Introduction to CSR
As the world business environment changes, so do the requirements for success and competitiveness. Thus building deeper and more strategic relationships with customers, suppliers, employees, communities and other stakeholders (the corporate eco-system) can become central to competitiveness and even survival. According to Pallazi and Starcher (2006), building these relationships and being responsible to them rather than looking into the profit can form the foundation for a new, progressive and people-centered corporate strategy. This brings us to the increased importance of Corporate Social Responsibility (CSR).
According to World Business Council for Sustainable Development "Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life at workplace and their families as well as of the local community and society at large."
Common observations on CSR
Some Common conceptions noted by Pallazi and Starcher (2006), are as follows;
? It is treated as an investment, more than a cost.
? It is a process of continuous improvement, which begins as small and expands over time.
? It is inextricably related to profitability, as there can be no social responsibility without profits. Profits are not only to reward investors but also to provide sustainable jobs, pay fair wages, pay taxes, develop new products, invest in services and contribute to the prosperity of the community.
The Pyramid of Corporate Social Responsibility
Source: Carroll's Pyramid of Corporate Social Responsibility
Key Dimensions of CSR
The six key responsibilities or dimensions of CSR are: in ...