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Can Businesses Continue to Ignore Corporate Social Responsibility in the Face of Economic Crisis

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Everyone desires to belong; businesses are not left out in such desires. Any business will wish to be recognized as a good ambassador for their countries of origin, their brands and even to present the best image possible to their consumers. This enhances the survival of the business in the face of adversities (Jenkins 2005, p. 525-540). Corporate Social Responsibility (CSR) also entails continuing voluntary commitment by business and even businesspeople to behave ethically. This then would mean investing in the people and community so as to enhance their quality of life.

When people are financially empowered, they are able to spend on goods and services. As such, they increase the size of the market for the business to serve (Shaw 2009, p. 565-576). Looking at Corporate Social Responsibility as an instrument for value creation would mean that CSR should be employed as a way of enhancing innovation and promoting the sustainable business model. This has a far-reaching fundamental, strategic and operational impact in the sense that it will enhance shared values between the business and the community. This will then ensure competitiveness and foster innovation as the community knows and appreciates what the business does.

In some cases, the community may propose a totally different line of investment since it can identify the gap that exists in the market through innovation. Thus, they promote a sustainable business model (Kreng & May-Yao 2011, p. 529-541). Since businesses have an overwhelming presence in the lives of the community, they will be integrated into the community, and this provides safety and security to the business. CSR also enhances the development of human capital, which is critical in developing countries.

Instead of expecting the business to close down due to the economic crisis, the available human capital will provide the necessary innovations and develop ideas that would ensure the business remains afloat in such times (Kreng & May-Yao 2011, p. 529-541).      

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