What is Corporate Social Responsibility?

Use this quick guide to enhance your understanding of corporate social responsibility as a business strategy. After reading this, you may like to read our corporate social responsibility case studies at www.bizcs.co.nz .

Corporate social responsibility can be defined as the obligations or responsibility an organisation has to a specified group such as the local community, employees and the like and/or to a wider cause or issue such as the environment. It is often referred to as corporate citizenship.

Creating a Corporate Social Responsibility Strategy
Creating a formal corporate social responsibility strategy should be an important part of an organisation’s business plan. This is to ensure that all business units are heading in the same direction in responding to community and environmental needs. Having a clear and concise corporate social responsibility strategy helps shareholders gain a better understanding of a business's corporate social responsibility activities. Communication to customers and stakeholders is also easier. In addition to this, a formal strategy will assist the business units identify any gaps or new opportunities within existing corporate social responsibility programs.

A strong commitment to corporate social responsibility is not only the right thing to do, but is smart business practice. The community benefits from corporate social responsibility initiatives. Marketing, selling and networking will also be easier for companies exhibiting a strong corporate social responsibility strategy. This can lead to new business and tendering opportunities. By taking an active part in local communities, companies are able to help the communities they operate in to grow and thrive. In turn, the people in these communities are more likely to use the products and services supplied by the businesses in question.

Employee retention and greater staff loyalty are also positive contributions of taking a proactive corporate social responsibility stance. A happy workforce is a productive workplace.

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