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Trends of Corporate Social Responsibility

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Companies need to keep track of trends so they can change to address them. There are two ways organizations interact with trends. One is when a change in the external environment forces companies to make changes in the way they function. The second is when the internal actions of companies trigger off a trend in the external environment. Give one example of each kind of trend using a real-life example. Suggest ways in which these companies could have anticipated the trends and prepared for them.

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//In this response, the main discussion will be on trends of corporate social responsibility. In this regard, the influence of external environment will be explained through which companies make changes. Example will also be given in order to explain external environment forces. Apart from this, useful suggestions will also be provided.//

It is relevant to acknowledge that companies require keeping a track of trends, so they can change to address them. In the current scenario, several companies have the social responsibility of business which includes the legal, economic, unrestricted, and ethical considerations. CSR concept comprises stakeholder theory, environmental sustainability, corporate governance, social and environmental auditing, business ethics, and strategic philanthropy.

The changes in the external environment play a vital role in influencing the working style of a company. Several changes in the external environment persuade companies to follow the trends as per today's requirements. External environment factors of a company include work style, shortage of skilled workers, global concept, collaboration, political pitfalls, social media rules and human rights. There are various examples which support the external environmental forces and CSR concept.

Nike is a renowned company which follows the CSR concept and is famous for impressive brand insurance. The company is known as the most progressive global company in terms of CSR. It has learnt a lot from its past mistakes and such positive learning enabled the company to develop an efficient and effective CSR policy.

The respective company is the first corporation to have a distinct Vice-President for corporate responsibility. The company publishes an annual report to update the employees about its ...

Solution provided by:
Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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