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    Corporate Social Responsibility (CSR) : By: Ms. Rona Sarah C. Fernandez, MBA

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    ronski17
    Corporate social responsibility (CSR) involves businesses identifying their stakeholders and incorporating stakeholder needs and values into strategic and daily decision-making. CSR is becoming increasingly important due to changing social expectations where consumers expect more from companies, greater global affluence allowing consumers more choice, and increased globalization and communication empowering stakeholders. For businesses to fully integrate CSR, top management must commit to CSR policies, a CSR officer should manage policy development and implementation, and compensation systems should reinforce CSR policies rather than just profits.

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    Corporate Social Responsibility (CSR) : By: Ms. Rona Sarah C. Fernandez, MBA

    Uploaded by

    ronski17
    85 views10 pages
    Corporate social responsibility (CSR) involves businesses identifying their stakeholders and incorporating stakeholder needs and values into strategic and daily decision-making. CSR is becoming increasingly important due to changing social expectations where consumers expect more from companies, greater global affluence allowing consumers more choice, and increased globalization and communication empowering stakeholders. For businesses to fully integrate CSR, top management must commit to CSR policies, a CSR officer should manage policy development and implementation, and compensation systems should reinforce CSR policies rather than just profits.

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    Corporate social responsibility (CSR) involves businesses identifying their stakeholders and incorporating stakeholder needs and values into strategic and daily decision-making. CSR is becoming increasingly important due to changing social expectations where consumers expect more from companies, greater global affluence allowing consumers more choice, and increased globalization and communication empowering stakeholders. For businesses to fully integrate CSR, top management must commit to CSR policies, a CSR officer should manage policy development and implementation, and compensation systems should reinforce CSR policies rather than just profits.

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    Attribution Non-Commercial (BY-NC)
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    85 views10 pages

    Corporate Social Responsibility (CSR) : By: Ms. Rona Sarah C. Fernandez, MBA

    Uploaded by

    ronski17
    Corporate social responsibility (CSR) involves businesses identifying their stakeholders and incorporating stakeholder needs and values into strategic and daily decision-making. CSR is becoming increasingly important due to changing social expectations where consumers expect more from companies, greater global affluence allowing consumers more choice, and increased globalization and communication empowering stakeholders. For businesses to fully integrate CSR, top management must commit to CSR policies, a CSR officer should manage policy development and implementation, and compensation systems should reinforce CSR policies rather than just profits.

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    CORPORATE SOCIAL

    RESPONSIBILITY (CSR)
    By: Ms. Rona Sarah C. Fernandez, MBA
    A fundamental ingredient of any successful
    market economy is respect for basic human
    values: honesty, trust, and fairness. These values
    must become an integral part of business culture
    and practice for markets to remain free and to
    work effectively. Private business is at the
    strategic center of any civil society. It’s where
    people go for a job or to invest savings to
    realize their aspirations for their families.

    Donald L. Evans
    U.S. Secretary of Commerce
    Starting point

    1. Why do businesses exist?


    2. What is the purpose of a
    business, or, in the bigger
    picture, any economic system?
    The derivation of the word company? Two
    Latin words, cum and panis,
    which mean: breaking bread together.
    How does this origin translate in today’s
    business environment? What are or should
    be the goals of the modern corporation?
    Opinions differ and cover a wide spectrum:
    What is CSR?
    The entirety of CSR can be discerned from the three
    words contained within its title phrase:
    ‘corporate,’ ‘social,’ and ‘responsibility.’ Therefore, in
    broad terms, CSR covers the responsibilities
    corporations (or other for-profit organizations) have
    to the societies within which they are based and
    operate.
    More specifically, CSR involves a business
    identifying its stakeholder groups and incorporating
    their needs and values within the strategic and day-
    to-day decision-making process.
    CSR vocabulary
    CSR is also referred to as:

    corporate’ or ‘business responsibility’


    corporate’ or ‘business citizenship’
    community relations’
    social responsibility.
    Why is CSR important?
    consumers want to buy products from
    companies they trust;
    suppliers want to form business partnerships
    with companies they can rely on;
     employees want to work for companies they
    respect; and
    NGOs, increasingly, want to work together
    with companies seeking feasible solutions
    and innovations in areas of common concern.
    Why is CSR relevant today?
    CSR as a strategy is becoming increasingly important for businesses today because of
    three identifiable trends:

    Changing social expectations


    Consumers and society in general expect more from the companies whose products
    they buy. This sense has increased in the light of recent corporate scandals, which
    reduced public trust of corporations, and reduced public confidence in the ability of
    regulatory bodies and organizations to control corporate excess.
    Increasing affluence

    This is true within developed nations, but also in comparison to developing nations.
    Affluent consumers can afford to pick and choose the products they buy. A society in
    need of work and inward investment is less likely to enforce strict regulations and
    penalize organizations that might take their business and money elsewhere.
    Globalization

    The growing influence of the media sees any ‘mistakes’ by companies brought
    immediately to the attention of the public. In addition, the Internet fuels
    communication among like-minded groups and consumers—empowering them to
    spread their message, while giving them the means to co-ordinate collective action
    (i.e. a product boycott).
    Key steps on the road to integrating CSR within all aspects of
    operations include:

    • Ensure the commitment of top management, and particularly the


    CEO, is communicated throughout the organization
    • Appoint a CSR position at the strategic decision-making level to
    manage the development of policy and its implementation
    • Develop relationships with all stakeholder groups and interests
    (particular relevant NGOs)
    • Incorporate a Social or CSR Audit within the company’s annual
    report
    • Ensure the compensation system within the organization reinforces
    the CSR policies that have been created, rather than merely the
    bottom-line
    • Any anonymous feedback/whistle-blower process, ideally
    overseen by an external ombudsperson, will allow the CSR
    Officer to operate more effectively

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