Almost all large corporations voluntarily take steps to improve the quality of life in society thanks to corporate social responsibility (CSR). Corporate social responsibility is part of an organization’s development strategy that is aimed at taking into account the interests of society. CSR helps to increase trust and loyalty to the company on the part of all participants in business processes. Therefore, it should be undertaken by all. When this is not the case, the results are adverse. CSR results in economic benefit including the reduction of health care costs, improved education, job creation, and increased exports.
The United Nations (UN) and other organizations recommend that all countries develop such legislation as required by the international law. In the United States, CSR regulations were first introduced into law in 1947 when the Corporate Social Responsibility Act (CSR Act) was created, and since then many companies have expanded the definition of CSR activities.
In order to be compliant with such act, companies can use a wide range of activities to be included into CSR. The most common of them is to improve the environment as an integral part of CSR activities, for example carbon footprint, recycling, renewable energy, alternative methods of production, etc. Another area of activities that is frequently included into CSR are philanthropic works as well as voluntary environmental initiatives. Many large multinational organizations adopt these kinds of activities because they contribute to the sustainable development of the society and it is possible to use them as a way of raising public support.
The activities related to CSR have increased the demand for qualified human and business talent as well as a variety of professional courses and skills. Nowadays it is often not a difficult task to find companies willing to support the development of the CSR at the different levels from a national to the regional level.
To help companies be successful with their CSR activities the experts in this field propose the following guidelines:
- Make CSR a requirement in the business management system of corporate strategy.
- Conduct corporate social responsibility analyses to gain insight into the environment in which business operations take place.
- Make CSR an integral part of a company’s strategy.
- Organize CSR on a national and global basis.