Corporate Social Responsibility Or Profits: The Debate

Guests: Caroline Mahfood:  CEO Grace Kennedy Foundation & Chair of the Jamaica Network of Corporate Foundation. Dr. Dawkins Brown: Executive chairman Dawgen Global. Welcome to Your Business Matters, a podcast of EXIM Bank Jamaica where we bring thought leaders together on thought-provoking ideas and methods to help grow your business Corporate social responsibility is a company's commitment to managing the social and environmental effects that its operations have on the community. More now than ever, the need for businesses to be present in community welfare is increasing. With persons losing employment and facing adversities of every kind, customers are looking to the faces of their trusted brands to see just how much they mean to them. The debate continues as stakeholders aim to decide whether a business should alleviate societal pressures or work to increase the wealth of shareholders. Supporters of this theory maintain that by continuing to meet the needs of shareholders, the business guarantees continued success. The legitimacy theory of corporate social responsibility maintains that because businesses have the resources, especially large firms, they are obligated to promote society's interests with much of the responsibility resting on the shoulders of larger for-profit companies. On the other side of the coin, businesses are formed to make a profit, much of which is reinvested into the company to foster growth and reach within the respective industry. So how do you decide the best way to 'pay it forward? Some of what we discussed include: With corporate social responsibility, where exactly is the debate? What is corporate social responsibility? Tips on how Jamaican companies can factor in corporate social responsibility in their businesses. We also touched base with a member of our audience Andre Gooden  who posed this statement to our guests “ The entities that are responsible for the financial health of the organization, as well as the social health of communities, tend to be the long-standing pillars of the community and those companies have more respect from the community and their  growth pattern is tied to the level of social support around them” Connect with our guests: Connect with Grace Kennedy Foundation  at [email protected] You may also contact Dawgen Global  at  ‘ [email protected]. Thank you for joining us on Your Business Matters hosted by Heneka Watkis-Porter of the Entrepreneurial You podcast. Remember to join us next week for another exciting episode with our thought-provoking leaders as they debate thought-provoking ideas and methods to help grow your business and move closer to your goals. To stay in touch, you can connect with us on your favorite podcast platforms at ‘Your Business Matters’ where we bring the matters to the table, or visit eximbankja.com for further information and business resources. As you continue to mind your business, I leave with you this quote from Bill Ford  "Creating a strong business and building a better world are not conflicting goals- they are both essential ingredients for long term success. “Take care.