Corporate Social Responsibility (CSR) is a business framework that helps the companies to become responsible towards society and other stakeholders. It is also known as corporate citizenship, responsible business, corporate sustainability and conscious capitalism. To engage with corporate social responsibility, a business should positively influence the community or society. In order to respond to society, an organisation must responsible for society and shareholders. The benefit of CSR is that it builds a strong relationship between organisation and its employees, increases morale and engagement of employees. Thus, the organisations that adopt CSR strategies are providing strength to society. Nowadays, online businesses also adopt CSR strategies for the purpose of reducing the carbon footprint of webpages. They adopt CSR to develop website sustainability by mitigating screen clutter and improving ease of navigation.
Principles of Corporate Social Responsibility
To engage with CSR, the companies must follow some guiding principles discussed in a below manner:
- To Employees
- The organisations should treat its employees without any discrimination. The management of organisations should preclude any discrimination based on gender, race, religion, nationality, background. Thus, they should provide an equal and fair opportunity for all team members in the workplace.
- The organisations should provide equal rights to their team members and should create a non-hostile environment in the workplace. A non-hostile environment ensures health and safety in order to positively motivate staff members. 2.To Customers
- The organisations who want to engage with corporate social responsibility should provide their products and services to customers with efficient quality.
- Before making any contract, it should provide proper information to its customers. Also, it should manage the customer’s information adequately whether the information is related to their personal life or professional life. 3. To Business Partners
- The organisations should select their business partners on the basis of fair consideration. It should maintain fair business practices with its business partners.
- To build a win-win relationship, executives of the organisations should build mutual confidence among their business partners. 4.To Community
- To engage with CSR, organisations should prevent and mitigate the damages of natural disasters that occurred at the time of providing unique products and services to customers.
- The organisations should develop a strong relationship with their local community by supporting their efforts effectively. It should maintain a good relationship by promoting the participation of employees in social action programs.
- Also, the organisations should build and maintain a good relationship with the government and government agencies. It should conduct business activities without any corrupt practices and bribery.
5. To Shareholders
- A business should make a contribution to realising a sustainable community in order to increase its corporate value.
- It should disclose fiscal and other information among shareholders and investors for the success in the future.