- Define corporate social responsibility (CSR) in your own words. Once you have defined CSR, conduct research on your favorite Fortune 500 company and determine just how (or if) the company ranks from a CSR perspective. Provide the name of the company and a link to at least one reference from your research. Do your findings change the way you will support the company in the future?
Corporate social responsibility (CSR) is a specific way a corporation acts enabling society and its residents to be held responsible for its actions that impact their communities and environment. This type of responsibility a commitment to giving back to society and the organization’s stakeholders. It indicates that harm to people and society should be acknowledged and corrected when possible. In some situations, CSR may involve a company to sacrifice profits if its social impacts seriously hurt some of its stakeholders or if its funds can be used to have a positive social impact. Sometimes a firm’s economic, legal, and CSR will create tension, and at other times they will blend allowing the firm to be more profitable.
This term refers not to an abstract principle or set of beliefs, but rather to actual behaviors. That can transform a financial performance into an integrated economic and social performance.
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Walmart, in 2016, ranked number one on the Fortune 500 companies list, with a revenue of $489.5 billion, which created a one-year revenue change of 0.8% (Shen, 2017). Walmart’s CSR (Corporate Social Responsibility) overall ranking is 52 (comparative to all companies). The breakdown is as follows (CSRHUB, n.d.):
- (47) community: their level of commitment and effectiveness within the local, national, and global community in which they do business.
- (59) environment: focusing on the usage of natural resources and it’s impact of earth’s ecosystems.
- (51) employee: in relation to diverse performance, policies, programs, labor relations, compensation, benefits, and training programs; as well as, opportunities within the communities they service.
- (49) governance: relating to leadership structure, company’s culture, attention to stakeholder concerns, and compliance of ethical leadership. Also, management’s sustainability and corporate responsibility at all levels.
Based on current researched CSR data, my support for this number one Fortune 500 will not change.
(Shen, 2017): Retrieved from: http://fortune.com/2017/06/07/fortune-500-companies-list-top/
(CSRHUB, n.d.): Retrieved from: https://www.csrhub.com/CSR_and_sustainability_information/Wal-Mart-Stores-Inc