Corporate Social Responsibility is a buzz phrase for companies and serious endeavour for others.
In a nutshell CSR is –
“Social responsibility is the responsibility of an organisation for the impacts of its decisions and activities on society and the environment, through transparent and ethical behaviour that:
- Contributes to sustainable development, including the health and the welfare of society
- Takes into account the expectations of stakeholders
- Is in compliance with applicable law and consistent with international norms of behaviour, and
- Is integrated throughout the organization and practised in its relationships.”
The Benefits of Corporate Social Responsibility
“88% of consumers said they were more likely to buy from a company that supports and engages in activities to improve society.”
– Better Business Journey, UK Small Business Consortium
Why do we need CSR?
Consumers increasingly don’t accept unethical business practices or organisations who act irresponsibly. Advances in social media (giving everyone a voice) mean that negative or destructive practices quickly fuel conversations online. Organisations are accountable for their actions like never before.
The Business Benefits of CSR
CSR should not be viewed as a drain on resources, because carefully implemented CSR policies can help your oragnisation:
- Win new business
- Increase customer retention
- Develop and enhance relationships with customers, suppliers and networks
- Attract, retain and maintain a happy workforce and be an Employer of Choice
- Save money on energy and operating costs and manage risk
- Differentiate yourself from your competitors
- Generate innovation and learning and enhance your influence
- Improve your business reputation and standing
- Provide access to investment and funding opportunities
- Generate positive publicity and media opportunities due to media interest in ethical business activities