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The connection / link between CSR (Corporate Social Responsibility) and the acquisition of clients: a study conducted in the ban - Research Paper Example

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Introduction In the beginning, corporations were not socially responsible. The old thinking for corporations was that the bottom line is the only thing that mattered. Therefore, getting goods as cheaply as possible, even if that meant that these goods came from countries with abusive labor practices, including child labor practices…
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The connection / link between CSR (Corporate Social Responsibility) and the acquisition of clients: a study conducted in the ban
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The connection / link between CSR (Corporate Social Responsibility) and the acquisition of clients: a study conducted in the ban

In short, being a good corporate citizen was not a part of the standard playbook in the corporations of old. This has changed. Nowadays, corporations need to be socially conscientious, if for no other reason than to avoid public relations nightmares when these socially irresponsible practices come to light. Corporations need to be socially responsible in procuring their goods and services, with an eye towards the environment and labor practices around the world. They also should be charitable, as individuals have indicated that they are more likely to give their business to corporations who share their values. If a corporation is big into animal rights, and makes this fact known, then consumers who are also big into animal rights will see that corporation in a better light and will give their business to this corporation. Therefore, charitable contributions, contrary to the old conventional wisdom, are actually beneficial to the bottom line. With this in mind, the focus of this study will be Swiss Banking firms and how being socially responsible benefits them by attracting new clients. Literature Review The corporate mandate to act responsibly is known as socially responsible procurement. ...
On this level, the supplier must meet certain criteria to receive the contract, and they are evaluated according to their technical, financial and professional qualifications. At the third level, bids are evaluated, looking at “life-cycle costs, environmental impacts, innovation, user-friendliness and delivery of additional benefits.” At the fourth and final level, the contract is awarded and the supplier winning the bid must comply with any and all parameters set forth in the contract, such as mode of delivery, training of the staff and disposal of products. (Carpe Guide at 10-11). Socially responsible procurement is the act of procuring goods while taking into consideration the ethics of how they operate. Corporations must ensure that they or the corporations with whom they work receive appropriate wages and other fringe benefits and that employees are provided with safe working conditions (Socially Responsible Procurement). They must also consider the impact their operations have on the environment (Environmentally and Socially Responsible Procurement Working Group). Furthermore, corporations and government entities must consider the global context “and see purchasing as embedded in a global supply chain.” (Catlaw at 2). They therefore have a great responsibility that extends past their local chain into the global supply. There are three levels of strategic commitment to socially responsible procurement, according to Stanly and Thelen (3). The first one is the fundamental business protection model, which encompasses corporations and organizations that comply with legal and regulatory requirements, and do not go beyond this. The second one is the proactive level, where businesses mitigating unfavorable social risks “by ... Read More
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