Corporate Social Responsibility (CSR)

Social Responsibility means that individuals and companies have a duty to act in the best interests of their environments and of society as a whole.

Corporate Social Responsibility (CSR) refers to business practices involving initiatives that benefit society. A business's CSR can encompass a wide variety of tactics, from giving away a portion of a company's proceeds to charity, to implementing "greener" business operations and so on.

Every 15 seconds a worker dies from work-related accidents or diseases, When you toll that out, that means about 6,300 people will die today – and every day – from injuries they receive on the job.

Today, many businesses are taking the next step in the evolution of CSR in business. Many business leaders are realizing that CSR is also a viable component of their overall business strategy, along with such traditional functions as marketing, branding,research and development, innovation, talent management, and operations.

The continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. By proposing a CSR strategy that aligns with the revenue streams of the individual company, changemakers can ensure that both societal and business benefits are realized.

There are a few broad categories of social responsibility that many of today's businesses are practicing:

1. Environmental efforts: One primary focus of corporate social responsibility is the environment. Businesses regardless of size have a large carbon footprint. Any steps they can take to reduce those footprints are considered both good for the company and society as a whole.

2. Philanthropy: Businesses also practice social responsibility by donating and supporting national and local charities. Businesses have a lot of resources that can benefit charities and local community programs.

3. Ethical labor practices: By treating employees fairly and ethically, companies can also demonstrate their corporate social responsibility. This is especially true of businesses that operate in international locations with labor laws that differ from those in the United States.

4. Volunteering: Attending volunteer events says a lot about a company's sincerity. By doing good deeds without expecting anything in return, companies are able to express their concern for specific issues and support for certain organizations.

Why CSR matters

CSR is more mainstream as forward-thinking companies embed sustainability into the core of their business operations to create shared value for business and society.

Sustainability isn't just important for people and the planet, but also is vital for business success, More practically, [CSR] often represents the policies, practices and initiatives a company commits to in order to govern themselves with honesty and transparency and have a positive impact on social and environmental wellbeing, As consumers' awareness about global social issues continues to grow, so does the importance these customers place on CSR when choosing where to shop. But consumers aren't the only ones who are drawn to businesses that give back, a company's CSR strategy is a big factor in where today's top talent chooses to work.

The next generation of employees is seeking out employers that are focused on the triple bottom line: people, planet and revenue.

With consumers and investors paying more attention to corporate social responsibility, companies need to realize that it's not enough to manage safety within their own four walls. We’re seeing that now safety is becoming part of the business operations. Whether it’s business or safety – always look for opportunities to change the rules.

Examples of corporate social responsibility

While many companies now practice some form of social responsibility, some are making it a core of their operations. However, companies need to really understand what their core social purpose is and how that aligns with their stated mission, to create a cohesive CSR strategy.

For example, Kashi, a Kellogg's brand, wants to increase organic farming and is one of the few certified organic cereals. Since only 1 percent of U.S. farmland is actually organic, the breakfast brand worked with Quality Insurance International to help certify new organic farmers across the nation.

Practicing what you preach

Undertaking socially responsible initiatives is truly a win-win situation. Not only will your company appeal to socially conscious consumers and employees, but you'll also make a real difference in the world. Keep in mind that in CSR, transparency and honesty about what you're doing are paramount to earning the public's trust.

If decisions [about social responsibility] are made behind closed doors, people will wonder if there are strings attached, or if the donations are really going where they say. Engage your employees [and consumers]

The corporate world has more power than many realize, and using that power to improve the world can bring people of all backgrounds, ages and interests together.

Given their power and sheer size,

...corporations can solve big social problems and have a huge impact.