Corporate Social Responsibility

Paper Summary:

This paper discusses how the future manager's challenge will be to rebuild societal faith in his organization specifically and the corporate world in general. The paper explains that the recent financial and ethical scandals have encouraged organizations to meet the social demands of the public in order to regain the trust and loyalty of both consumers and investors.

Outline:
Introduction
The Social Contract and the Breakdown of Societal Trust
A Changing Society Equals A Changing Demand for Corporate Social Responsibility
Conclusion

From the Paper:

"An organization's social contract can be described as the obligations and expectations that society and organizations mutually have with one another. However, over recent years, there has been a breakdown in societal trust, due to the blatant disregard of this contract by so many businesses. In generations past, hard work and loyalty to an organization equated to job security. When employees were productivity and the company was profitable, employees were rewarded with increased income. An employers good fortune was linked to their employees and vice versa. However, with today's increased globalization and deregulation of so many industries, have broken their half of the social contract with massive blue collar and white collar layoffs, as well as the numerous accounting scandals that have rocked the financial world including: Enron, Worldcom, and Tyco."

Sample of Sources Used:

• Basu, K. & Palazzo, G. Jan 2008, "Corporate social responsibility: A process model of sensemaking", Academy of Management Review vol. 33, no. 1, pp. 122-136.
• Daboub, A. & Calton, J. Dec 2002, "Stakeholder learning dialogues: How to preserve ethical responsibility in networks", Journal of Business Ethics vol. 41, no. 1/2, pp. 85-98.
• Dahlin, L. 2007, "Where have all the ethics gone? Business ethics and corporate social responsibility through the years", Proceedings of the Northeast Business & Economics Association pp. 360-366.
• Porter, M. & Kramer, M. Dec 2006, "Strategy & society: The link between competitive advantage and corporate social responsibility", Harvard Business Review vol. 84, no. 12, pp. 78-92.
• Scherer, A. & Palazzo, G. Oct 2007, "Toward a political conception of corporate responsibility", Academy of Management Review vol. 32, no. 4, pp. 1096-1120.

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