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Understanding Corporate Social Responsibility

Corporate Social Responsibility (CSR) is a business commitment to ethical behavior and community improvement, encompassing initiatives like codes of conduct, environmental management, and stakeholder dialogue. It emphasizes responsibilities towards employees, customers, government, and society, while addressing environmental, community, workplace, and marketplace subtopics. The advantages of CSR include enhanced corporate image, societal benefits, and motivation for future leaders to engage in responsible practices.

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7 views3 pages

Understanding Corporate Social Responsibility

Corporate Social Responsibility (CSR) is a business commitment to ethical behavior and community improvement, encompassing initiatives like codes of conduct, environmental management, and stakeholder dialogue. It emphasizes responsibilities towards employees, customers, government, and society, while addressing environmental, community, workplace, and marketplace subtopics. The advantages of CSR include enhanced corporate image, societal benefits, and motivation for future leaders to engage in responsible practices.

Uploaded by

ljinjaekai
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© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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CORPORATE SOCIAL RESPONSIBILITY (CSR)

 The continuing commitment by a business to behave ethically and contribute to economic


development while improving the quality of life of the workforce and their families as well as
of the local community and society at large.

Includes CSR initiatives such as:

- Codes of conduct
- Measures to improve environmental management systems and occupational health and
safety
- Company “triple bottom line” reporting on financial, social, and environmental aspects
- Participation in certification and labelling schemes
- Dialogue with stakeholders and partnerships with NGO’s and UN agencies
- Increased support for community development projects and programmers

 UK Government, 2001: “Corporate social responsibility recognizes that he private sector’s


wider commercial interests require it to manage its impact on society and the environment in
the widest sense. This requires it to establish an appropriate dialogue or partnership with
relevant stakeholders, be they employees, customers, investors, suppliers or communities.
CSR goes beyond legal obligations, involving voluntary, private sector-led engagement, which
reflects the priorities and characteristics of each business, as well as sectoral and local
factors”

 Pinney, 2001: Corporate social responsibility (CSR) or corporate citizenship can most simply
be defined as a set of management practices that ensure the company minimizes the
negative impacts of its operations on society while maximizing its positive impacts”

 Minimum expected CSR


1. Responsibilities towards employees
2. Responsibility to customers
3. Responsibility towards government and society
4. Responsibility to owners

 CSR Subtopics
1. Environment – energy, transport, emissions, recycling, consumption, sustainability
2. Community – charities, consultations, investment economy and social development, human
rights, local partnerships, volunteering, welfare to work
3. Workplace – diversity and equal opportunity, local employment, staff welfare and safety,
employee morale, development and pay, ethical behaviour
4. Marketplace – product quality and safety, fair trade and sourcing, reputation, business
ethics, responsible selling and marketing

 CRM Implementation

 Advantages of CSR
 It displays care and concern and fellow feeling towards the society we live in.
 The owners of the company earn huge profits from a particular region or nation. It becomes
their duty to do something in return as gratitude.
 The executive who undertakes CSR activities are held very high in public opinion and are
honored by the society and government.
 It is not possible for government alone to improve the slandered of living of people. If
corporate also collaborate the living conditions of the people improves.
 The corporate image improves, and it helps to sell their products more and more.
 The trend of CSR is a motivator to youngsters to take up such activities when they grow up to
become executives or entrepreneurs.
 Additional Concepts
1. Corporate Philanthropy
2. Social Disclosure
3. Company’s Environmental Record
4. Workforce Diversity
5. Financial Health and Tendency to grow
6. Community Involvement

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