International Business Report 2008 - Corporate social responsibility
International Business Report 2008 - Corporate social responsibility
Hardly a day goes by without some mention in the media of corporate social responsibility and its growing significance on good business practices. CSR, as it is commonly known, is becoming increasingly important to us all, both as individuals and in our professional lives. Despite much public focus on large multinationals, it is the changing behaviour of the privately held business sector that is likely to make the greatest impact on global corporate social responsibility. Privately held businesses have always been the economic engine of the world, but in recent years their voice has been lost under the clamour of the large multinationals.
Privately held businesses may not be conducting the expensive campaigns that catch the public’s attention, but they are making changes which affect their bottom line.Whether changes are made to be more attractive employers, a more appealing supplier to a large multinational or simply because of the ethical desire of the owner, all the evidence in this survey points to privately held businesses becoming more socially responsible.
Whatever the reason, the survey results reflect an increasingly competitive and constantly changing business environment. As for the rest, it is surely only a matter of time before all privately held businesses have to adhere to greater pressure to do business in a more socially responsible and transparent manner. The businesses that are responsive, quick and innovative will be the ones who not only survive the change, but emerge as winners.