Corporate & Social Responsibility

Corporate Social Responsibility (CSR) is a slippery concept. It has many and varied definitions, but loosely encompasses the idea that corporations have a degree of responsibility, not only for the economic consequences of their activities, but also for the social and environmental implications. It is also about how an organisation makes and spends its profits. But regardless of the difficulty in defining it, it is becoming more and more relevant in modern business practices.

The emergence of CSR is more than just a buzz word in today's business world. The fact is if you can’t demonstrate CSR, your business will not be taken seriously. Using reams of recycled paper in your office printer will no longer cut it. 

A Harvard Business School and Catalyst study, Gender and Corporate Social Responsibility: It’s an Matter of Sustainability, suggests that organisations with more women leaders are more committed to corporate social responsibility, and they may also be better at it, in that they are likely to develop higher-quality CSR initiatives. Leaders who highlight gender issues in CSR strategies often position their organizations for sustained growth—the payoff often extends from the company to communities and to broader society.

According to the study, companies with more women at the top may be better practitioners of CSR.

Other research undertaken by Catalyst has shown that such companies also financially outperform those with fewer women in senior leadership roles.

Anyone involved in tender writing will note a significant rise in the number of RFTs that request copies of corporate social responsibility policies, environmental policies, OHS/WHS policies and the ability to demonstrate ethical business practices. Submissions without this will often be disqualified.

Regardless of external business requirements, a well written Corporate & Social Responsibility policy will not only improve your business’ overall impact, it will improve your business’ viability. By implementing such a policy you will automatically:

? increase the trust of important stakeholders

? improve the perceptions of your organisation by customers, client and consumers

? reduce business cost through waste reduction and energy saving strategies

? demonstrate an ethical corporate image

? build awareness and knowledge of CSR among employees

? increase profit by improving efficiencies in your operations.

Source of Catalyst findings: https://www.catalyst.org/press-release/197/new-catalyst-study-links-more-women-leaders-to-greater-corporate-social-responsibility