Corporate Social Responsibility Flashcards
What is corporate social responsibility?
Refers to the action taken by a business which go above and beyond its legal obligation. This contributes to the health and wellbeing of the community, environment and Employees
Benefits and drawbacks of CSR
Advantages include; Organisations reputation can be enhanced, Free publicity can be gained, Enhanced perceived quality of products
Disadvantages include; Can be expensive in terms of costs and expenses, Time and resources are spent managing the change hat isn’t required by law, does it compromise the function of the product
Examples of CSR - Benefits and drawbacks
Environmental Sustainability Initiatives: Enhances brand reputation and reduces ecological footprint; initial costs may be high, and results may take time to materialise.
Education and Training Programs: Enhances workforce skills and contributes to social mobility; may require significant investment with uncertain returns on investment.
Fair Trade Practices: Supports ethical treatment of workers and producers; could lead to higher prices for consumers or sourcing challenges in certain markets.
