yanhle (business)

• Corporate Social Responsibility (CSR) is about the relationship between the business and society, focusing on the impact of the business on society
• Businesses should not only focus on profits but also have a responsibility towards people and the environment
• To meet CSR responsibilities, businesses need to formulate policies and procedures
• CSR involves an ongoing commitment by businesses to behave ethically and contribute to economic and social development
• CSR ensures commercial sustainability while meeting society's expectations by contributing to society and the environment
• CSR involves engaging with stakeholders to ensure the sustainability of society and the environment
• Difficult issues to consider in CSR include crime, poverty, lack of education, and environmental concerns
• Businesses have primary and secondary levels of responsibility towards stakeholders
• Arguments for CSR include improving society, gaining goodwill, and ensuring long-term sustainability
• Arguments against CSR include detracting from core business activities and difficulty in measuring benefits
• CSR programs should focus on sustainability for long-term positive change
• Businesses need to ensure environmentally sustainable operations by cutting wastage and using alternative energy sources
• Businesses must address important workplace issues like BEE/BBBEE, HIV/AIDS, and occupational health and safety
• Businesses should focus on the impact of their activities on the community and address social issues through programs for education and healthcare
• Businesses need to monitor their supply chain to ensure suppliers' activities are sustainable
• Stakeholders include employees, customers, shareholders, regulators, government, media, communities, suppliers, and unions
• Primary stakeholders include shareholders, employees, suppliers, customers, and competitors
• Primary stakeholders in corporate social responsibility (CSR) include customers, employees, suppliers, and the local community
• Environmental responsibilities in CSR involve reducing pollution, conserving natural resources, and minimizing negative impacts on ecosystems
• Competitors in CSR involve not selling counterfeit goods and respecting the intellectual property of other businesses
• Government's role in CSR includes collecting taxes to create infrastructure, addressing social responsibility through legislation, and promoting economic growth
• Broader community expectations in CSR include ecological control, sponsorships, infrastructure development, and upliftment initiatives
• Businesses can design a CSR program by communicating the need for CSR, creating a policy, linking CSR to business success, brainstorming initiatives, and monitoring the program
• When implementing a CSR strategy, businesses should consider principles like citizenship, strategic intent, leadership, structure, management, stakeholder relationships, and transparency
• CSR reporting involves sharing information on social, environmental, and economic performance with shareholders and stakeholders
• Benefits of CSR for businesses include media attention, positive publicity, societal impact, sustainable difference, improved corporate governance, and enhanced teamwork
• Corporate governance involves rules and processes used by top management to direct and control the business, considering the interests of all stakeholders
• Networking is crucial for success but may reduce the independence of decisions in a business if the decision maker feels obligated towards their network connections
• Self-discipline is the starting point for responsible decision-making in business
• Market discipline punishes businesses whose management acts incompetently or prioritizes personal interests over those of stakeholders
• Regulatory discipline can only be imposed after damage has been done
• Integrity is a fundamental principle of any code of ethics, ensuring honest and truthful business practices
• Social responsibility in business includes accountability, fair salaries, and support for employees facing health challenges
• Fairness in dealing with stakeholders involves considering all relevant parties' interests when making decisions
• Directors must act with skill, care, good faith, and honesty, pre-empt risks, and ensure ethical leadership
• Audit committees monitor finances and ensure integrated reporting for sustainable development
• Sustainability is meeting current business needs without compromising future generations' ability to meet their needs