Terminology
What is CSR?
Corporate Social Responsibility isn't a new concept, but the phrase has been used more in recent years as businesses consider the implications of their actions on the world and on individuals.
CSR may also be called ‘corporate citizenship,' ‘responsible business' and in the US can even simply become a part of ‘human resources.' The idea is that businesses go beyond what is required of them by regulations to make an impact either in their own communities or in the global community. In business it helps to balance the need to make a profit with the needs of the stakeholders.
What does ‘sustainability' mean?
Sustainability and sustainable development refer to "meeting the needs of the present without compromising the ability of future generations to meet their own needs."
How does this apply to business?
CSR and sustainability can be incorporated into everyday business in a variety of ways, beginning with the vision and mission of the business. A company can practice Socially Responsible Investment (SRI), incorporate fair trade into its business, take actions that promote human rights, and actively participate in community development. It can also begin ‘at home' with fair labour practices and other workplace initiatives.
How does this apply to me?
As a global business leader you are in a position to set the tone for business in your generation and for future generations. It may be small changes with quick wins such as a recycling programme or increasing your office's energy efficiency or larger initiatives.
