Through ethical business practices, these CSR actions or procedures connected to corporate social responsibility aid businesses in ensuring their legal compliance while also benefiting the environment and society at large.
For example, A business with considerable income and profitability may engage in charitable endeavors. Similar to individuals, several businesses may take part in initiatives that lessen their carbon impact. These actions demonstrate the accountability of businesses.
The best way to evaluate CSR is from the stakeholders’ perspective, which encompasses a diverse range of constituent groups with an interest in the firm’s profit-seeking operations. (p. 34) CSR includes all financial, legal, moral, and ethical decisions that impact a company’s financial performance.
Consider two businesses, P and Q, that produce skincare items. Company P produces cruelty-free goods without subjecting them to animal testing. Company Q uses animal testing before putting its goods on the market. Consumers are becoming more conscious of the corporate environment as innovation increases. Consumers with greater awareness would choose to purchase goods from Company P since it demonstrates the implementation of CSR principles by protecting the environment.
Due to religious perspectives on social duty, the law’s foundation and society’s social structure change over time. Respecting the rights of those who live with us in this world, loving our families, and accepting friendships are all guided by moral ideals(p. 51). With the aid of Christian social responsibility, a company’s organizational structure and rules that safeguard and uphold each employee’s morals and cultural values can be created. There are several ways to integrate religion into the strategic and operational thinking of the firm.
A business may promote respect amongst religions. As a result, employee prejudice will be reduced, and appreciation for religious diversity will grow. Increasing the diversity of religious celebrations can promote appreciation for religious diversity. The workplace can offer a peaceful space where staff members can pray. The organization can also support a flexible schedule, such as condensed workweeks, to recognize that not every employee observes the same holiday.
Yes, it is right to say that religion is a delicate topic and considered taboo to discuss in the workplace because it becomes controversial and sometimes people’s sentiments are hurt. Such opinions may be held for a variety of reasons, including the notion that in secular liberal democracies, faith is seen as a personal concern, a matter of awareness, and a matter of personal conviction that has no place in public life. Even though religion is regarded as a personal matter, discussing it is not harmful as long as no one’s sentiments are offended. Maybe we shouldn’t completely avoid talking about religion at work. We must, of course, stay away from the traps of religious ideology, similarities, and extremely politicized conceptions of religion. Instead, perhaps we could try to develop a polite interest and understand a little bit about the religious beliefs of our coworkers.
The Canadian Human Rights Act and the Canadian Charter of Human Rights and Freedoms provide for religious freedom in Canada. Unless they violate other Canadian rights and principles, such as the right to equality, legislation enacted by the government cannot impose restrictions on your ability to practice your religion. Canadian rights provide freedom of expression, thought, belief, and religion under the constitution. No one is discriminated against based on religion. Every person is granted equal protection under the law as well as the benefits of the law. Yes, in my opinion, the laws are sufficient to safeguard each person’s choice of faith.
The banking system, Islamic market, Islamic insurance, Islamic capital, and specialized financial entities that offer alternative forms of funding constitute Islamic products. It is how organizations and individuals raise funds following Sharia, or Islamic law (p. 50). The finance is based on a community-like brotherhood and unity and encloses financial transactions in banks, non-bank financial institutions, and official and informal financial organizations. Islamic finance does not employ standard bonds since lending with interest payments is prohibited by Sharia law. Sharia-compliant bonds, on the other hand, are bond replacements. The bonds are not debt but rather a component of an asset. Islamic finance does not use traditional bonds since it is against Sharia law to lend money with interest payments. Sukuk, or “Sharia-compliant bonds,” are an alternative to Islamic-law-compliant bonds. The bonds are an asset, not a liability.
Tilt, C. A. (2016). Corporate social responsibility research: the importance of context. International Journal of Corporate Social Responsibility, 1(1), 1-9. https://doi.org/10.1186/s40991-016-0003-7
Bremmer, I. (2010). The end of the free market: who wins the war between states and corporations. European View, 9(2), 249–52.