principls of csr Flashcards
What is Corporate Social Responsibility (CSR)?
A way of doing business that helps a company be socially accountable to itself, stakeholders, and the public
CSR involves being aware of the impact on economic, legal, ethical, and environmental aspects of society.
What is one core principle of CSR?
A company operates in a way that enhances society and the environment instead of harming
This principle emphasizes positive contributions rather than negative impacts.
List three social principles of CSR.
- Diversity
- Transparency
- Fairness
These principles help improve the relationship between a company and the public.
What is a key economic responsibility of a socially responsible company?
Ensuring financial stability to be accountable to themselves and shareholders
Financial stability is essential for sustainable CSR practices.
How can global businesses demonstrate social responsibility?
By supporting fair trade or making sensible purchases
This can lead to more ethical sourcing and supply chain management.
What is one way companies can support local economic development?
Hiring locally
This practice helps boost the local economy and create job opportunities.
Name two employee-related economic responsibilities of a business.
- Fair pay
- Enhanced parental leave
These responsibilities contribute to employee satisfaction and retention.
Fill in the blank: A large corporate construction company must develop social responsibilities because it can affect its relationship with the _______.
[public]
Building a positive relationship with the public is crucial for long-term success.
True or False: CSR only involves charitable activities.
False
CSR encompasses a broader range of practices, including ethical operations and environmental stewardship.
What are some benefits of providing additional holiday for long service?
It enhances employee loyalty and satisfaction
Offering benefits for long service can improve retention rates.
List two ways a company can invest in a local area.
- Committing to local regeneration
- Using local businesses as suppliers
These actions foster community development and support.
