Corporate Social Responsibility: Issues And Challenges: A Critical Study

Vipin Kumar, Research Scholar, Netaji Subhas University

ABSTRACT

Today, Companies have a vital role in their communities. According to Michael Sabia, President and CEO of BCE Inc., "Corporations are social organizations. This model states that a company's responsibility is to generate value for its owners as well as provides value for society and offers a win-win scenario. Corporate success is highly based on continued good relations with a wide range of individuals, groups and institutions. Corporate Social Responsibility plays an important role in winning the consumer’s confidence that will help growing the businesses and earn more profit. Multiple organizations launch campaigns to raise awareness of the value of corporate social responsibility among businesses, civic organizations, and governmental agencies about the role of corporate social responsibility (CSR).

The definition of corporate social responsibility is given by Richard Watts and Lord Holme in "Making Good Business Sense." Businesses are expected by society to actively contribute to the resolution of social issues, regardless of whether they are the cause of the issues. The process by which all businesses collaborate and contribute to the well-being of society is known as ‘’Corporate Social responsibility’’. It's also known as corporate social responsibility and the way a company handles moral, social, ethical, political, social and economical issues.. Corporations that comply to high corporate social responsibility requirements are able to show their commitments to the public, consumers, employees, and stockholders.

According to the European Commission and the United Nations, corporate social responsibility, or CSR, boosts profitability while simultaneously promoting social justice and protection of the environment.

Keywords: Corporate social responsibility, issues, challenges, remedial measures