"People" refers to fair labour practices, the community and region where the business operates.
"Planet" refers to sustainable environmental practices. Profit is the economic value created by the organization after deducting the cost of all inputs, including the cost of the capital Based on this measure, companies are able to be more conscious of their social and moral responsibilities.
Take for instance, Bamburi Cement and the entire Lafarge Group.
Were it not for their vibrant activities and programs to convert the barren landscape of disused limestone quarries into vibrant and diverse ecosystem of forest, grasslands and ponds into Haller Park which currently plays host to a variety of wildlife including hippos, giraffes, buffalos, and antelopes as well as smaller mammals and birds, would the company still be in existence?
This saw an increase in the sales of Dettol products.
Corporate Social Responsibility Benefits Bottom Line Essay
Reduced scrutiny and/or risk management Corporations are keen to avoid interference in their business through taxation and/or regulations and risks.
• On its part, The United Kingdom defines CSR as how business takes account of its economic, social and environmental impacts in the way it operates — maximizing the benefits and minimizing the downsides. CSR may be viewed as an effort to integrate economic considerations with environmental and social needs, as well as corporate efforts to balance the interests of diverse stakeholders.
• The United Nations (2007) defines CSR as the overall contribution of business to sustainable development.”• The World Business Council for Sustainable Development (WBCSD) provides that CSR is the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve their quality of life (WBCSD, 2002). As such, it may be viewed as a diverse set of practices, which include stakeholder engagement, company-wide commitments and strategies, measurable targets for improvement, training, CSR management practices and public reporting.
• Amnesty International advocates for mandatory “global standards on business and human rights that will apply across borders to all companies . At its very best, Corporate Social Responsibility is about an organization taking responsibility for the impacts of its decisions and activities on all aspects of society, the community and the environment.
It is more than just donating money or printing double-sided to save trees, it’s about contributing to the health and welfare of society, operating transparently and ethically.