The Importance of Corporate Social Responsibility on Global Business
Let’s first define Corporate Social Responsibility (CSR)
The World Business Council for Sustainable Development (WBCSD): "Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large”.
EU Definition of CSR: "A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis."
CSR it is a form of corporate self-regulation integrated into a business model to ensure its active compliance with the law, ethical standards, and international customs. CSR aims to create a process within the organizations to embrace the responsibility for their actions and boost a positive impact with their consumers, employees, communities, stakeholders, and with anyone who comes in contact with their Organization.
Why is CSR important? Businesses are based on trust and precautions. Starting and keeping trust with communities, customers, and regulators isn’t simple and can be very easy to damage or lost if it is not embraced. For companies to be successful in the long-term, they need to think beyond what will affect them today they need to think in the future, how their decision will affect them down the road. This isn’t just about talking about changes to technology or the needs of customers, but also taking into account adjustments in social, environmental and governance matters. Most of these are always changing some progressing and some regressing but companies need to be aware of all. It really depends on how you define CSR. If you believe that just by meeting the laws and regulations as one of your practices, your organization and many others reflects you are practicing CSR,...
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