Corporate Social Responsibility
The Government sees Corporate Social Responsibility (CSR) as good for society and good for business. Better understanding of the potential benefits of CSR for the competitiveness of individual companies and for national economies can help encourage the spread of CSR practice.
While businesses are expected to meet their minimum legal obligations and comply with basic corporate governance, CSR represents their voluntary actions, in excess of this, with a view to improving their own competitiveness and the interests of society as a whole.
CSR can be implemented in a number of ways and across a variety of areas.
Human Resources
The perception of a company held by its own staff can be vital to its success. The involvement of employees in payroll giving schemes, fundraising activities or volunteering in the local community can raise a business' profile while also aiding staff recruitment and retention.
Risk Management
A company's reputation, while taking years to build, can be ruined or tarnished in a matter of weeks. Where a company can establish a reputation of genuine compliance and ethical operating it will be easier to survive occasional bad publicity.
Improved Sales
Companies that can demonstrate 'green' credentials and a high degree of social conscience may well see its sales increase as customers and consumers are increasingly likely to avoid brands associated with breaches in human rights or pollution of the environment.
While there are many criticisms of Corporate Social Responsibility, particularly that a company or corporation's primary responsibility of generating profits for its shareholders is incompatible with CSR, few businesses can ignore both the benefits that a comprehensive social policy can offer or the bad publicity that a lack of one can generate.
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