Economic activity usually affects the environment and often also generates certain problems, such as environmental pollution or the use of natural resources by the company. As a result, many companies in the world have decided to incorporate strategic principles of corporate social responsibility into their programs, which may be an important element of their development.
-the concept that companies at the stage of strategy building take into account social interest and environmental issues, as well as relations with various stakeholder groups: with clients, shareholders, employees, suppliers, local communities. This strategy is implemented by the company as part of all its activities, which also increases the company’s value and strengthens its reputation.
This responsibility, apart from meeting formal and legal requirements by enterprises, also consists in increased investments in human resources, in environmental protection and relations with stakeholders, who may have a real impact on the effectiveness of these organizations’ business operations and their innovativeness.
“A responsible social company is an organization that, on the one hand, remains open and listens to its surroundings (by conducting a dialogue with various groups of so-called stakeholders), on the other hand draws conclusions and takes appropriate actions in all areas of activity.“
What benefits can the company bring to compliance with CSR standards?
- building an organizational culture based on high ethical standards
- caring for a positive image, gaining public trust and market analysts
- building a long-term competitive advantage
- stable growth
- building trust-based relationships with external and internal stakeholders
- attracting many valuable employees
- greater commitment from employees
- reduction of costs (fees for energy, water, pollution fees)
- better resistance to crises
- increasing shareholder confidence
- increasing the company’s profits
Have you come across the concept of corporate social responsibility? We are waiting for your comments.
Also read the post about Zero Waste at work.