INTEGRATING CORPORATE SOCIAL RESPONSIBILITY (CSR) INTO BUSINESS STRATEGIES AND PRACTICE

As we are entering into the second decade of the 21st century, corporate social responsibility (CSR) policies and practices have continued to add value to a growing number of companies. CSR impacts business economic performances and improves the relationship among stakeholders. The failure to integrate CSR into business strategies and practice leads to locking the value and the potential for achieving company's competitive advantages. As a result, the following insights highlight: lack of strategic focus on CSR, inadequacies in internal and external stakeholder engagement, and failure to align CSR strategy with business strategy. A basic assumption underlying this paper is that making business ethically and socially responsible is good for business and society. The purpose of this paper is to develop a practical framework that aligns CSR with business strategies and managerial practices. The primary objective of this paper is to determine how the CSR is integrated into business strategies and practice contributes to company's competitive advantage. To meet this objective, company should align business and corporate responsibility strategies with management practices. The aim of this research is to identify, prioritize, and address the social causes that make the highest impact on society and business's future. The major results of this paper are: (a) the change of the general attitude towards CSR, from a philanthropic to a strategic approach, (b) understanding CSR has improved, especially the impact of CSR on their business, community and workplace, (c) positively influence managers and decision and policy makers, (d) promotes a good practice of CSR. In conclusion, companies who can integrate CSR into business strategies and practices will achieve a competitive advantage. Addressing stakeholder interest through management practice, companies will benefit from an enhanced reputation. Their stakeholder management, corporate citizenship, corporate philanthropy, and the business model will lead to sustainable growth and better balance between the society and the business.