Corporate Social Responsibility (CSR)

Question 1

Corporate Social Responsibility

Answer 1

The continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local
community and society at large

Question 2

Corporate Social responsibility

Answer 2

The responsibility of business towards the society

Question 3

Myths surrounding CSR

Answer 3

• not for small businesses
• too complicated and technical
• too expensive
• a market gimmick
• a separate corporate initiative

Question 4

CSR Projects for businesses

Answer 4

• Market focused
• Product focused
• Employee focused
• Environmental focused
• Society focused

Question 5

Benefits of CSR

Answer 5

• Winning new businesses
• Enhanced relationships with stakeholders
• Attracting, retaining and maintaining a happy workforce
• Media interest and good reputation
• Access to funding opportunities
• Enhancing your influence in the industry
• Differentiating yourself from the competitor
• Saving money on energy and operating cost
• Increase in customer retention

Question 6

Forms of responsibilities to investors/ stockholders

Answer 6

Owners invest money in companies. In return, the people who run a company have a responsibility to increase the value of owners’ investments through profitable operations. Managers also have a
responsibility to provide owners (as well as other stakeholders
having financial interests, such as creditors and suppliers) with
accurate, reliable information about the performance of the business

Question 7

Forms of responsibilities to employees

Answer 7

Companies are responsible for providing employees with safe, healthy places to work—as well as environments that are free from
sexual harassment and all types of discrimination. They should also offer appropriate wages and benefits..

Question 8

Forms of responsibilities to communities

Answer 8

Provide jobs
• Pay taxes
• Support local education, health, and recreation activities
• Donate funds to community projects
• Encourage employees to volunteer their time
• Donate equipment and products for a variety of activities

Question 9

Corporate Social Responsibility (CSR) Arguments For

Answer 9

Addresses social issues business caused and allows business to be part of the solution
Protects business self interest.
Limits future government intervention
Addresses issues by using business resources and expertise
Addresses issues by being proactive

Question 10

Corporate Social Responsibility (CSR)

Arguments Against

Answer 10

Restricts the free market goal of profit maximization
Business is not equipped to handle social activities
Dilutes the primary aim of business
Increase business power
Limits the ability to compete in a global marketplace

Question 11

Practical application of CSR

Answer 11

Appoint a driver for your CSR initiative
• Communicate your CSR efforts to all your stakeholders clearly and boldly.
• Make your CSR initiative part of your business culture
• Set up CSR measuring indicators to monitor progress and possible
deviations.
• Be enthusiastic about your CSR initiative; be committed to it.
• Report on your initiatives and measure progress/ impact made