Corporate Social Responsibility (CSR) is the voluntary integration by companies of social and environmental concerns in their business operations, production processes and relations with stakeholders: customers, suppliers, employees, shareholders… It is a spontaneous inspiration to recognize and accept the commitments businesses have towards communities.Do you want to learn more? Visit corporate social responsibility.
Being socially responsible does not only mean to fully comply with the legal obligations but also goes beyond, by investing in human capital and enhancing the relationships with the environment and the community.
Social Responsibility is intended to improve business management strategies in order to minimize the impact of companies’ activities on the environment, on present generations and on future communities.
It is an ethical form of management aiming at meeting the expectations of all stakeholders (shareholders, employees, community, customers, suppliers, environment, and government) in order to improve the quality of life and the competitiveness of the firm.
Some authors affirm that the movements for Corporate Social Responsibility started in the thirties while others argue that it began in the seventies, but the fact is that since the nineties, this concept has been gaining strength and steadily evolved after the advent of globalization, the acceleration of economic activity, the growth of environmental awareness and the development of new technologies.
Several actions can be handled by firms in order to be Socially Responsible. These implemented actions vary according to the targeted stakeholder.
Considering the vital importance of employees in the success of a corporation, the firm bears an obligation towards workers. Examples of actions implemented in this regard include:
Recruiting local employees
Guaranteeing nondiscrimination and professional equality
Integrating disabled people
Prohibiting child labor
Providing healthy and safe workplace
Ensuring Social Security and benefits
Granting scholarships to employees’ children
Encouraging social dialogue