Definition of a term
Corporate Social Responsibility is a business model that regulates companies to be self-accountable to the stakeholders and the public. Companies can know their impact on society, social, and environmental aspects by adhering to their CSR policy.
Marisol Sandoval’s article Corporate Social Responsibility in the Media and Communication Industries aims to broaden the discussion on CSR in the media & communications industries by converging very little on these corporations’ role in raising CSR understanding and introducing a public discussion on CSR & more on their relationship amongst profit & social goals. The actual practices of Microsoft, Google, and the Walt Disney Company, as per Marisol Sandoval (2019), “do not connect to their reputation” (pg. 40).
CSR is an expression of self by organizations that use it to draw attention to the association’s vital responsibilities to project a positive professional appearance while diverting attention from the company’s interest in increasing profits through extremely irresponsible practices. In her findings, Marisol Sandoval (2019) points out that “Microsoft’s” reliance on software patents inhibits the distribution of Microsoft’s expertise and opposes the possibility of building open and transparent knowledge assets (pg. 51). Google’s Internet monitoring and profiteering from people also illustrate societal irresponsibility. Lastly, the Walt Disney Company is accused of severe worker exploitation in the Walt Disney Company’s supply chain to reduce production costs and raise profit margins (pg. 51).
While CSR is a significant aspect of a company’s reputation, it is equally important to consider its goals, demands, and money to stay in business. The CEO’s social obligation extends not just to their employees, families, societies, & society but also to their shareholders. CEOs must think about altogether of this, and they must not risk what makes them unique to boost CSR. Though Microsoft, Google, or the Walt Disney Company can engage in reckless behavior, these actions help the companies to stay in business and demonstrate CSR in other areas.
If firms yield an opportunity and push their company’s strategy in a different direction that cares about people, the ecosystem or the lowermost line-they can profit in habits they never thought of, says CEO Dave Mowat (McShane & Glinow, 2019, pg. 18). CSR could be achieved exclusively by small acts of civic duty; it also necessitates that such activities be carried out ethically in a way that attracts attention. Values and ethics, particularly in multinational corporations, necessitate extra attention to guarantee that the company upholds the ethics and values expected and demanded of it in its home country while also taking global values and ethics into account. To encourage CSR, each country has its own set of rules that must be followed. Furthermore, the public must be aware of the duties that firms undertake to demonstrate their CSR. Even though two-thirds of CEOs realize the benefits of CSR and the responsibility to deliver it, only 24% of businesses polled report socially responsible initiatives (McShane & Glinow, 2019, pg. 17). When an organization does not demonstrate its corporate responsibility, the advantages of becoming socially conscious are not realized.
Corporations frequently endure negative publicity due to areas where they fall short. Society believes that consumers’ backing of businesses is vital for the results of firms. A firm cannot turn a profit or remain in business, either directly or indirectly, without customer purchases. Consumers want corporate responsibility because they believe they are accountable for a company’s success. The CSR of a company today determines whether or not a customer does business with it. Firms recognize that CSR is required to maintain profitability, and consumers recognize that they can pressure corporations to change, resulting in a significant increase in CSR awareness among all stakeholders.
According to any CEO, CSR must be a part of any corporation’s budget. The public’s focus on CSR brings each firm’s social duty practices to light and generates a public perception of the company. Individuals notice & prefer to conduct business alongside socially responsible firms, regardless of whether they invest in, work for, supply, or do business with them as a consumer (McShane & Glinow, 2019). Each of these individuals is critical to a company’s success. Corporations must make sure that socially responsible practices are budgeted and that the public is aware of them.
McShane, S. L., & Glinow, M. A. (2019). Organizational Behavior Emerging Knowledge, Global Reality (6th ed.). New York, New York, U.S.A: McGraw-Hill/Irwin.
Sandoval, M. (2019). Corporate Social Responsibility in Media and Communication Industries. Javnost – The Public, 20(3), pp. 39-58.