Corporate Social Responsibility and Corporate Social Innovation: A Conceptual Understanding

Abstract

In decades, various organizations worldwide engaged with Corporate Social Responsibility (CSR) in order to show their corporate commitments and responsibilities towards societies at large. These commitments and responsibilities are coming from monetary and non-monetary resources for example cash, equipment’s and human resources whom are used for social purposes and activities that leads to a betterment of society and also to improved organization reputation. However, in today’s knowledge and innovation led economy, organizations can no longer affords to get involve in charity and community services merely to fulfil social return without having any sort of economic payoffs. This situation warrants organizations moving beyond CSR to Corporate Social Innovation. This paper explores conceptual understanding between CSR and Corporate Social Innovation. CSR is a traditional philanthropy and old paradigm which is somewhat no longer sufficient in coping with current economic situation. Hence, this paper provides an insight and suggests that corporate social innovation as an emergence new paradigm that perhaps could provide a comprehensive representation in the era of knowledge and innovation led economy that will leads to real change in improving the well-being of people’s life, enhance economic and technological growth. Furthermore, this paper also highlighted knowledge resource is the most significant resource of Corporate Social Innovation.