Social Responsibility In International Business

803 Words4 Pages
The information revolution and globalization have dramatically changed the business landscape. The evolution of the internet into a real-time medium of information exchange, removal of impediments to international business activities and in general increased global awareness of societies, have not only provided new opportunities for businesses but have also increased public scrutiny into business activities and consequences. Increased stakeholder sensitivity to environmental and social issues have begun to exert strong pressures on businesses that were envisioned neither by regulatory authorities nor business people. Hence, businesses’ success, legitimacy and survival have become dependent on compliance not only with laws and rules set out…show more content…
The various constituents and audiences of any business organization, also known as, stakeholders, expect businesses to fulfill their various responsibilities to the wider social and natural environment within which they exist. Corporate social responsibility (CSR) can be defined as doing business with a sense of responsibility towards the community and the environment. This sense of responsibility is reflected in doing business in ways to ensure minimal negative impacts on stakeholders while undertaking initiatives in various domains aimed at contributing to the community and the environment. CSR initiatives can cover a wide spectrum of domains including but not limited to culture, the arts, sciences, education, health, and environment. In essence CSR can be summarized as “doing good while doing well” or “doing well by doing good”. CSR implementation in businesses has two principle dimensions covering business operations and corporate communications. Successful CSR requires success in three critical operational domains; minimizing negative impacts, providing positive contributions to the society and environment beyond those dictated through legislation and regulations and earning adequate returns on resources employed to ensure a business’s ability to meet the expectations of all stakeholders, internal and external. In this sense CSR…show more content…
Tourism, which is becoming a major driver not only of economic development but cultural exchange and global awareness, has also adopted CSR. Increasing material wealth and living standards in developing nations mean that societies which until recently were relatively isolated from other parts of the world are becoming integrated. Worldwide development in transportation infrastructure is increasingly making any place on earth a potential destination for tourism. While considered, relatively, a low environmental impact industry, tourism too has potential negative impacts on its environment. As one of the principle components of the tourism industry hotels, like all other businesses, seek profitability for economic sustainability and competitive advantage. Also, like all other businesses, hotels are not exempt from the forces that dictate compliance to stakeholder standards. Hence, CSR is very relevant for hotel businesses. Business decisions, operations and communications of hotels reflecting CSR awareness is no longer discretionary decisions but an implied mandate. Therefore CSR implementation through corporate communications by hotel businesses is fast becoming the standard for

More about Social Responsibility In International Business

Open Document