What Is Corporate Social Responsibility

Topics: Corporate social responsibility, Business ethics, Social responsibility Pages: 2 (286 words) Published: July 9, 2012
What is Corporate Social Responsibility (CSR) and Sustainable Business? A Definition of CSR

Corporate Social Responsibility (CSR), Corporate Responsibility (CR) or Sustainable Business are commonly heard, but rarely understood, phrases. So what does it all mean? CSR is the process of assessing an organization’s impact on society and evaluating their responsibilities. CSR begins with an assessment of a business and their: * Customers

* Suppliers
* Environment
* Communities
* Employees
The Power of CSR
Read our short guide on the benefits of CSR.
Many organisations have a CSR Policy, which defines areas of concern and initiatives to improve relations with the people and environments affected by business operations. CSR policies often dictate a system for monitoring responsible performance. Read more about Simply CSR's approach to developing CSR policies. The Benefits of Corporate Social Responsibility

“88% of consumers said they were more likely to buy from a company that supports and engages in activities to improve society.” Better Business Journey, UK Small Business Consortium
Why do we need CSR
Consumers increasingly don't accept unethical business practices or organizations who act irresponsibly. Advances in social media (giving everyone a voice) mean that negative or destructive practices quickly fuel conversations online. Organizations are accountable for their actions like never before.

* Win new business
* Increase customer retention
* Develop and enhance relationships with customers, suppliers and networks * Attract, retain and maintain a happy workforce and be an Employer of Choice * Save money on energy and operating costs and manage risk * Differentiate yourself from your competitors

* Generate innovation and learning and enhance your influence * Improve your business reputation and standing
* Provide access to investment and funding opportunities
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