Executive Committee Member
Corporate Social Responsiblity
Corporate Social Responsibility (CSR) is a concept that encourages companies to be responsible for their social and environmental impact when conducting business.
CSR is not compulsory and generally there are no legislated guidelines enforcing its practice, however some countries are moving towards this approach. For various reasons, CSR makes good business sense:
o From a social aspect, this is evidenced by the worldwide focus being put on topics such as global warming and the role of corporations taking a sustainable approach in society. Companies practicing CSR are likely to be seen in a positive manner by the community for their efforts.
o From a financial aspect, in the fund management field there is now concentrated investing by institutions in socially responsible investment (SRI) funds. These funds only invest in companies that have a focus on being socially responsible and sustainable. Companies not practicing CSR risk being financially disadvantaged.
It has become evident that CSR is now an area which many global companies are not only participating in themselves, but also expecting as a standard from their partners and suppliers.
With respect to social and environmental impact, CSR suggests that companies consider their “stakeholders” in business decisions. Stakeholders are individuals or groups that are directly or indirectly impacted by a corporation. Examples of stakeholders are: employees, customers, suppliers, community organizations, subsidiaries and affiliates, joint venture partners, local neighborhoods, investors, and shareholders.
The below article was published in the August edition of Best Practice Management Magazine. Please click the images to read the article and find out how CSR can become an integral part of your contact centre operation.