pun, 2011, cited in Lee et al., 2013,pp.1861-1869). This also happened in other global giant companies like Adidas, Nike and Wal-Mart. (Lee et al., 2013,pp.1816-1869). The incident itself has resulted the company to suffer a large amount of loss. The factory may need to be closed for investigation, resulting delayed production. The company will lose some of its customer loyalty as it suffers bad reputation and sales revenue will be lower since production is halted.
In conclusion, the argument about whether companies should adopt CSR is indeed controversial due to the reasons stated above. CSR is a management concept that should have in every company. CSR is important to both stakeholders and company although there are advantages and disadvantages implicated. There are already many cases of companies that disregard CSR and have imposed a huge impact on their respective companies. Therefore, as an ethical human being, it would only be right for companies to have a minimum standard of CSR depending on the company’s financial