"Community Empowerment Initiative"

Corporate social responsibility (CSR) is an enterprise version that says an organization should play a good role in the network. 

McWilliams et al (2006: 1) stated that CSR refers to the actions taken by businesses 'that further some social good beyond the interests of the firm and that which is required by law'. CSR has also been described by Husted and Salazar (2006: 76) as being concerned with; the impact of business behavior on society; and by Porter and Kramer (2006: 83) as a process of integrating business and society. The latter argued that to advance CSR; We must root it in a broad understanding of the interrelationship between a corporation and society while at the same time anchoring it in the strategies and activities of specific companies.

Why it is beneficial to follow CSR

CSR can have long-term benefits for companies, stakeholders and society, and it helps companies create a sustainable business model.

It can be beneficial for companies in several ways:

1. Increased employee engagement: can help attract and retain employees who are committed to social and environmental causes. This can lead to increased employee engagement, motivation, and productivity.

2. Innovation and competitiveness: can help companies differentiate themselves from competitors by developing innovative products and services. It can lead to increased competitiveness and market share.

3. Reduced risks and costs:  can help companies reduce risks associated with social and environmental issues, such as lawsuits, fines, reputation damage and  help reduce costs associated with waste and energy

4. Positive reputation: if organizations follow CSR, can build a positive reputation and brand image among customers, investors, and the public. 

5. Improved stakeholder relationships: can help companies build better relationships with their stakeholders, including suppliers, customers, investors, and the community, lead to increased collaboration, trust, and long-term partnerships also.

CSR activities as listed by McWilliams et al (2006) include incorporating social characteristics or features into products and manufacturing processes, adopting progressive HRM practices, achieving higher levels of environmental performance through recycling and reduction of pollution and advancing the goals of community organizations. 

The basis for developing a CSR strategy

The basis for developing a CSR strategy is provided by the following competency framework consisting of six (06) characteristics of the CSR Academy.

a)    Questioning business as usual: individuals continually question the business in relation to a more sustainable future and being open to improving the quality of life and the environment.

b) Understanding society: how a business operates in the broader context and knowing the social and environmental 

c) Harnessing diversity: respecting that people are different, which is reflected in fair and transparent business practices.

d) Stakeholder relations: Understanding the risk and opportunity presented by the stakeholders will be mitigated by working with them, consulting and taking their views into consideration

e) Strategic view: ensuring that social and environmental views are included in the business strategy so that they are integral to the way the business operates.

f) Building capacity: suppliers understand the business’s approach to the environment and employees can apply social and environmental concerns in their day-to-day roles.

In today's globalized world, where Clients and investors are increasingly conscious of the social and environmental impact of the products and services they consume, CSR has become an important part of doing business. Organizations that hold CSR as a core part of their business strategy are more likely to succeed in the long run, by building strong relationships with stakeholders and contributing to a sustainable future for all.

 References :

Help On Time(2023). CSR ENG,Available at: https://helpontime.org/en/csr-eng/ [Accessed 21 March 2023]

Julian D. Riano and Yakovleva N (2020). ‘Corporate Social Responsibility’ Available at: https://www.researchgate.net/publication/340276436 [Accessed 20March 2023]

 Hopkins M (2006). ‘What is corporate social responsibility all about?’ Available at:   https://www.researchgate.net/publication/246912286 [Accessed 20 March 2023]