Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders and the public. By practicing corporate social responsibility, companies can be conscious of the kind of impact they are having on all aspects of society, including economic, social and environmental aspects.
The practice of CSR as a paradigm for firms and businesses to follow has evolved from its early days as a slogan that was considered trendy by some firms, following it to the present-day realities of the 21st century where it is no longer just fashionable but a business requirement to be socially responsible.
This aspect is very important, especially for companies like Bausano that work closely with the world of plastics. The constant commitment that the company has towards the environment and towards its stakeholders is the key to surviving on the market for a long time.
Importance of Corporate Social Responsibility
Sustainable development goals and new business models create opportunities not only for large corporations but also for the small- and medium-sized enterprises (SME) sector. The complexity and interpenetration of sustainable development goals require specific business strategies. Sustainable development is the basis for the development of future generations. The strength of a business is not only in the implementation of innovative solutions but also in shaping consumer attitudes, in the environmental education of young people and in the indirect actions of society as a whole to preserve biodiversity. Enterprises depend on the broadly understood condition of their stakeholders.
Not a cost but an opportunity
CSR is not a cost center but an effective management tool with multi-dimensional benefits. CSR offers a new way to look at the relationship between business and society that does not treat corporate growth and social welfare as a zero-sum game. Grounding CSR in the values, purpose and strategy of the business and treating it in an entrepreneurial fashion is the way forward. It’s an opportunity in the making.
Organizations can jeopardize their position if they ignore stakeholder needs and do not engage in CSR practices.
However, there are some major skills required:
- Business skills (including building insight, communication skills, decision making, commercial awareness, IT, innovation, strategic awareness, leadership, handling complexity and problem solving)
- People skills (including adaptability and empathy, developing others, influencing without power, open mindedness, integrity, political awareness, self-development and learning, building partnerships, team working and questioning “business as usual”)
- Technical skills (including technical expertise, understanding impacts, stakeholder dialog, internal consultancy, selling the business case, understanding human rights and understanding sustainability).
Bausano is committed to enhancing every available resource in order to develop its skills and be increasingly competitive on the market.