Potential Business Benefits
The scale and nature of the benefits of CSR for an organization can vary depending on the nature of the enterprise, and are difficult to quantify, though there is a large body of literature exhorting business to adopt measures beyond financial ones (e.g., Deming's Fourteen Points, balanced scorecards). Orlitzky, Schmidt, and Rynes found a correlation between social/environmental performance and financial performance. However, businesses may not be looking at short-run financial returns when developing their CSR strategy. Intel employ a 5-year CSR planning cycle.
The definition of CSR used within an organization can vary from the strict "stakeholder impacts" definition used by many CSR advocates and will often include charitable efforts and volunteering. CSR may be based within the human resources, business development or public relations departments of an organisation, or may be given a separate unit reporting to the CEO or in some cases directly to the board. Some companies may implement CSR-type values without a clearly defined team or programme.
The business case for CSR within a company will likely rest on one or more of these arguments:
Read more about this topic: Corporate Social Responsibility
Famous quotes containing the words potential, business and/or benefits:
“Laughing at someone else is an excellent way of learning how to laugh at oneself; and questioning what seem to be the absurd beliefs of another group is a good way of recognizing the potential absurdity of many of one’s own cherished beliefs.”
—Gore Vidal (b. 1925)
“A grocer is attracted to his business by a magnetic force as great as the repulsion which renders it odious to artists.”
—Honoré De Balzac (1799–1850)
“While greedy good-doers, beneficent beasts of prey,
Swarm over their lives enforcing benefits ...”
—Robert Frost (1874–1963)