Corporate social responsibility in an economic crisis: An opportunity for renewal

✍ Scribed by Marcela Manubens

• Book ID: 102393144
• Publisher: Wiley (John Wiley & Sons)
• Year: 2009
• Tongue: English
• Weight: 100 KB
• Volume: 29
• Category: Article
• ISSN: 1932-2054
• DOI: 10.1002/joe.20298

✦ Synopsis

Abstract

The current economic crisis has generated a tsunami of factory closings in developing countries, displacing millions of workers and raising the specter of a return to the bad old days of global companies without a social conscience. But as leading companies and multistakeholder initiatives pursue socially and environmentally responsible approaches to retrenchment, the author sees an opportunity in the midst of crisis to transform the CSR function. The author examines the impact of the recession on companies and their organizations, and the implications for CSR, and then sets out a series of recommendations for business and CSR leaders to (1) realign CSR strategies and priorities with the new realities; (2) contend with the implications of organizational disruption and fewer resources; and (3) focus on several critical areas for making the CSR function and its global team members more effective going forward—and taking their CSR programs to the next level. © 2009 Wiley Periodicals, Inc.