corporate and social responsibility Flashcards
what is corporate and social responsibility?
a concept where companies integrate social and environmental concerns in their operations and in their interaction with stakeholders on a voluntary basis.
what is sustainability?
not using up the resources to meet the needs of this generation of customers, so that they don’t limit the needs and resources for the future generation.
where do companies sometimes report their Corporate social responsibility in terms of sustainability?
in their balance sheets
how do companies document CSR activities?
in CSR reports, for example their water usage. carbon emissions etc.
why don’t companies want to be socially responsible?
they believe their roles in to provide profits for their shareholders not anything else
doesn’t always improve business reputation as some people don’t really care
the costs will be passed on to customers therefore it may reduce profits.
damages innovation.
why might companies operate in a socially responsible way?
- ethical, pleases stakeholders
- morally right
- improves business reputation, can attract more customers
- can be profitable bu reducing waste and access to grants.
- helps avoid excessive regulation
- employee motivation
how are businesses socially responsible to their customers?
- value for money
- product quality and safety
- fair and honest advertising
- sustainable products
- product testing
how are businesses socially responsible in the workplace?
equal opportunities - diversity fair pay, above inflation enough breaks good conditions health and safety regulations work and life balance training in new skills
how are businesses socially responsible for the community?
offering jobs to the local community
community products
minimise pollution or disruption to the community
source from local suppliers
how are businesses socially responsible for the environment?
low pollution - Co2 emissions sustainable resources reduction in waste recycling - waste management congestion minimised
how can CSR be a threat?
higher costs
programme investment
management and reporting - time consuming
why might there be pressure for CSR?
senior managements attitude or experience
stakeholders pressures
pressure groups
risk of being irresponsible and caught out
why is CSR an opportunity?
Unique selling point subsidies builds a brad - lush motivate and retain employee's grow revenue and profit reduce waste
