What the standard business practice of our time. Being

What
is Corporate Social Responsibility(CSR)?

CSR, this movement aims to ensure that accompany ways of
doing a business is ethical. It encourages the company to be more aware of the impact
of their business on the society, including the environment and their own
stakeholders.

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How CSR is being implemented and understood do differ
greatly in every company. It is a very broad concept that addresses various topics
such as health, safety and security, development, human rights, environmental effects,
working conditions and contribution of economical development.  However, whatever the definition is, the one main
objective of CSR is to drive change towards sustainability.

Why is
doing CSR activities important?

CSR Has become one of the standard business practice of our
time. Being able to commit to CSR would eventually enhance overall reputation
which is a powerful statement in the business world. Consumers are now looking
for more than just quality service or material product when choosing a company
to work with. According to a study by Cone Communication: “9 out of 10
consumers expect companies to not only make a profit, but to also operate and
address social and environmental issues. 84% of global consumers also said they
will seek for responsible products whenever possible”.

https://www.businessnewsdaily.com/4679-corporate-social-responsibility.html

 

What
are the types of CSR?

Environment Responsibility

Focused on 2 main areas: Reducing greenhouse gasses and limiting
pollution. Awareness of environment issues has been growing and businesses are
taking steps to reduce land, air and water pollution. This could increase their
standing as a good corporate citizen while also benefiting the society. Any
steps they can take to reduce and decrease those footprints are considered both
good for the company and society.

Economic Responsibility

Focused on the long-term growth of the business while meeting
the standard set for ethical, environmental and philanthropic practice.
Balancing economic decisions and their overall effect on society, business can improve
their operations while also engaging in sustainable practices. One example would
be the recycling of products, this could potentially reduce the cost of material
by including recycled products in the manufacturing process and this would also
benefit the society by consuming fewer resources.

Ethical Responsibilities

Focused on fair labour practices on employees and also the
employees of the suppliers. Employees and the people directly responsible for a
company’s success, similarly, a company is also responsible for the employee’s
personal success. A company has an ethical responsibility to pay for what their
labour is worth, to provide a workplace with appropriate safety equipment to
deal with hazard and to also to provide a workplace that is free from
dehumanization of harassment.

Philanthropy Responsibility

Business could practice social responsibility by donating resources,
money or time to local, national or international charities or organizations. Some
of the worthy causes that the donations could be directed to are like human
rights, nature disaster relief, education programs, clean water in undeveloped
countries.

 

 

How
can CSR be implemented effectively?

1.    Examine
and understand

The company’s corporate culture and value has to be
understood by everyone in the company. This is the first step and the
importance could not be emphasized. The core values of the company, reputation
and company actions, these are the company’s culture and value which would influence
its employees.

Defining of goals would be rather
important. Have a strong stand on the causes that resonates with the business
culture, then study and research would be needed to see what kind of support
would be helpful. Stick with any of the causes that has been chosen and
dedicate to it. Know what the company could afford and do not be pressurized to
donate more than needed.

2.    Involve
your Customers

If the decision of causes could not be
made within the company, having consumers input might be beneficial. Come up
with a list of alternative and ask the viewers and customers of the company’s
social media and website visitors to see which causes would they want to see
the company support. Having a competition with a potential reward would also
bring in participants. Rewards does not need to be very good. It could be just
old but usable technology to be donated to underfunded schools under the name
of the winning participant.

 

Immediate boost of the company’s financial
performance would not be achieved most of the time. It is important leverage
clearly and implement sincerely, this could place the company at a positive
place publicly, enhance consumer engagement rate and enhance of corporate
reputation. Moreover, knowing that the company has truly and sincerely assist
someone in need would give a sense of satisfaction.

 

 

 

 

 

 

What
are some potential benefits of implementing a CSR?

·        
Improved Reputation management

Performing well with regards to CSR could
build the company reputation, in return, those who perform poorly could also
destroy the company reputation, damage brand or company value. Values such as
reliability, credibility, trust quality and consistency are the variables that
could affect the reputation.

 

·        
Cost saving

Assessing the energy and environmental aspects
of an operation could reveal opportunities for turning the waste streams into
revenue streams. This could in return, have energy and cost. Improved
efficiencies identified through a systematic approach to management that
includes continuous improvement.

 

·        
Improve Market Positioning and Competitiveness

Avoiding risk and seizing opportunity is
one of the CSR main objective. Featuring of the environmental or social
benefits of the product (ethically produced chocolate or coffee, hybrid cars, etc.)
is one of the mainstream advertising nowadays. Having social and environmental standard
certification could be obtained to become suppliers of retailers with special
standard needs. It is important for the company to be able to detect trends and
to be able enhance their ability to adapt to changes.

 

·        
Enhance ability to recruit, develop and
retain staff.

Family-friendly policies could be
introduced in the company as one of the human resource practices. It is a
policy that made it easier for the employees to have a work-life balance and to
fulfil both their family and work obligations. Some of the family-friendly workplace
policies include:

–       Flex
time

–       Job
sharing

–       Temporary
or permanent switch part time

–       Allowing
work away from work site

–       Maternity/Paternity
leave

–       Parental
leave

–       Family
medical leave

–       Flexible
emergency leave

–       Child
care

–       Elder
care

–       Family
oriented events

–       Tuition
for employee education

–       Employee
assistant program for family issues

–      
Loans for employees’ children of college
scholarships

http://ctb.ku.edu/en/table-of-contents/implement/changing-policies/business-government-family-friendly/main

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