Corporate Social Responsibility in Business

The formal definition of social responsibility, according to Paul Reynolds, is "management's obligation to make choices and take actions that will contribute to the welfare and interests of society as well as the organisation." (1995:23). However, it is not as straightforward as it may seem. Having social citizenship means putting managerial ethics to practice and work. So how can we measure social responsibility if one company's ethical decision might be viewed as unscrupulous to another? With …

…some of its wealth back to the stakeholders and the community, and as well as how it contributes to both environmental and social issues. CSR in Australia is still a new area that needs to be more thoroughly researched. However, one thing is for sure. CSR has a positive impact on both the company and the community. By demonstrating leadership in balancing commercial and social responsibility, corporations can be regarded as an employer of choice.