Corporate Social Responsibility 9

Question 1

Define CSR

Answer 1

Ongoing commitment of a business to operate in an economically, socially and environmentally sustainable manner while considering the interests of various stakeholders

Question 2

Main areas?

SHECC

Answer 2

Sustainability and environment- accountable for environmental impacts
Human rights- ethical suppliers and fair trade
Ethical treatment of employees- fair pay and conditions, safe workplaces, work-life balance
Community engagement- volunteering and philanthropy
Corporate governance and accountability- accountable for its actions and impacts to shareholders, government, employees, customers, and community

Question 3

Triple bottom line

Answer 3

Business reports on financial, environmental and social performance

Question 4

CSR considerations of inputs, transformations, outputs

Answer 4

Inputs: source sustainably, 4Rs (recycle, reuse, reduce, recover), ethical treatment of employees (wages and working conditions)
Transformations: 4Rs, renewable energy, modern technology that is more efficient and has a reduced impact on the environment, keep processes in Australia (sustains economy) which also ensures employees are employed legally
Outputs: product should be fit for quality, advertised honestly, non-harmful/safe, packaging should be environmentally friendly and non-offensive

Question 5

Global considerations

Answer 5

Global sourcing of inputs- procurement of inputs overseas (may be cheaper, and of higher quality but CO2 emissions and employees may be exploited and laws may be different
Local sourcing of inputs- less travel, employed under Australian legislation but may be inferior quality and more expensive
Outsourcing- when businesses move their processes overseas, this may be cheaper because that country has the resources, facilities and equipment required in processes but less jobs available-increasing unemployment rates