Elements of corporate social responsibility pdf
When it comes to corporations, social responsibility may not be the first thing that comes to mind. While some corporations are focused exclusively on the bottom line, many businesses adopt a broader view of their mission. Different models of corporate social responsibility exist, but a common one focuses on four components: economic, legal, ethical and discretionary. Show
The four components of corporate social responsibility are economic, legal, ethical and discretionary. Economic Social ResponsibilityEconomic social responsibility begins with being profitable. Before a business can give back, it must be sustainable. Sustainability includes making a profit for shareholders, paying its employees an appropriate wage, paying business taxes and meeting other financial obligations. Corporations can show economic social responsibility by being transparent with all stakeholders regarding the financial status of their business. Legal Social ResponsibilityConsumers are more likely to buy products and utilize services from companies they trust. A part of building that trust is abiding by the laws that regulate your business. Paying the required taxes, adhering to labor laws and allowing inspections are all examples of legal social responsibility. It may sound basic, but not being attentive to your legal obligations can lead to your business being sued and can hurt the business’ reputation — and your reputation is vital to your success. Ethical Social ResponsibilityEconomic and legal corporate responsibility lay the groundwork for corporations to move into ethical social responsibility, which means doing the right thing at all levels of your business. This ranges from paying employees a living wage to ensuring that the companies you work with and buy materials from are abiding by all labor laws. In addition to ensuring ethical workplace practices, you should also look at the environmental impact your business makes. If possible, consider using recycled materials and clean energy. Go beyond meeting the minimum environmental requirements and look at how you can exceed those requirements, which gives consumers a good impression of your brand. Discretionary Social ResponsibilityDiscretionary social responsibility means using your company’s time and resources to contribute to the community at large in whatever way is meaningful for you and your brand. This may include providing your employees with opportunities to volunteer; donating money, services or products to charitable organizations; or initiating your own charitable organization that ties into your company’s mission and goals. You may want to support multiple organizations or simply focus your efforts on one or two meaningful ones. Corporate social responsibility shows that your company is about more than just the numbers. It shows that you care about your impact on the world, which appeals to consumers who want to feel good about the products they buy. By making an effort to be socially responsible, you can ensure that your company leaves a lasting, positive impact. 0% found this document useful (0 votes) 390 views 10 pages Description:Concept and Elements of Corporate Social Responsibility (CSR) Copyright© © All Rights Reserved Available FormatsPDF, TXT or read online from Scribd Share this documentDid you find this document useful?0% found this document useful (0 votes) 390 views10 pages Concept and Elements of Corporate Social Responsibility (CSR)Description:Concept and Elements of Corporate Social Responsibility (CSR) Full description Jump to Page You are on page 1of 10 You're Reading a Free Preview Reward Your CuriosityEverything you want to read. Anytime. Anywhere. Any device. No Commitment. Cancel anytime. In the last 10 years the Corporate Social Responsibility (CSR) movement stood for topics such as Corporate Governance, Environmental management and community engagement only to name three. CSR is being seen as the new business models for companies that want to be seen as more responsible organizations. So why is that? Well it is not just acceptable anymore to do a little bit of environmental management here and some community involvement there. Companies are expected to construct a sounds framework of activities that all enhance their responsible business practice. This article will outline a broad overview of the important elements for successful CSR practice within an organization. To give this overview more structure, these elements are all subdivided into the internal and external aspects of CSR practice. This differentiation is necessary as CSR has two sides to it: 1) The internal and 2) external perspective in order to be successful. The following main elements are important for successful CSR practice CSR StrategyThe CSR Strategy should be the starting point of the organizational CSR practice. This strategy needs to be defined as clear as possible with a future goal in mind. Internal Aspects: External Aspects: CSR Management systemAfter defining the strategy your next task will be to set up the CSR Management system. The management system of CSR within your business will outline what you actually need to do to make your strategy happen and to produce results. Internal Aspects: External Aspects: CSR ReportingThe next step after the successful set up of the management system is the reporting of the first results of your companies CSR activities. This is called CSR reporting. Companies usually report on an annual basis. This CSR reporting is really the first test whether you and your team have created something interesting and worth reporting for your stakeholders. Internal Aspects: External Aspects: Stakeholder Engagement & CommunicationStakeholder Engagement and Communication is the area, which keeps all of these areas together and connected. Without engaging your stakeholder on a continuous basis there is no real long term value in building a CSR Strategy, a report or communicating what you as an organization have been doing. So what do you need to take into account to practice successful stakeholder engagement? Internal Aspects: External Aspects: External Stakeholder Engagement is very likely the hardest area of all of them outlined here. Why? Because you will take on the whole world and each and everyone can be your stakeholder depending what size of company you are working for. Research in stakeholder engagement is really still in its beginning and the future will see a lot of innovation is this external stakeholder engagement area. These innovations can be modern communication tools or effective ways to identify the particular stakeholder opinion. Exciting times ahead. To sum up
let me stress one last point which I feel is central to CSR within an organization. CSR is really only the sum of its individual approaches and best practice so why not start today to add your approach and best practice to it? It will be a journey you will never forget. 🙂 What are the elements of corporate social responsibility?The CSR Policy should normally cover following core elements:. Care for all Stakeholders: ... . Ethical functioning: ... . Respect for Workers' Rights and Welfare: ... . Respect for Human Rights: ... . Respect for Environment: ... . Activities for Social and Inclusive Development:. What are the key elements of a successful CSR?Let's take a look at the key elements of effective CSR programs:. Environmental concerns. ... . Philanthropy. ... . Ethical labor practices. ... . Economic responsibility. ... . Increase employee satisfaction. ... . Boost customer loyalty. ... . Improve your public image. ... . Establish a clear definition of CSR for your organization.. What is CSR explain its elements and importance?Corporate social responsibility is a business model by which companies make a concerted effort to operate in ways that enhance rather than degrade society and the environment. CSR helps both improve various aspects of society as well as promote a positive brand image of companies.
What are the 3 elements of social responsibility?There are three fundamental components of social obligation: market activities, mandated activities, and voluntary activities.
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