Social Responsibility, the Business Factor That’s Here to Stay
Social Responsibility, the Business Factor That’s Here to Stay In a global and interconnected world, companies see the great potential of an international market with increasingly demanding consumers, who are more aware and better informed about the products they buy or the services they contract. The European Commission defines Corporate Social Responsibility as the impact that companies have on society. As the same organization explains, companies are socially responsible by complying with the law, but also by integrating the social, environmental, ethical concerns of consumers and human rights into their business strategies. In the past, and to a lesser extent, CSR was also present. Companies allocated part of their profits to socially responsible activities. However, the concept we understand today as CSR goes further. It has expanded and is more profound, as it must address a more demanding social demand. More and more companies are integrating CSR policies into their value chain. The change that has already taken place is not only driven by social pressure, which excludes those who are not socially responsible, but also because, as time goes by, awareness of this reality increases. Concern for the social impacts of a company lies within every person within it. Thus, it is determined that CSR must be led by the company, with its primary objective being to contribute to sustainable development. For it to be effective, it must originate from within and align with all the values that represent it. It must be taken into account that Social Responsibility involves three stakeholders: The company itself, which achieves benefits in terms of risk management, cost savings, access to capital, stakeholder relations, human resource management, increased innovation capacity, etc.Various committees are involved. Social Responsibility makes companies more sustainable and innovative, which contributes to a more sustainable economy. Society itself provides a set of values upon which a more connected community is built and gives rise to a more sustainable economic system.Understanding each party involved in the production process is essential and encompasses everything from the most general to the most specific. Thus, Social Responsibility influences the determination of competitive advantage, reputation, relationships with other companies in the sector, the country’s government, the media, the ability to attract and retain workers, maintaining and boosting motivation, as well as the productivity and commitment of all parties involved. The first six principles of the United Nations Global Compact focus on the social dimension of corporate sustainability, with human rights as the cornerstone. Companies must be committed to avoiding harm to human rights and addressing any adverse impacts that may be related to their activities. This is why the UN considers the quality of a company’s relationships and commitment to its stakeholders to be fundamental. Directly or indirectly, companies affect their environment. CSR isn’t a passing fad; it’s an activity that creates value both inside and outside the company, and it’s here to stay. Por Carlota Flores – HR Department – Expat Advisors
