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| The World Business Council for Sustainable Development defines corporate social responsibility as the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce, their families and the local community and society at large. More than goodwill, corporate community involvement or strategic corporate philanthropy, corporate social responsibility is a genuine attempt by a company to build meaningful relationships between the corporate sector and the rest of society. Corporate social responsibility is achieved when a business adapts all of its practices to ensure that it operates in ways that meet or exceed, the ethical, legal, commercial and public expectations that society has of business. To be considered effective, corporate social responsibility must be an integrated part of day-to-day business, engaging all stakeholders and including strategies to support individual managers to make socially responsible decisions, conforming to ethical behaviour and obeying the law. |
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Examples of strategies employed by businesses to transform commitment to corporate social responsibility into practical action include:
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- Articulating a relevant organisational philosophy and incorporating it into mission, vision and values statements
- Drafting a meaningful code of ethics that is consistently applied
- Social and environmental reporting and audits
- Employee volunteering
- Public education programs
- Corporate community partnering
- Community forums
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Why business should engage in corporate social responsibility
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Studies have shown that the benefits of engaging in corporate social responsibility include: - Improved financial performance
- Reduced risk exposure
- Identification of new products and new markets
- Enhanced brand image
- Increased sales and customer loyalty
- Improved recruitment and retention performance
- Creation of new business networks
- Increased staff motivation and enhanced skill set
- Improved trust
- Enhanced corporate reputations
- Improved government relations
- Reduced regulatory intervention
- Reduced costs through environmental best practice leading to more sustainable profitability
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