It is said that responsible corporate citizenship is gaining ground over corporate social responsibility ( CSR)
1. Explain why this is the case and clearly indicate in your answer which of these options is more voluntary in nature for a company to follow and which is more mandatory in nature
Responsible corporate citizenship is gaining ground over corporate social responsibility (CSR) because it encompasses a broader and more holistic approach to ethical business practices.
Corporate social responsibility (CSR) focuses on companies' responsibility to positively impact society through various initiatives such as philanthropy, social investments, and environmental sustainability. While CSR is important and can have significant positive impacts, it is often seen as a set of voluntary activities that companies choose to engage in.
On the other hand, responsible corporate citizenship goes beyond just CSR initiatives and incorporates ethical decision-making, transparency, accountability, and a commitment to engaging with all stakeholders in a meaningful way. Responsible corporate citizenship is more about how a company conducts itself in all aspects of its operations, not just through specific CSR programs.
In this sense, responsible corporate citizenship is more voluntary in nature as it involves a company voluntarily choosing to uphold high ethical standards and engage with stakeholders in a responsible manner. On the other hand, while CSR initiatives are also voluntary, they are often seen as optional add-ons to a company's core operations, rather than an intrinsic part of how the company conducts itself.
Overall, responsible corporate citizenship is gaining ground over CSR because it is seen as a more comprehensive and proactive approach to ethical business practices that goes beyond simply fulfilling social obligations to encompass how a company operates and interacts with society as a whole.