Based on this week's topic of CSR, it simple means to me that a company should hold itself accountable by self-regulating. Self-regulation can be accomplished by staying on top of the company's day to day actions making sure that they're always doing good to better their customers, stakeholders, or the general public. There are quite a few practices that could lead to negative CSR practices but the two that I choose to focus on will have to be diversity and charitable global giving. A company's choice to ignore the importance of diversity and inclusion could harm them both financially and productively. Diversity and inclusion bring about innovation, better employee performance, and an increase in profit. Neglecting charitable global giving harms the society which in return doesn't facilitate positive social change. Exhibiting charitable giving speaks well of a company or business by pushing for a better market." IKEA is one company that has mapped out a strategic ESG program, transforming itself in response to accelerating environmental degradation. It has introduced various product, service, and process innovations to move away from its traditional retailing of inexpensive furniture that customers often discard quickly." Proving individuals with what they need at a reasonable price, they are also finding ways to save the planet and eliminate waste.

Upon research, corporate social responsibility costs money to implement and it can also cause conflict with profit ideas. On the other hand, CSR creates better customer relations and also value to the business. Judging from these reasons, I will say staying in compliance with CSR practices produces more good than harm. Adhering to ethical standards can help managers overcome negative outcomes because it defines behaviors that are acceptable by the company. It comes in handy because it helps to guide a company through stressful periods as well as decrease the chances of acting out of conduct.

Reference

Serafeim, G. (2020, September 1). Social-impact efforts that create real value. Harvard Business Review, 98(5), 38-48.

Ask a question about or provide an additional perspective for the examples of CSR practices that your colleague provided.

• Provide an additional perspective to your colleague's analysis of the risks and benefits of instituting CSR practices, including whether risks or benefits outweigh each other.
• Offer an insight you gained from your colleague's proposal to help managers overcome negative outcomes by adhering to ethical standards and/or a drive toward positive social change.