The Principles of Corporate Social Responsibility Concept Assignment

The Principles of Corporate Social Responsibility Concept - Assignment Example Currently, it has become a focus for many companies due to its continuing commitment to help businesses contribute to economic development by being responsible to their respective stakeholders (Hancock, 2005, 12). The greater part of the CSR has helped manage or improve environmental and social impacts of the company. The increased use of CSR has encouraged the corporate sector to be more environmentally and socially responsible particularly at a time when the crisis has damaged consumer’s level of trust in the operations of the company. This coupled with the rise in transparency and social media has facilitated companies to begin taking CSR more seriously in order to help reduce their environmental impacts (Louche et al, 2010, 209). Corporate social responsibility has helped enterprises to contribute to the highly competitive social market economy and sustainable development. Responsible business conduct has helped many private sector operators to provide public services. For instance, they have provided employment opportunities, social amenities as well as sustainable, smart and inclusive growth (Mullerat & Brennan, 2011, 29).   CSR has facilitated engagement with both external and internal stakeholders thus enabling businesses to take advantage of societal fast-changing expectations as well as operating conditions. The enterprises have acted as drivers for the emergence of other markets and the development of real opportunities for growth. Companies normally commit responsible investment in various sectors of the economy to enhance the social welfare of their stakeholders. This results in economic growth thus improving the living standards of the stakeholders (Mullerat & Brennan, 2011, 89). Corporate social responsibility planning has come to the forefront for major companies’ future growth opportunities. Their increased investment in CSR initiatives, for instance, environmental initiative, has been very attractive in inducing economic stimulus of a country while at the same  time achieving solid CRS goals.