Corporate Social Responsibility – an overview

Corporate Social Responsibility (CSR) in a nutshell

Corporate responsibility is a term that characterises a list of commitments that enables an organisation to maintain accountability and better serve or give back to society or the world as a whole. It’s a broad business concept, but essentially it outlines a company’s commitments to carry out their business activities in an ethical and socially responsible manner. CSR commitments are usually centred around the company’s social, economic and environmental impact, whilst considering human rights.

CSR and stakeholders

Different CSR strategies can help an organisation make a positive impact on the various stakeholders that have an interest in an organisation and who are influenced by their actions, including consumers, suppliers, employees and local communities.

Examples of CSR commitments

Corporate responsibility can be linked to almost everything an organisation does. It can involve a range of activities or commitments, such as:

• Improving labour policies
• Participating in fair trade practices / responsible sourcing
• Upholding diversity, equality and inclusion policies
• Charitable activities, fundraising or donations
• Volunteering in the community
• Environmental management i.e. waste reduction, reducing carbon footprint
• Socially and environmentally conscious investments
• Improving and upholding working conditions for employees
• Contributing to educational and social programmes
• Giving paid leave for employee volunteering

Why is it important to have a clear CSR policy?

Having a clear Corporate Social Responsibility policy can help an organisation improve their employee wellbeing and overall business performance, build trust with employees and customers and increase competitive advantage. It can also help a business to achieve operational cost savings by reducing energy or waste.

A good CSR policy can also give an organisation and its brand a positive image, where customers and potential employees see it as a reputable and ethical business. It also empowers current employees to leverage the corporate resources at their disposal to do good, for example volunteering in the community. Such programs can boost employee morale and lead to greater productivity in the workforce. This all lends a positive hand when it comes to attracting and retaining employees!

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