Friday, January 31, 2020
Self-Reflective Journal on Corporate Social Responsibility Essay - 1
Self-Reflective Journal on Corporate Social Responsibility - Essay Example This paper illustrates that a valuable relationship between CSR and social media was understood through the case of Goldman Sachs where the company gained both in terms of revenue and brand value through philanthropic contributions. Other companies such as Facebook and Google, which are predominantly online, are using the social media channel in order to achieve competitive advantage. The literature review from various other news reports and news articles also revealed that corporate social responsibility has become one of the crucial elements in the strategic decision-making process of organizations. Media is quickly becoming one of the emergent channels for information. As a result, companies are frequently utilizing social media platforms in order to engage with its customers as well as disseminate critical information about their national and international CSR activities. Rising consciousness among individuals as well as growing number of environmental communities have also impac ted the rise of CSR among big firms. However, the reports and articles also revealed that high disparity exists in terms of CSR activities between large and established firms and small and medium-sized companies. The seminar started with the discussion of the burgeoning issues which are hampering the authenticity of social media. Then the topic of CSR and its current practices were discussed. The key topics of discussion were internal and external CSR aspects, issues and challenges while implementing CSR strategies through social media channel, the importance of CSR activities in the global marketplace. Another important issue which was discussed in detail was changing climate conditions and its impact on the global environment.