Corporate responsibility or responsible business practice is a recent concept for an old practice, and that is of sound business management, operated under social, environmental and ethical considerations as well as driven by the bottom line.
There are many definitions of corporate responsibility and many different terms for the same expression, but the common elements of these definitions are:
- Corporate responsibility is about stakeholder engagement.
- Corporate responsibility is about business efficiency in terms of costs and resource allocation.
- Corporate responsibility is about competitive advantage and differentiation
- Corporate responsibility is about managing risk and reputation.
- Corporate responsibility is about business accountability, openness and transparency.
- Corporate responsibility is about the long-term sustainability of the business.
The challenge is for businesses of all sizes and sectors to look at how corporate responsibility impacts on their operations and how this approach can maximise benefit thus minimising negative impact.
For more details see the BITCI White Paper attached below:
Corporate Responsibility for SMEs
Corporate responsibility in Ireland seems to focus exclusively on large companies whose impact on stakeholders might be more evident. Yet, more than 90% of registered companies in Ireland are SMEs that employ almost 60% of our workforce. This large sector of the Irish economy which is essential for the competitiveness of our economy should address their social, ethical and environmental responsibilities through a comprehensive and systematic approach.
For more details see the BITCI CSR for SMEs guide attached below
This information has been sourced from Business in the Community Ireland