TASK: Imagine that You’re a consultant for a large shipping /merchant marine/ company that’s considering the adoption of a CSR /Corporate Social Responsibility/ strategy. Prepare a report for the Top Management Team of the company and analyse the CSR Initiatives that should be included in the strategy. Provide recommendations and evidence to support the development of an effective CSR strategy.
What Is Corporate Social Responsibility (CSR)?
Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society, including economic, social, and environmental.
To engage in CSR means that, in the ordinary course of business, a company is operating in ways that enhance society and the environment instead of contributing negatively to them.
Understanding Corporate Social Responsibility (CSR)
Corporate social responsibility is a broad concept that can take many forms depending on the company and industry. Through CSR programs, philanthropy, and volunteer efforts, businesses can benefit society while boosting their brands.
As important as CSR is for the community, it is equally valuable for a company. CSR activities can help forge a stronger bond between employees and corporations, boost morale, and aid both employees and employers in feeling more connected to the world around them.
For a company to be socially responsible, it first needs to be accountable to itself and its shareholders. Companies that adopt CSR programs have often grown their business to the point where they can give back to society. Thus, CSR is typically a strategy that’s implemented by large corporations. After all, the more visible and successful a corporation is, the more responsibility it has to set standards of ethical behavior for its peers, competition, and industry.
Example of Corporate Social Responsibility
Starbucks has long been known for its keen sense of corporate social responsibility and commitment to sustainability and community welfare. According to the company, Starbucks has achieved many of its CSR milestones since it opened its doors. According to its 2020 Global Social Impact Report, these milestones include reaching 100% of ethically sourced coffee, creating a global network of farmers and providing them with 100 million trees by 2025, pioneering green building throughout its stores, contributing millions of hours of community service, and creating a groundbreaking college program for its employees.
Starbucks’ goals for 2021 and beyond include hiring 5,000 veterans and 10,000 refugees, reducing the environmental impact of its cups, and engaging its employees in environmental leadership.
The 2020 report also mentioned how Starbucks planned to help the world navigate the coronavirus pandemic. The company’s response to the pandemic focuses on three essential elements:
- Prioritizing the health of its customers and employees
- Supporting health and government officials in their attempts to mitigate the effects of the pandemic
- Showing up for communities through responsible and positive actions.
Today, there are many socially responsible companies whose brands are known for their CSR programs, such as Ben & Jerry’s.
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