CSR [Report]
Def. CSR [Report] (short for Corporate Social Responsibility) refers to the management concept where companies take responsibility for their impact on society, by integrating social and environmental concerns into their business operations. CSR goes beyond what is required of companies in terms of laws, regulations and trade rules. Companies hold a lot of power in the community and economy, because they have the assets and money to make positive social and environmental changes.
While an investment in upholding CSR does not provide direct financial benefits, companies (in recent times) are leaning more towards this initiative for its other benefits. A properly implemented CSR concept holds many benefits for companies, giving them a competitive advantage over other companies. These include: • Better access to capital and markets • Increased sales and profits • Savings in operational costs • Improved productivity and quality • Efficient human resource base • Improved brand image and reputation • Enhanced customer loyalty • Better decision making and risk management processes CSR can be undertaken by companies by doing things such as... • Taking steps to operate in environmental and ecologically sustainable environments • Provide employees with social and ethical education programs • Charity endeavours and community involvement
References: http://www.unido.org/en/what-we-do/trade/csr/what-is-csr.html http://www.investopedia.com/terms/c/corp-social-responsibility.asp http://ec.europa.eu/enterprise/policies/sustainable-business/corporate-social-responsibility/index_en.htm
BMW CSR can also be referred to as Corporate Citizenship, and this is something that is an integral part of the identity of the BMW Group. Dedicating a full section on their corporate website to responsibility, the BMW Group shows it take CSR seriously and does so in areas where it is able to apply its expertise and knowledge in innovation, social inclusion and responsible use of resources.
Some of the things BMW does to uphold their CSR include: • Intercultural Innovation Award • Taking responsibility for the local areas around their plants • Rewarding voluntary work by employees • Shaping the future through foundations • Establishing partnerships with universities worldwide • Expanding cultural engagement internationally • Measuring the effects of their activities • Raising awareness for responsible use of resources • Sustainable mobility – BMWi • Supporting the development of local communities