3) Ways in which businesses can contribute time and effort

• Ways in which businesses can contribute time and effort in improving the well-being of their employees

  • Conduct team-building sessions to improve employees' morale.
  • Provide transport for employees who usually work long hours.
  • Provide recreational facilities for employees and encourage them to stay fit and healthy.
• Ways in which businesses can contribute time and effort in improving the well-being of communities

  • Make sure that the product they supply does not harm consumers and/ or the environment.
  • Donate money and/ or time to community projects.
  • Exercise ethically correct business practices, for example, not engaging in unethical advertising.
• Definition of Corporate Social Responsibility (CSR)

  • Corporate Social Responsibility is the continuous commitment of a business to act ethically, contribute to economic development, and positively affect its stakeholders.
• Purpose of CSR

  • Business operations address the triple bottom line through CSR programs to be listed on the JSE SRI.
  • The business can gain economic advantages, for example, by gaining credits for controlling carbon emissions.
  • They want to comply with the expectations of government and the law, for example, by not exploiting natural resources.
• Components of CSR

  • Business ethics - every business must integrate its core values like honesty, respect, and fairness into all its policies and practices.
  • Health and safety - the business must ensure that working environment is safe for all stakeholders.
  • Corporate governance - the business must always be accountable, transparent and comply with the law, as suggested by the King IV code.
• Components of CSR

  • Environment
  • Ethical corporate social investment
  • Employment equity