We read about it, we talk about it, our businesses want to achieve it and our stakeholders NEED it.
What is this I am talking about?
Corporate social responsibility.
So what is corporate social responsibility (CSR) all about?
CSR is a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders.
There are 2 methods to discuss CSR:
Proactive and Reactive approaches.
This entails action oriented behaviour. Proactive CSR aims to implement plans and strategies before issues arise. Issue identification can be tough. This strategy assists with the public profile and reputation management of the whole organisation.
However the question remains – Is it the responsibility of the corporate world to solve societal problems?
Focuses on fighting a fire or solving a problem after it occurs. This can be detrimental to the organisations success. Key stakeholder will question the integrity of the organisation if they don’t act ethically in these situations.
So what is the best response?
Stay tuned for a deeper look into these approaches in the next few weeks…