Core values are generally indicate in the mission statement.
The operating values or principle that guide an organization’s internal behaviour as well as its relationship with its partners, shareholders and customers. Corporate Social Responsibility (CSR) also known as corporate citizenship or responsible business is define as corporate self-regulation integrated into a business model. CSR is the dedication by means of companies to behave ethically and contribution to financial development while not only improving of the quality of life of the personnel and their families but also the local community and society at large. CSR can enhance a company’s reputation and brand name, promote transparency and integrity, evoke employee loyalty and expose market opportunities while simultaneously benefiting society.
On the other hand, its disadvantages include increased costs, ethical issues regarding the use of shareholder capital, variation in the interests of the public in different contexts and the fact that environmental and social contribution is difficult to measure and account for. Company’s sustainability and strength is very much dependant on the well-being of the society it operates in. Globalisation has shifted more power from governments to corporations, and as such they provide critical contributions to society, including productivity gains, innovations and research, employment and human-capital development. In my views CSR is very critical for any sustainability of any corporate. CSR is key activity by corporate to build long term wealth, brand and customer loyalty through doing social activities for targeted population in particular area in time bound manner for targeted outcomes like providing sanitation facility, education facility, health facility, tree plantation. Majority of corporate do CSR not as obligation but for building long term connect with the community. CSR help in social values, Environment stewardship, Business values and Marketing support.
Successful CSR ensure the engagement of the community as partner. To make CSR successful ensure start with local people/area, be good to your intentions for engaging in CSR and adopt the best suitable model for you. In measuring impact of CSR companies are measuring social return on Investment (SROI) and for high impact CSR these steps can be helpful which is Transparency, Sustainable purchase, Active role within community and Innovation.
