What is CSR?
Corporate and Social Responsibility (CSR) is a concept that encourages companies to integrate social and environmental concerns in their business operations and in their interactions with their stakeholders on a voluntary basis. CSR seeks to create prosperity, support social cohesion and preserve a healthy environment. It promotes economic, social and ethical responsibility, as well as the system of social market economy.
Specifically, CSR encourage voluntary actions that businesses can take, over and above compliance with minimum legal requirements, to address both their own competitive interests and the interests of wider society.
Is CSR relevant?
It has often been asked is Corporate Social Responsibility (CSR) relevant to businesses? Pursuing responsible business practices can help any business enhance reputation and standing in building trust from stakeholders, generating sales, boosting enthusiasm and product innovation
For so many, social responsibility is just a new way to describe something they do already. In this context, CSR does not aim to reinvent the wheel. It is about building on existing practice, maximising its impact and making a link between CSR and your core business activities.
In many instances, SMEs in particular besides MNC are ideally placed to pursue such responsible workplace practices. Businesses especially local SMEs often have longstanding contacts in servicing a local area and are well placed to understand and benefit from the community relations. While MNC companies reach global market place to touched community at large.
The primary aim of the award program is to advocate in CSR culture into companies as a fundamental of business practice.