Examining Corporate Social Responsibility Practices: an Overview
Author: Hassan Elsan Mansaray, Hassan Elsan Mansaray Jnr & William Conteh Sierra Leone
Abstract: Corporate social responsibility has become an ethical foundation stone for various organizations nowadays. It is, therefore, considered by researchers and practitioners these days as an important practice for any successful organization. This study made an examination on the diverse practices of CSR around the globe and discovered that earlier, a lot of CSR practices were not well considered to be true business responsibilities to any specific organization/company. As, the increase in demand from the public for businesses to really operate responsibly, this warranted an urgent need to inform stakeholders about what companies are doing right and what they are doing wrong because; proofs from empirical studies have shown that consumers are influenced by CSR initiatives undertaken by businesses. As, CRS, on the whole, is a concept in which business organizations reflect on the interest of society they operate by taking responsibility for the outcome of their activities on customers, suppliers, employees, shareholders, communities and other stakeholders alongside their environment. This obligation demonstrates that the organizations have to act in accordance with legislation and willingly take initiatives to progress the welfare of their employees and their families, the local community as well as the society at large. These initiatives can be regarded as a demonstration through which a business can attain a balance of economic, environmental and social imperatives.