Each company has its own set of core values, but the company’s values also touch everyone that the business deals with. Early, a company’s corporate responsibility was dictated by its government. There were set laws that had to be adhered to regarding financial and social responsibility, wherein today companies have realized the importance of CR and they know how customers and other socio groups are keeping an eye on them. In its most basic terms, corporate responsibility can come down to the ethics of a business . Companies have to take in account the environment and the surroundings in which they do business.
A prime example of corporate responsibility is the situation that happened recently in the Gulf of Mexico with the British Petroleum oil spill. Whether or not the response was up to the task of the natural disaster is subjective but there is no doubt that BP undertook an extensive public relations campaign in an effort to demonstrate corporate responsibility.I do not think the general public would tolerate a global corporation not paying for and diligently fixing any kind of problems they have caused.
I agree with your idea. Doing good corporate responsibility (CR) is acting good ethic of business to improve reputation. However, there are not all of CR company are really doing CR. They just speak CR to promote their companies but not putting it into actions. For example, some company may speak to public that how they care works and environment in their business but they still hire child labors and make pollutions to the environment. CR Company may charge a higher price for its products, but if the company is not using those premiums to improve CR, it would be really unethical and cheat customers. Once the news explores, the reputation will get damage and those companies can’t survive easily.
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