Do you often hear the term corporate social responsibility and don’t know what it means? Yet this concept should be part of the corporate culture of every modern company. So what is corporate social responsibility? And how does it manifest itself?
What is corporate social responsibility?
Corporate social responsibility, or CSR for short, is a voluntary commitment by companies to behave responsibly with regard to the environment and society in which they operate.
Why is it beneficial to behave in a socially responsible manner in a company? On the one hand, the company becomes more trustworthy, but also more attractive to investors, it becomes more visible, it is easier to build a brand, and it retains both high-quality employees and stable and satisfied clients.
Socially responsible companies adhere to three rules: they strive to behave in an environmentally friendly manner, with respect for the society in which they operate, while also doing business successfully. Corporate social responsibility is also known as the Triple Bottom Line, based on these three areas. These areas are also known as the pillars of CSR.
Economic responsibility
Economic responsibility manifests itself, for example, in the rejection of corruption, but also in maximum transparency and good relationships with customers, business partners, and investors. It also includes high quality and safety of the product or service offered.
Social Responsibility
The second pillar, social responsibility, deals with the health, safety, and education of employees. It also includes rejecting child labor, gender equality, employing minorities, respecting human rights, and supporting volunteerism.
Environmental responsibility
The company’s ecological behavior falls under the area of environmental responsibility. What does this include? For example, the use of recycled paper, renewable energy sources, and generally the careful use and protection of natural resources.
Corporate social responsibility: Real-life examples
Typical examples include refusing bribes and delivering on promised product or service quality. Other examples include employee development through regular training, equal pay and working conditions for men and women, and support for local charities. Waste sorting, energy-efficient lighting, water conservation, and support for environmentally friendly transportation to work, such as contributions to public transportation, all fall under environmental responsibility.
Corporate social responsibility at CEMI
If you are interested in the topic of corporate social responsibility, at the CEMI Institute, you can focus on this area of business when writing your seminar paper or thesis while studying the online MBA program.
