CSR, Corporate Social Responsibility, is one of the standard business practices of our era. For companies dedicated to CSR it means kudos and a higher overall reputation. An influential statement of what they stand for in an often cynical and fast-paced business world.
The implementation of a Corporate Social Responsibility strategy is a crucial part of a company’s competitiveness and something that should be led by the organization itself. This means, having procedures and policies in place which integrate social, environmental, ethical, and human rights into business operations and strategy. For companies, the aim is to achieve a positive impact on society while capitalizing on the creation of shared value for the owners, employees, shareholders, and stakeholders.
The reasons driving companies to pursue a Corporate Social Responsibility scheme are consistent across the corporate world; however once a company makes the decision to implement CSR activities, a plan must be implemented to carry out the agreed CSR scheme.
CSR is all about ethics
Corporate Social Responsibility lets businesses to demonstrate their ethics, engage their employees and communicate with the public on how they operate to ensure a more sustainable future.
CSR helps for collaborations between businesses and civil society that are based on common goals and shared actions to deliver impact-driven outcomes.
At present, the incorporation of such schemes by businesses appears predominant as ever. However, the debate is still very much on whether companies can embrace a broad or a multi-layered vision of Corporate Social Responsibility.
The pyramid of CSR can be split into 4 main areas:
- Economic Responsibility
- Legal Responsibility
- Ethical Responsibility
With a number of recent legislative and behavioral developments all contributing to Corporate Social Responsibility, there is no doubt that companies are uniting their CSR activities under an all-embracing, business strategy, and using it as a tool to drive innovation, tackle material issues and strengthen community engagement.
Whether a force for good or an exercise in brand development, we cannot deny that Corporate Social Responsibility is very much an integral part of the global business landscape.