Corporate Social Responsibility

It is a concept that provides companies with a basis for integrating social and environmental concerns into their business activities on a voluntary basis.

The measure of a successful company goes beyond the profit it makes. The concept of CSR not only has a positive impact on the company, but also influences relationships with customers and the media, as well as employee morale and productivity. This is because companies are increasingly being judged on what they do for society and what impact their activities have on the environment.

The 4 types of CSR

• Environmental responsibility

Companies can contribute significantly to greenhouse gas emissions, pollution, waste and the depletion of natural resources. Depending on the size of the company, this can take different forms. While for some it may mean using alternative energy sources and sustainable materials, for others it may mean implementing a company-wide recycling program or donating to local, environmentally focused organizations.

• Ethical responsibility

For companies, it means ensuring that they are committed to fair business practices across the board. Examples include ensuring that all materials come from ethical sources or ensuring that all employees are treated with respect.

• Philanthropic responsibility

When companies give back to the communities in which they live and donate to good causes, they are fulfilling their philanthropic responsibility.

This can be as small as sponsoring a local non-profit organization's annual fundraiser or as large as donating a percentage of annual revenue to them.

• Economic responsibility

When a company acts with economic responsibility in mind, it makes financial decisions that are also about doing good, not just making money.

Benefits of CSR

• Great for brand identity

• Customer trust

• Public respect

• Higher employee satisfaction

CSR can therefore include the following points:

• Company policies that specify working only with ethical partners

• Investment in internal health and safety programs

• Support for local non-profit organizations

• Equal and fair wage distribution between the sexes