Understanding the Recent Corporate Social Responsibility (Essay Sample)

Corporate Social Responsibility Nowadays: What is it?
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Corporate Social Responsibility Nowadays: What is it?
Corporate Social Responsibility (CSR) is a business model in which companies voluntarily practice social accountability to its shareholders, other stakeholders, and the general public. The term Corporate Social Responsibility is relatively new in the corporate field. The history of CSR can be traced back to 1953 when the term was coined by Howard Bowen – an American economist. In 1971, the Committee for Economic Development introduced the concept of ‘the social contract’ between businesses and the society. Since then, many companies have practiced some form of corporate social and environmental responsibility as a way of improving the wellbeing of the communities on which they depend. Nowadays, Corporate Social Responsibility describes a business model in which companies practice self-regulation by using the basic principles of sustainability, transparency, and accountability to ensure that they positively affect the environmental, social, and economic aspects of the society.
First of all, CSR promotes sustainability through environmental protection. Some of the major problems affecting the world today include environmental pollution and climate change. Corporate Social Responsibility promotes environmental sustainability by addressing the problems of environmental pollution and climate change. Many companies have adopted CSR strategies that promote responsible interaction with the environment in order to prevent depletion of natural resources. One such company is Tesla, Inc. Greenspan (2018) observes that Tesla has developed and implemented a CSR strategy that ensures sustainability and environmental friendliness. Indeed, Tesla’s automotive products have been developed with the goal of promoting sustainability. The company’s objective has always been to address the environmental issues of the world by creating cars whose features are sustainable and efficient enough to address the planet’s environmental issues (Aybaly, Guerquin-Kern, Manière, Madacova, & Holt, 2017). Tesla has achieved its objective by making zero-emission vehicles which are environmentally friendly as they do not pollute the air. Therefore, CSR strategies promotes environmental sustainability by addressing environmental issues like air pollution.