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The ISO environmental management standard The United Nations Global Compact requires companies to communicate on their progress  or to produce a Communication on Progress, COPand to describe the company's implementation of the Compact's ten universal principles.
Many companies produce externally audited annual reports that cover Sustainable Development and CSR issues "Triple Bottom Line Reports"but the reports vary widely in format, style, and evaluation methodology even within the same industry. Critics dismiss these reports as lip service, citing examples such as Enron 's yearly "Corporate Responsibility Annual Report" and tobacco companies' social reports.
In South Africa, as of Juneall companies listed on the Johannesburg Stock Exchange JSE were required to produce an integrated report in place of an annual financial report and sustainability report.
This requirement was implemented in the absence of formal or legal standards. One of the reputable institutions that capital markets turn to for credible sustainability reports is the Carbon Disclosure Projector CDP.
Due to an increased awareness of the need for CSR, many industries have their own verification resources. The United Nations also provides frameworks not only for verification, but for reporting of human rights violations in corporate supply chains.
Ethics training[ edit ] The rise of ethics training inside corporations, some of it required by government regulation, has helped CSR to spread. The aim of such training is to help employees make ethical decisions when the answers are unclear.
Organizations see increased employee loyalty and pride in the organization. This can include raising money for local charities, providing volunteers, sponsoring local events, employing local workers, supporting local economic growth, engaging in fair trade practices, etc.
Companies that ethically market to consumers are placing a higher value on their customers and respecting them as people who are ends in themselves. They do not try to manipulate or falsely advertise to potential consumers.
This is important for companies that want to be viewed as ethical.
Social license to operate[ edit ] Social License to Operate can be determined as a contractual grounds for the legitimacy of activities and projects company is involved in.
Unless a company earns and maintains that license social license holders may intend to block project developments; employees may leave the company for a company that is a better corporate citizen: Based on the Requisite Organization research of Dr.
Elliott Jaques to achieve this goal a company needs to: Identify the business strategy and business objectives Identify the social license holders employees of a company, labour unions, local and national governments, communities, activist groups, etc. Develop the Social License Development Strategy to remove the negative factors and ensure positive intention of all the social license holders to support all the business objectives of the company.
Perform ongoing monitoring and quantitative measurement of changes in the Social License to Operate of the company Potential business benefits[ edit ] A large body of literature exhorts business to adopt non-financial measures of success e. The business case for CSR  within a company employs one or more of these arguments: Triple bottom line[ edit ] "People, planet and profit", also known as the triple bottom line, form one way to evaluate CSR.
Profit is the economic value created by the organization after deducting the cost of all inputs, including the cost of the capital unlike accounting definitions of profit. Another criticism is about the absence of a standard auditing procedure. Potential recruits often consider a firm's CSR policy.
CSR can also help improve the perception of a company among its staff, particularly when staff can become involved through payroll givingfundraising activities or community volunteering.
CSR has been credited with encouraging customer orientation among customer-facing employees.
Several executives suggest that employees are their most valuable asset and that the ability to retain them leads to organization success. Socially responsible activities promote fairness, which in turn generate lower employee turnover. On the other hand, if an irresponsible behavior is demonstrated by a firm, employees may view this behavior as negative.
Proponents argue that treating employees well with competitive pay and good benefits is seen as a socially responsible behavior and therefore reduces employee turnover. This interest is driven particularly by the realization that a positive work environment can result in desirable outcomes such as more favorable job attitudes and increased work performance.
The authors noted that while developing and implementing a CSR strategy represents a unique opportunity to benefit the company. The survey's authors also stated that employee engagement on CSR initiatives can be a powerful recruitment and retention tool.
As a result, employees tend to discard employers with a bad reputation. Reputations that take decades to build up can be ruined in hours through corruption scandals or environmental accidents.
CSR can limit these risks. As a result, this increases competition among firms since customers are aware of the company's CSR practices. These initiatives serve as a potential differentiator because they not only add value to the company, but also to the products or services.
Furthermore, firms under intense competition are able to leverage CSR to increase the impact of their distribution on the firm's performance.Social Responsibility. Social responsibility and business ethics are often regarding as the same concepts.
However, the social responsibility movement is but one aspect of the overall discipline of business ethics. Corporate social responsibility (CSR) can be defined as the "economic, legal, ethical, and discretionary expectations that society has of organizations at a given point in .
A Tesla Model S at the SpaceX facility in Hawthorne, CA, Tesla Inc.’s (formerly Tesla Motors, Inc.) corporate social responsibility (CSR) strategy satisfies most stakeholders’ interests in the automotive and energy solutions business.
Corporate social responsibility (CSR, also called corporate sustainability, sustainable business, corporate conscience, corporate citizenship or responsible business) is a type of international private business self-regulation.
While once it was possible to describe CSR as an internal organisational policy or a corporate ethic strategy, that time has passed as various international laws have.
SAP approaches corporate social responsibility (CSR) strategically – in order to ensure a sustainable future for society, our customers, and our company. In the business world, there are many enterprise s that an individual can undertake in order to advance, prosper and attain wealth.