Corporate Social Responsibility (CSR)

 

Corporate Social Responsibility or CSR is a type of self-regulation for private businesses. It cannot simply be summarised with specific  dedications and commitments as they will vary depending on the company and the industry. However, CSR covers areas within society that show corporate responsibility; taking care of the environment, local economy and aspects of society. A great way of looking at the strategy is to see it as a commitment to responsibility that may not suit your own interests and isn’t required by law. The main advantage for implementing CSR into business is to show your that you are aware of the impact that you are having on society. Engaging in CSR can help you commit to positively contributing towards all aspects of your local community. 

CSR can be very broad and often differs due to the specific type of organisation. Though the overall advantage is to improve your company image and brand, it can have an impact on communities. Another great impact a properly implemented strategy can have is a positive relationship between employer and employee. Being responsible for both the health and well-being of your employees will boost morale and potentially increase productivity and commitment. 

 

How can you adopt CSR?

 

Due to the nature of corporate social responsibility it can seem quite daunting when adopting it. The business model is quite hard to pin point and can be a very broad spectrum of business choices and procedures. It is therefore quite a daunting task when attempting to convert your own business over to CSR practices. A great way to start is to look at existing examples and start thinking about each decision you make. Each decision should consider your community, the environment and your employees. For example, if you were to purchase a new appliance for the office, consider your local providers, how efficient or green the appliance is and whether it is what your employees want as well. Start becoming responsible for your employees and shareholders and put decisions that may not benefit you, but others, ahead in your priorities. 

Thank you very much for reading! You can read more about CSR with these two links!

 

https://www.investopedia.com/terms/c/corp-social-responsibility.asp

https://en.wikipedia.org/wiki/Corporate_social_responsibility

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