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Corporate Social Responsibility And Social Economic Development Using Banking And Telecommunication Industries
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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
At
an earlier point in history, societal expectations from business
organizations did not go beyond efficient resource allocation and its
maximization. But today, it has changed and modern business must think
beyond profit maximization toward being at least socially responsible to
its society. Today’s heightened interest in the role of business in
society has been promoted by increased sensitivity to the awareness of
environmental and ethical issues. It means our society has become
increasingly concerned that greater influence and progress by firms has
not been accompanied by equal effort and desire in addressing important
social issues including problems of poverty, drug abuse, crime, improper
treatment of workers, faulty production output and environmental damage
or pollution by the industries as it has overtime been reported in the
media. It is therefore very essential for all to realize that public
outcry for increased social responsibility will not disappear if
business organizations fail to respond to the challenges these had posed
for the society.
In view of the perceived information gap, it is
therefore worthwhile collating and aggregating in a more organized
manner, the contributions of Nigerian corporations [using banking and
communications industries as a focus] to the well-being of the society.
This is necessary if only to show, in a graphic and mathematical ways
that the industries seriously identify with the aspirations of the
communities and the general public. In the early years of this century,
two Americans independently and without knowing of each other were among
the first businessmen in the world’s history to initiate major
community reforms.
Andrews Carnegie preached and financed the free
public library. Julius Rosenwald fathered the country farm agent system
and adopted the infant 4-H CLUBS. Carnegie was already retired from
business and one of the world’s richest men. Rosenwald who had recently
bought a near bankrupt mail order firm called Sear Roebuck and Company,
was only beginning to build both his business and fortune. The two held
basically different philosophies. Carnegie believed that the sole
purpose of being rich is to be a philanthropist, that is, the “social
responsibility of wealthâ€. Rosenwald believed that you have to be able
to do good to do well, that is, the “social responsibility of businessâ€.
J. Irwin miller of the Cummins Engine Co. Ltd in Columbus, Indiana, has
systematically used corporate funds to create a healthy community
which, at the same time is a direct, though intangible investment in a
healthy environment for his company. Miller specifically aimed at
endowing his small industrial town with the ‘quality of life’ that would
attract to it the managerial and technical people on whom a big
high-technology business depends.
Only if business and particularly
Nigerian business learns that to do well it has to do good, can we hope
to tackle the major challenges facing developing societies today. The
economic realities ahead are such that ‘social needs’ can be financed
increasingly only if their solution generates commensurate earning which
precisely is what business is known for. We can actually say firms
involved in Corporate Social Responsibility are actually not regretting
because of the increase it has made on their sales leading to profit and
how they have impacted the environment. The significance of corporate
social responsibility as a vital tool for the societal progressiveness
cannot be over emphasized. This can be seen from the points of view of
showing concern for the welfare of the community in order to reap peace,
competent and cheaper manpower, a platform for a better community; by
making the host community worthy of livelihood in terms of
infrastructural development; and by boosting their image, reducing
advert cost, gaining an edge over competitors, and making your name as a
firm an household name in the society.
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ABSRACT - [ Total Page(s): 1 ]In the Nigerian society, Corporate Social Responsibilities [CSR] has been a highly cotemporary and contextual issue to all stakeholders including the government, the corporate organization itself, and the general public. The public contended that the payment of taxes and the fulfillment of other civic rights are enough grounds to have the liberty to take back from the society in terms of CSR undertaken by other stakeholders. Some ten year ago, what characterized the Nigerian society was fragrant ... Continue reading---
