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Corporate Responsibility
Building a company that does the right thing might not be cheap or easy, but organizations that have such a foundation can avoid crises and show real returns.Corporate social responsibility has become the business issue of the 1st century. In the wake of government cutbacks on spending, businesses have been pressured to play a larger role in ensuring that they make the ethical and prudent decision.
Definition
Corporate Social Responsibility (CSR) is the overall relationship of the corporation with all of its stakeholders customers, employees, communities, owners/investors, suppliers and competitors. Elements of social responsibility include investment in community programs, employee relations, creation and maintenance of employment, and financial performance.It appears that different organizations have framed different definitions, although there is considerable common ground between them. To simplify this definition, CSR is about how companies manage the business processes to produce an overall positive impact on society.
Role
Do the managers of public corporations have the option of managing them in the public interest? It is apparent that society has deemed our corporations to act ethical. These corporations' objectives must reach beyond seeking profits but also developing moral minimum standards of behavior. No longer is it acceptable for corporations to have only one agenda, to increase profits so long as it stays within the rules of the game. The rules have changed; the golden rule of engaging in open and free competition without deception or fraud is now just a small aspect of how corporations interact with the public.
Self Interest
Was New York State Electric and Gas (NYSEG) Project Share program altruistic, or were they acting with their own self-interest in mind? Thomas Hobbes's indicates, "…A person will realize that she or he has no moral obligations than those obligations that she or he assumes and are only acting on those obligations in self-interest…." NYSEG had the opportunity to act like their competitors and simply shut off the power and write it off as bad debit. This would not necessary be in NYSEG best self-interest.NYSEG had a duty to solve a social problem and treating one's customer's well is a means to maximizing shareholder wealth.This program had a direct impact on NYSEG's bottom line, when compared to the average U.S. utility company; NYSEG's bad debt is 0 percent lower. The company clearly indicated that some of the money spent for the corporate responsibility program was recovered.The retained customers were able to pay their bills through the Project Share program. It would appear that NYSEG's self-interest meet the criteria for social responsibility to solve a social problem and at the same time, their program helped increase shareholders wealth. In this case, Hobbes's assumption about self-interest is clearly prevalent.
In conclusion, business has become, in the last half century, the most powerful institution on the planet. The dominant institution in any society needs to take responsibility. Every decision that is made, every action that is taken, must be viewed with skepticism.There is a very gray line between self-interest and what is altruistic.
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