I would like to discuss a few things about corporate social responsibility, a fast growing concept which is not as considered such a new idea!
Corporate Social Responsibility
Corporate Social Responsibility is about activities undertaken by corporations and organisations as regards environmental and social issues. It is about environmental protection measures such as reforestation or activities against sea contamination; sociatal issues such as unemployment programs, human rights support, local communities support etc.
Social Responsibility while it seems to be against shareholders' interests and share value can have a positive impact to the price of a share. Several researches from many countries have shown that although there are some others with ambiguous results.
Corporate Social Responsibility:
- Can boost a corporation's reputation (by increased publicity, strong Brand name building, word-of-mouth, etc.)
- Can save millions from prosecutions, negative publicity, riots, provoked by dissatisfied customers, pressure groups, local communities and the sevaral stakeholders (there are many examples of corporations which have been damaged in millions dollars and reputation)
There are several programs that corporations undertake, some of them may be:
- Support for literacy
- Support for Humal Rights and Labour Relations
- Fight against environmental pollution (air pollution, sea contamination)
- Fight against hunger, diseases (such HIV), race and other discriminations
- Support for child's rights and against children's employment
- Local community support (local umemployment, sustainable development and resources of local communities)
- Support for culture, science, sports etc.
There is not any standard program to undertake or any best policy to adopt. The best way to involve into corporate social responsibility practises is to find the needs of your corporation, the obtainability of your objectives and the impact your business has to the sociaty and the environment. Then you can choose the best program to fit your business goals and objectives and create your plan of action. It is also crucial to enable channels for interaction and communication with your stakeholders (shareholders, state, employees, suppliers and customers, pressure groups etc.) and support feedback from those groups. Thus you can be enable to predict the impact of your actions, mentain a good and honest communication and relation with your stakeholders something which will give you their help and support.
That's for now! Stay tuned-in for more articles and resources about Business and Marketing practices...
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