Corporate Social Responsibility (CSR), Corporate Responsibility (CR), Corporate Sustainability and Triple Bottom Line, are all phrases that mean various things to various people, but all have one meaning to us. Quite simply it’s about redefining the framework for which the value of a business should be judged where social and environmental value is equally as important as economic value.
People. Planet. Profit.
Historically creating economic value for shareholders has been placed as the sole purpose of a company, regardless of the environmental or societal costs. Companies have been free to make irreparable damage to the environment with no consequences, and likely the taxpayer will be fitting the bill to try and fix the damage that has been done. Take carbon emissions as an example. To date businesses have been able to emit as many greenhouse gas emissions with no financial cost to the business. But the cost is being paid. Society is increasingly paying for repairs from storms, failed crops, clean-ups from natural disasters and even increased energy usage from air conditioning amongst a plethora of other climate change impacts.
Government regulation has a part to play in enforcing a new framework for doing business that encompasses the attributes of corporate social responsibility, however governments will act when they see the community is in support. Therefore, businesses play an important part in taking action and leading the way.
It’s important to recognise that these concepts are not new. CSR is about long-term thinking. It is about valuing your employees and creating a safe, happy, healthy and productive workplace. It is about being the good guy and letting people know about it.
It’s about measuring more than just your economic performance and understanding that investment in one area may have a return in a completely different area of the business. Therefore measuring the success of your corporate social responsibility can be difficult if you don’t keep your environmental, workforce and community investment data in the one place.
Impact Sustainability’s software is a CSR performance management tool. It allows you to keep track of your performance and understand patterns like investing in your environmental sustainability and your community program leads to an increase in staff productivity and a reduction in absenteeism and turnover.
Impact Sustainability’s software and services are designed to make business sense of corporate social responsibility.
Contact us today to learn more.