Traditionally, the businesses kept profit maximization as the key motivational factor to pursue their business. There was no accountability to the stakeholders, society, and employees who were an integral part of the business.
Later, Archie Carroll, a professor at the University of Georgia, wrote a paper on how businesses can add four layers of objectives to their businesses and adopt a holistic view of yielding profits. In this framework of thinking, the businesses consider the four elements: economic, legal, ethical, and discretionary expectations for strategizing the crucial activities. However, it becomes challenging for businesses to adhere to the four elements as it demands sheer commitment. Currently, many companies have incorporated ethical practices as the foundation of their operations by adding sustainable changes to suit the environment. Further, the explanation below will elucidate the aspects, benefits, and challenges of corporate social responsibility.
ECONOMIC: The economical layer is at the core of the CSR pyramid. It connotes that the salient feature of the business to fulfill its economic goals: minimizing cost, employee benefits, and stakeholders. Besides, a nation’s economy is dependent on the way businesses generate revenue and increase opportunities overall.
LEGAL: To regulate the lawful operations in a business, it must comply with the legal practices. In the 1970s, many businesses indulged in unlawful global trade activities, which caused strict laws against fraudulent practices. Similarly, it is the responsibility of the business to provide the right product/service in the right way through the right channel to the consumers.
ETHICAL: In the ethical layer of the CSR pyramid, the businesses strive to bring discipline and justice to their constitution. Ethics bring clarity and morality to the otherwise unmonitored business practices. Furthermore, the ethical accountability of businesses enables them to stick to the codes they set for themselves.
PHILANTHROPIC: The uppermost element in the CSR pyramid focuses on how a business is expected to give back to society. In the contemporary landscape, many businesses conduct fundraising events and raise awareness on social issues using their brand image to impact society positively. Based on the four elements, a business is expected to curate its objectives. Furthermore, it has become essential for them to amend their goals in conjunction with the CSR pyramid.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more