Ultimately, CSR is a policy, the implementation of which integrates social, environmental and economic concerns into the values, culture, and decision-making processes of an organization or business. Better practices are established, and the employment of these practices necessitates the carrying out of strategies and operations in a transparent and accountable manner. It is becoming increasingly clear that organizations which make CSR central to their core values contribute both to their own wealth and to the wealth of society in general. Trust is built up with the community, and the organizations achieve an “edge” when it comes to attracting good employees, partners, and organizations with which to cooperate. Responsible attitudes can help build enormous worth for organizations and their shareholders.
The link between CSR and business success is becoming increasingly recognized worldwide. Above all, CSR is about sensitivity to the contexts, societal and environmental, in which it is being implemented, and it is related to performance. It is about moving beyond declared intentions to effective and observable actions and measurable societal impacts.
Performance reporting is all part of transparent, accountable and, hence credible, corporate behavior. There is considerable potential for problems if stakeholders perceive that an organization is engaging in a public relations exercise and cannot demonstrate concrete actions that lead to real social and environmental benefits.
This means that the central focus becomes valuing and protecting the workforce, the social community, and the environment, while ensuring economic stability and inclusive growth—the so called “triple bottom line”— people, planet, profit/benefit (society, environment, economy).
Success in implementing the triple bottom line (people, planet, and profit) is measured, not only by how prosperous or economically successful the organization is (profit) and/or the financial bottom line), but also by how positively the measures that are taken impact society (people) and the environment (planet).
Forming and developing meaningful and strategic partnerships with NGOs/foundations and other non profit organizations require the upholding of the organization’s values and ethics and a clear understanding of its current activities, as well as an appreciation and integration of the policy procedures that have already been established across that organization.
To read about developing meaningful and strategic partnerships & stakeholders engagement click here.