Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable to itself, stakeholders and publics. By practicing CSR, companies can be conscious of the kind of impact they are having on all aspects of society including economic, social, and environmental impacts.
To engage in CSR means that in the ordinary course of business, a company is operating in ways that enhance society and the environment instead of contributing negatively to them. Corporate social responsibility is a broad concept that can take many forms depending on the company and industry. Through CSR programs, philanthropy and volunteer efforts, businesses can benefit society while boosting their brands.
SCOPE OF CORPORATE SOCIAL RESPONSIBILITY IN CAMEROON
The government of Cameroon through the competitiveness committee of the African Institute in the year 2013 told actors in the private and public sectors that to uphold corporate social responsibility is synonymous to boost productivity, assure competitiveness and guarantee sustainability.
MODELS OF CSR
Some concepts of CSR have dated the 1950s. Businesses have been evolving since then and CSR has been viewed as commitments that promote products.
Models of corporate social responsibility have not been short of controversy. These models include; the traditional conflict model, the added value model and the multiple goals model.
Traditional Conflict model: According to the is model, CSR, social values and benefits are seen as a conflict with shareholder profits.
Added Value model: This model see CSR as social and environmental commitment aimed at increasing profits by generating new revenue.
Multiple Goals model: According to this model corporations have goals beyond shareholder value including the enhancement of their community without respect for monetary gain. This model view quality of life as the basis of economic activity.
BENEFITS OF CSR IN CAMEROON
The benefits of corporate social responsibility in Cameroon are as follows;
- It creates a long-lasting positive impact in a community
- Enhancement of client relationship
- Build trust
- Better brand recognition
- Positive business reputation
- Increased sales and customer loyalty
- Operational costs savings
- Better financial performance
- Greater ability to attract and retain staff
- Organizational growth
- Easier capital access etc.