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:
“The germ of violence is laid bare in the child abuser by the sheer accident of his individual experience ... in a word, to a greater degree than we like to admit, we are all potential child abusers.”
—F. Gonzalez-Crussi, Mexican professor of pathology, author. “Reflections on Child Abuse,” Notes of an Anatomist (1985)
“Being good in business is the most fascinating kind of art.... Making money is art and working is art and good business is the best art.”
—Andy Warhol (c. 1928–1987)
“In America the young are always ready to give to those who are older than themselves the full benefits of their inexperience.”
—Oscar Wilde (1854–1900)