What's the future of corporate social responsibility? That's the unanswered question with the prospect of a bad US recession looming, threatening to take the world with it. Will companies continue to embrace it when they are battling for survival? Or will changing market conditions redefine corporate social responsibility.
A study shows that most consumers are sceptical about the contributions that corporations make to the public good. While 68 per cent of executives said large corporations made a positive contribution, only 48 per cent of consumers agreed. The study also shows companies don’t what’s on the minds of consumers.
More and more corporations are going through the motions of implementing voluntary corporate social responsibility programs. But around the world, new laws are coming in that will make CSR mandatory. It will be a case of walk the talk, or walk the plank.
The death last week of economist Milton Friedman has prompted plenty of comments about his attacks on corporate social responsibility. But look closer, the differences might be cosmetic!
