Corporate Social Responsibility Benefits Bottom Line Essay

"People" refers to fair labour practices, the community and region where the business operates.

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Corporate Social Responsibility (CSR) is also referred to as corporate conscience, corporate citizenship, corporate governance or responsible business.

There are as many definitions of CSR as are there scholars, practitioners, organizations, institutions and governments advancing it.

• On its part, The United Kingdom defines CSR as how business takes account of its economic, social and environmental impacts in the way it operates — maximizing the benefits and minimizing the downsides. CSR may be viewed as an effort to integrate economic considerations with environmental and social needs, as well as corporate efforts to balance the interests of diverse stakeholders.

• The United Nations (2007) defines CSR as the overall contribution of business to sustainable development.”• The World Business Council for Sustainable Development (WBCSD) provides that CSR is the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve their quality of life (WBCSD, 2002). As such, it may be viewed as a diverse set of practices, which include stakeholder engagement, company-wide commitments and strategies, measurable targets for improvement, training, CSR management practices and public reporting.

Take for instance, Bamburi Cement and the entire Lafarge Group.

Were it not for their vibrant activities and programs to convert the barren landscape of disused limestone quarries into vibrant and diverse ecosystem of forest, grasslands and ponds into Haller Park which currently plays host to a variety of wildlife including hippos, giraffes, buffalos, and antelopes as well as smaller mammals and birds, would the company still be in existence?More importantly, this way of operating should be embedded in the business, rather than an afterthought.Based on these foundations, philosophies and principles let us now look at how CSR can benefit an organization: Triple bottom line"People, planet and profit", also known as the triple bottom line forms one way to evaluate CSR.Reputations that take decades to build up can be ruined in hours through corruption scandals or environmental accidents.These draw unwanted attention from regulators, courts, governments and media. For example in 2002, BP began developing the vast Tangguh gas field, in West Papua, Indonesia.The existence of these many definitions simply shows the great interests different quarters have in this subject. will provide governments with clear, common guidelines on how to address corporate behavior on human rights” (Khan, 2007).Some of these definitions are as outlined below:• According to the Canadian Democracy and Corporate Accountability Commission 2002, CSR may be viewed as the principle that corporations should respond to interests apart from and in addition to those of their shareholders.• The Government of Canada takes the position that “CSR is generally understood to be the way a company achieves a balance or integration of economic, environmental and social imperatives while at the same time addressing shareholder and stakeholder expectations.” In the same breadth, it also suggests that CSR is “an evolving term that does not have a standard definition or a fully recognized set of specific criteria.”• On the other hand, the European Commission defines it as a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis (2006). A more Despite this apparent diversity of definitions, there is the existence of underlying themes, which may explain the philosophy behind the concept.Being an employer of choice typically translates into the company’s ability to attract and retain high calibre staff.There are ways to approach being an employer of choice, including offering work life balance, positive working conditions and work place flexibility.CSR can also help improve the perception of a company among its staff, particularly when staff can become involved through payroll giving, fundraising activities or community volunteering.CSR has been credited with encouraging customer orientation among customer-facing employees.

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