Corporate Social Responsibility

The summaries of week 08 lessons are all about corporate social responsibility and sustainability which in essence suggest the intended commitment of organization’s triple bottom line actions in its corporate processes. That is to incorporate the creation and maximizing of long-term, social and environmental, economic values into core strategy and operations. It is an indication of the challenges of the present world facing organizations from the public and private sectors.

My response to a specific reading, video, or activity in this week’s content which did spark an interest is the triple bottom line which is a framework with three parts of social, environment and financial which is use to evaluate organizations performance in a broader perspective to create greater business value. It takes care of people, profits and the planet.

People: fair treatment of employees, and enacting favorable practices in the communities where companies conduct business.

Profits: Positive effect on a company's financial bottom line.

Planet: The implementation of sustainable practices and the reduction of environmental impact.

Why CSR has become more and more popular in recent years according to Forbes, “CSR is a way for companies to benefit themselves while also benefiting society”. They use CSR as a way to push innovations, cost savings, brand differentiation, customer engagement etc. into  business processes.