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P1 P2 M1 D1 2023/24 (Distinction)
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Level 3 unit 20 P1 P2 M1 D1 2024 (Distinction)
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Mohamed ID:172533Unit 20- Investigating Corporate Social
P1 P2 M1 D1
Section One- CSR
CSR standard for Corporate Social Responsibility where by an organisation ensures that it
conducts the business in a way that’s is ethical, where the business integrate and accounts for
social and environmental concerns and also consideration of the human right into their
business operations and in their communication with their stakeholders, which includes a wide
range of activities e.g. working with the local communities with health and safety, conducting
business in an ethical way and in the interests of wide community and being a good citizen in
the community. There are 4 main mechanisms for CSR, which are ethical, economic,
volunteering and legal
The first main mechanism for CSR is economic, where the buisness aim or objective is to be
profitable. The reason why the buisness has to be profitable, so that it could be sustainable i.e.
making the profits so that you can pay the shareholders who have invest into the company and
at least paying its employees minimum wage, which is also part of the CRS and paying business
taxes and meeting other financial obligations. Corporations can show economic social
responsibility by transparent with all stakeholders regarding the financial status of their
business, by laying out the plans in their websites each year.
The second component of CSR that a business use is legal, whereby the buisness have gained
the consumer trust where they are more likely to buy products or use their services form the
company. The ways that the buisness can build trust is by abiding by the laws that regulate
your business. Paying the required taxes, adhering to labour laws and allowing inspections are
all examples of legal social responsibility. If a business avoids doing this, it may lead to your
business being sued and can hurt the business’ reputation — and your reputation is vital to the
business success.
Another main component is ethical which has a bit of economic and legal responsibility which
helps lay the groundwork for companies to move into ethical social responsibility, which means
doing the right thing at all levels of your business. This ranges from paying employees a living
wage to ensuring that the companies you work with and buy materials from are abiding by all
labour laws. In addition to ensuring ethical workplace practices, you should also look at the
environmental impact your business makes. The business could even consider using recycled
materials and clean energy. By the business go beyond meeting the minimum environmental
requirements it will give the consumers a good impression of the brand.
The last main component is volunteering social responsibility where company’s time and
resources to contribute to the community at large in whatever way is meaningful for the people
and the brand. This may include providing the employees with opportunities to volunteer;
donating money, services or products to charitable organizations; or initiating the business’s
own charitable organization that ties into your company’s mission and goals. The business may
want to support multiple organizations or simply focus the efforts on one or two meaningful
ones.
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