Organization & Corporate Social Responsibility

 

Organization & Corporate Social Responsibility

 

(Regattagranitesindia,2024)

CSR is much important & must for an organization to its growth & development. Nowadays it is a trend in the modern world. Companies are using this method to attract current & future customers, investors or even employees. It will be a cost from the organizational view, but actually it is a future investment.

 Corporate Social Responsibility will highlight of an organizations good picture even it is on a bad situation. Most of them are willing to do this CSR. It will be a huge impact for the company, when it is used correctly.

 

What is corporate social responsibility?

Corporate social responsibility is a type of business self-regulation with the aim of social accountability and making a positive impact on society. Some ways that a company can embrace CSR include being environmentally friendly and eco-conscious; promoting equality, diversity, and inclusion in the workplace; treating employees with respect; giving back to the community; and ensuring business decisions are ethical. 

CSR evolved from the voluntary choices of individual companies to mandatory regulations at regional, national and international levels. However, many companies choose to go beyond the legal requirements and embed the idea of “doing good” into their business models. 

There is no one way a company can embrace CSR, but one thing is certain – to be perceived as genuine, the company’s practices need to be integrated into its culture and business operations. In today’s socially conscious environment, employees and customers place a premium on working for and spending their money on businesses that prioritize CSR. They can detect corporate hypocrisy. 

To ensure CSR authenticity, a company should look at its values, business mission and core issues and determine which initiatives best align with the business’s goals and culture. The business can do this internally or hire a third party to conduct an assessment. 

Reviewing the United Nations 17 Sustainable Development Goals is a good place to start. While goals like Good Health and Well-Being or Gender Equality can apply to most businesses, specific goals like Life Below Water or Affordable and Clean Energy may be relevant to select industries like water technology or energy providers.

(Reckmann,2023)

 

What are 7 main benefits of corporate social responsibility (CSR)? 

1. Increases employee engagement
2. Increases revenue
3. Supports local and global communities
4. Increases investment opportunities
5. Presents press opportunities
6. Increases customer retention and loyalty
7. Helps attract, retain and develop talent

(Benevity,2024)

Developing and implementing a CSR strategy

to develop and implement a CSR strategy based on these principles it is necessary to:

● understand the business and social environment in which the firm operates;

● understand the business and HR strategies and how the CSR strategy should be aligned to them;

● know who the stakeholders are (including top management) and find out their views on and expectations of CSR;

● produce and deliver persuasive arguments in favour of CSR: if all else fails suggest that there is room for enlightened self-interest that involves doing well by doing good;

● identify the areas in which CSR activities might take place by reference to their relevance in the business

context of the organization and an evaluation of their significance to stakeholders;

● prioritize as necessary on the basis of an assessment of the relevance and significance of CSR to the organization and its stakeholders and the practicalities of introducing the activity or practice;

● draw up the strategy and make the business case for it to top management and the stakeholders;

● obtain approval for the CSR strategy from top management and key stakeholders;

● communicate information on the whys and wherefores of the strategy, comprehensively and regularly;

● provide training to employees on the skills they need in implementing the CSR strategy;

● measure and evaluate the effectiveness of CSR

( Armstrong & Taylor, 2009)

 

Referencing

Armstrong M, Taylor S, (2009) Corporate Social Responsibility – The Practice of Human Resource Management Part 1 Armstrong’s Handbook of Human Resource Management Practice, 13^th Edition”, London: Kogan Page. (Accessed on 01/04/2024)

Benevity (2024) Top 7 benefits of Corporate Social Responsibility (Video). Available from https://www.youtube.com/watch?v=R4KoUXHVbZo (Accessed on 04/04/2024)

Benevity (2024) Top 7 benefits of Corporate Social Responsibility, Benevity.com (Online) Available at https://benevity.com/resources/corporate-social-responsibility-benefits (Accessed on 04/04/2024)

Reckmann, N. (2023) What is corporate social responsibility, Business News Daily.com (Online) Available at https://www.businessnewsdaily.com/4679-corporate-social-responsibility.html (Accessed on 04/04/2024)

Regattagranitesindia (2024) CSR (Image). Available from https://www.regattagranitesindia.com/about-us/csr/  (Accessed on 04/04/2024)