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Corporate Social Responsibility

To engage in CSR means that, in the normal course of business, a company is operating in ways that enhances society and the environment...

Corporate Social Responsibility

Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable — to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society including economic, social, and environmental. To engage in CSR means that, in the normal course of business, a company is operating in ways that enhances society and the environment, instead of contributing negatively to it.


Types of Responsibility

  • Environmental Responsibility : Limiting pollution and reducing greenhouse gases.
  • Philanthropic Initiatives : Donation of time, money or resources to charities and organizations at local, national or international levels.
  • Ethical Business Practices : The primary focus on ethics is to provide fair labor practices for businesses’ employees as well as the employees of their suppliers.
  • Economic Responsibility : Practices that facilitate the long-term growth of the business, while also meeting the standards set for ethical, environmental and philanthropic practices.

Importance

Whether it's by empowering women, helping the environment, or trying to end poverty, more and more companies are incorporating social responsibility into their overall business strategy. The potential benefits of CSR to companies include:

  • Better brand recognition.
  • Positive business reputation.
  • Increased sales and customer loyalty.
  • Operational costs savings.
  • Better financial performance.
  • Greater ability to attract talent and retain staff.
  • Organisational growth.
  • Easier access to capital.

Our Office

OpenMind Management Consultancy Inc.
Surrey BC, V3T 0G6
CANADA

Phone : (778) 636-6411

Client’s enquiries : info@open-mind.ca
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