Corporate Social Responsibility is a Key Activity of Corporate Practice

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Corporate Social Responsibility (CSR): Definition and Examples

The issue of social responsibility of a company is one of the most debatable in the business world. This is due to the fact that, at present, the role of business in social development has significantly increased. With the help of corporate social responsibility businesses have the opportunity to be closer to the community by showing that their activities are not limited to making profits. Business should be aimed at helping people to solve social, environmental, and economic problems for sustainable development of the state. Thus, the implementation of the strategy of corporate social responsibility gives a competitive advantage to the business in the struggle for the best and most profitable conditions for its production activities.

In particular, business should not only take care of profits and taxes that are distributed by the state to solve socially significant problems, but also share with society responsibility for social injustice, economic inequality and environmental problems, participating in the economic adaptation of socially unprotected strata of the population.

The Benefits of CSR Activities

One of the most common issues is the reliability of the information provided about the company’s activities in the report. This is due to imperfect systems of information collection and insufficient quality control of data. In this regard, it is necessary to approach the issue of the social report more seriously to conduct external and internal audit of the company. Unreliable information can do great harm to business by undermining trust on the part of stakeholders. The information provided in the social report should also be objective. Many companies publish positive aspects of their activities, while hiding negative information about the company. As a result, social reports are one-sided. The way out of this situation is the public’s access to more objective and truthful information. An important point in the social report is the clarity and brevity of the content. Many companies express their ideas and suggestions vaguely in the report, issue multi-page volumes in which it is impossible to find the necessary information. This suggests an inadequate approach to managing corporate social responsibility issues and significantly reduces the usefulness of reporting. To understand the information in the social report, one needs to use the tabular method of providing information with a brief content of the company’s goals and results in the sphere of corporate social responsibility. Besides, corporate social responsibility should be integrated into all business processes occurring in the company. Integrated management of all issues of corporate social responsibility allows efficiently coordinating social and environmental initiatives with the overall business strategy of the company. Last but not least, a barrier for the implementation of social programs by business is the absence of conditions for a full and equal dialogue between the state and business on issues of corporate social responsibility. To date, the relationship between government and business is built on the principle of increasing pressure on business by government authorities: restricting freedom and choice, removing business from the decision-making process regarding the direction of financing. Social responsibility, in this context, is seen as an instrument of political technologies and the possibility of obtaining from the authorities the conditions for the implementation of business interests. The consequence of such a policy is an inefficient implementation of social programs.

Examples of Social Responsible Companies from Different Countries

In the field of supply of socially-oriented products and services, attention is paid to the development of products and services that contribute to the solution of social problems, including the development of mortgage loans, educational loans, loans to young families, special products and services for pensioners, the creation and promotion of a universal electronic card, social transfers and tax payments. The Bank provides these products and services observing a balance between their commercial interests and the interests of these social groups. When it comes to the process of investing in human capital, the most important are measures to orient the bank to increase its competitiveness by constantly improving existing processes, as well as introducing the latest breakthrough technological and management solutions into the bank’s activities. The Bank views innovations as a tool to ensure customer loyalty and increase the motivation of its employees. Investments in human capital mean continuous training of personnel, developing a system of personnel reserve and opportunities for a career growth. Investing in human capital is also an investment in the health of employees, the development of sports programs, disease prevention programs, social, medical and pension insurance programs. Bank also supports local communities. It is important that the bank’s practical involvement in implementing various initiatives contributes to the development of local communities. In the field of charity and sponsorship, the main measures are the participation of the bank in charity and volunteer programs in the field of supporting social projects and initiatives, charities and foundations, etc.; support and active participation of the bank in socially significant projects in the field of culture and art, science and education, major business events (forums, conferences, exhibitions), and special media projects.