Whatis Corporate Social Responsibility(CSR)?CSR, this movement aims to ensure that accompany ways ofdoing a business is ethical. It encourages the company to be more aware of the impactof their business on the society, including the environment and their ownstakeholders. How CSR is being implemented and understood do differgreatly in every company.
It is a very broad concept that addresses various topicssuch as health, safety and security, development, human rights, environmental effects,working conditions and contribution of economical development. However, whatever the definition is, the one mainobjective of CSR is to drive change towards sustainability. Why isdoing CSR activities important?CSR Has become one of the standard business practice of ourtime. Being able to commit to CSR would eventually enhance overall reputationwhich is a powerful statement in the business world. Consumers are now lookingfor more than just quality service or material product when choosing a companyto work with. According to a study by Cone Communication: “9 out of 10consumers expect companies to not only make a profit, but to also operate andaddress social and environmental issues. 84% of global consumers also said theywill seek for responsible products whenever possible”.
https://www.businessnewsdaily.com/4679-corporate-social-responsibility.html Whatare the types of CSR?Environment ResponsibilityFocused on 2 main areas: Reducing greenhouse gasses and limitingpollution. Awareness of environment issues has been growing and businesses aretaking steps to reduce land, air and water pollution.
This could increase theirstanding as a good corporate citizen while also benefiting the society. Anysteps they can take to reduce and decrease those footprints are considered bothgood for the company and society.Economic ResponsibilityFocused on the long-term growth of the business while meetingthe standard set for ethical, environmental and philanthropic practice.Balancing economic decisions and their overall effect on society, business can improvetheir operations while also engaging in sustainable practices. One example wouldbe the recycling of products, this could potentially reduce the cost of materialby including recycled products in the manufacturing process and this would alsobenefit the society by consuming fewer resources. Ethical ResponsibilitiesFocused on fair labour practices on employees and also theemployees of the suppliers. Employees and the people directly responsible for acompany’s success, similarly, a company is also responsible for the employee’spersonal success. A company has an ethical responsibility to pay for what theirlabour is worth, to provide a workplace with appropriate safety equipment todeal with hazard and to also to provide a workplace that is free fromdehumanization of harassment.
Philanthropy ResponsibilityBusiness could practice social responsibility by donating resources,money or time to local, national or international charities or organizations. Someof the worthy causes that the donations could be directed to are like humanrights, nature disaster relief, education programs, clean water in undevelopedcountries. Howcan CSR be implemented effectively?1. Examineand understandThe company’s corporate culture and value has to beunderstood by everyone in the company. This is the first step and theimportance could not be emphasized. The core values of the company, reputationand company actions, these are the company’s culture and value which would influenceits employees.
Defining of goals would be ratherimportant. Have a strong stand on the causes that resonates with the businessculture, then study and research would be needed to see what kind of supportwould be helpful. Stick with any of the causes that has been chosen anddedicate to it. Know what the company could afford and do not be pressurized todonate more than needed.2. Involveyour CustomersIf the decision of causes could not bemade within the company, having consumers input might be beneficial.
Come upwith a list of alternative and ask the viewers and customers of the company’ssocial media and website visitors to see which causes would they want to seethe company support. Having a competition with a potential reward would alsobring in participants. Rewards does not need to be very good. It could be justold but usable technology to be donated to underfunded schools under the nameof the winning participant. Immediate boost of the company’s financialperformance would not be achieved most of the time.
It is important leverageclearly and implement sincerely, this could place the company at a positiveplace publicly, enhance consumer engagement rate and enhance of corporatereputation. Moreover, knowing that the company has truly and sincerely assistsomeone in need would give a sense of satisfaction. Whatare some potential benefits of implementing a CSR?· Improved Reputation managementPerforming well with regards to CSR couldbuild the company reputation, in return, those who perform poorly could alsodestroy the company reputation, damage brand or company value.
Values such asreliability, credibility, trust quality and consistency are the variables thatcould affect the reputation. · Cost savingAssessing the energy and environmental aspectsof an operation could reveal opportunities for turning the waste streams intorevenue streams. This could in return, have energy and cost. Improvedefficiencies identified through a systematic approach to management thatincludes continuous improvement. · Improve Market Positioning and CompetitivenessAvoiding risk and seizing opportunity isone of the CSR main objective. Featuring of the environmental or socialbenefits of the product (ethically produced chocolate or coffee, hybrid cars, etc.
)is one of the mainstream advertising nowadays. Having social and environmental standardcertification could be obtained to become suppliers of retailers with specialstandard needs. It is important for the company to be able to detect trends andto be able enhance their ability to adapt to changes. · Enhance ability to recruit, develop andretain staff.Family-friendly policies could beintroduced in the company as one of the human resource practices. It is apolicy that made it easier for the employees to have a work-life balance and tofulfil both their family and work obligations.
Some of the family-friendly workplacepolicies include:- Flextime- Jobsharing- Temporaryor permanent switch part time- Allowingwork away from work site- Maternity/Paternityleave- Parentalleave- Familymedical leave- Flexibleemergency leave- Childcare- Eldercare- Familyoriented events- Tuitionfor employee education- Employeeassistant program for family issues- Loans for employees’ children of collegescholarshipshttp://ctb.ku.edu/en/table-of-contents/implement/changing-policies/business-government-family-friendly/main^ can put in appendix