Corporate social responsibility (CSR)

Question:

1- Do you think corporate social responsibility is important? Why or why not?

2- Do you believe that employees are more attracted and committed to socially responsible companies? Why or why not?

Answer

Do you think corporate social responsibility is important? Why and why not?

I believe that corporate social responsibility (CSR) is very important fundamental element in the success of any business.

Social responsibility in business, also known as corporate social responsibility (CSR), pertains to people and organizations behaving and conducting business ethically and with sensitivity towards social, cultural, economic, and environmental issues. Striving for social responsibility helps individuals, organizations, and governments have a positive impact on development, business, and society.

When we say social responsibility, it comes in mind our human nature and need for socialization and the either positive or negative impact on our dealings, work, and quality of life. Not to mention the impact it has on the society as a whole.

Social responsibility is a means to achieve sustainability. By adapting key social responsibility principles, such as accountability, and transparency. All of these ensure the long-term viability and success of any business, organization or system.

The ISO have published an international standard (ISO26000) to help organizations assess and address their social responsibility in 2010.

The responsibility the organization for the impact of their decision & activities on society and the environment, through transparency and ethical behaviour that entails:

1. Contributes to sustainable development, including health and the welfare of society
2. Takes into account the expectations of stakeholders
3. Is in compliance with applicable laws and consistent with international norms of behaviour
4. Is integrated throughout the organization and practiced in its relationships

Organizations can achieve sustainability by paying careful attention to their impact on society and the environment. Behaving in a transparent, ethical manner ensures an approach that helps protect the long-term success of society and the environment.

Another tenet of social responsibility is the triple bottom line, also known as “people, planet, and profit.” This is the belief that achieving profit does not require harm to the planet or the exploitation of people. Organizations can profit while also taking care of the planet and people.

CSR identifies the seven core social responsibility subjects:

1. Organizational governance
2. Human rights
3. Laboure practices
4. Environment
5. Fair operating practices
6. Consumer issues
7. Community involvement and development

ISO also defines the seven key principles of social responsibility:

1. Accountability
2. Transparency
3. Ethical behavior
4. Respect for stakeholder interests
5. Respect for the rule of law
6. Respect for international norms of behavior
7. Respect for human rights

Examples of Corporate Social Responsibility

Coca-Cola Company (KO)

In 2010, Coca-Cola started the 5by20 initiative to empower women across the globe.2 The company stated:

Through 5by20 programs around the world, we equip women entrepreneurs to overcome social and economic barriers by providing business skills training, access to financial services and assets, and connections with peers and mentors. The women participating in 5by20 work in roles across our value chain, including retailers, suppliers, producers, artisans and more.

Do you think employees are more attracted and committed to social responsibility companies? Why and why not?

Definitely, in such;

1. Increased Organizational Citizenship Behaviors and Improved Employee Relationships

If employees think their employer is “doing the right thing,” it seems they are more likely to “do the right thing” themselves. When organizations implement best practices in CSR, employees are more likely to engage in cooperative behaviors toward their co-workers and the organization, like going out of their way to help their teammate. Similarly, CSR promotes higher-quality and closer relationships between employees.

2. Enhanced Employee Identification with the Organization

When employees feel that their organization is socially responsible, they experience a greater sense of identity with the business they work for. In fact, social responsibility can be more important than financial success in determining how much employees identify with their workplace.

This increased identification will mean employees are happier to be on the job and will feel a deeper connection to the work they’re doing.

3. Improved Retention and Organizational Commitment

Feeling positively about their organization’s CSR initiative has been shown to increase employee’s intentions to stay with their current employer and their overall commitment to the organization. Commitment includes a huge range of positive attitudes, including how much employees like their organization, make personal sacrifices for the organization, and see their own future and success tied to the organization’s success.

4. More Attractive Company Culture to Prospective Employees

Along with increasing current employees’ commitment, CSR can make organizations look more attractive to applicants and prospective employees. In the age when millennials look to work for “high-impact” organizations, engaging in CSR may help companies to attract top talent over other organizations. For example, a survey by the non-profit Net Impact found that 72% of students about to enter the workforce stated that a job where they can “make an impact” was important for their happiness.

5. Better Employee Engagement and Performance

Employees have also been shown to be more engaged and to perform better when they feel good about their company’s CSR involvement. By making employees aware of the company’s efforts to give back and celebrating these efforts, you can help employees become more actively engaged with their work and do better work overall.

This cycle of engagement helps each employee develop their own personal skills and helps the company as a whole operate better.

6. Increased Creativity

Finally, CSR can increase employees’ creative involvement, including generating new but practical ideas, originality, and creative problem-solving. When organizations express their values and passions through CSR, employees may be inspired to develop new and better ways to do their work.

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