| Favorites |
 |
|
|
Today companies and organizations are operating in a market place where stakeholders expect and demand business to perform its operation in more responsible way. Companies are expected to conduct their operations and generate more profits by adopting standards of accountability, transparency in the business and finally the most important step towards sustainability. Growing number of companies are recognizing the benefits of encouraging responsible business practice and how it can reduce reputational risk. This approach has made companies to work on a responsible and sustainable model called Corporate Social Responsibility (CSR).
| Solution Brief |
|
|
|
|
|
CSR is not new approach for companies but latest changes in the business environment such as corporate governance and environmental regulations have forced them to consider CSR as key strategic initiative.
Under CSR, companies will have to recognize the impacts on business environment such as
- Commercial issues of compliance and risk management
- Legislation impacting business operations -- pollution and environmental issues
- Investors expectation for CSR performance indices
- Influence and expectations of stakeholders such as non-Governmental organizations and lobbying groups
- Basis for competitive advantage and brand reputation.
Key Stakeholders in CSR initiative in companies
CSR initiatives can help companies in achieving key strategic goals such as :
| CSR Strategic Area |
Initiatives |
Activities |
 |
| Environmental |
Contribute to a better environment |
Emission management
Carbon footprint reduction
Greenhouse Gas Reduction
Alternate energy adoption
Board and CEO commitment
Environmental management
and measurement
Community benefits
|
|
|
|
Corporate
Governance |
Establish corporate governance approach |
Define and practice equitable
treatment of shareholders
Corporate ethics
Clarity and transparency in
role and responsibilities of the
board and company
executives
Disclosure, transparency and
accountability for shareholders
|
|
|
|
| Community |
Developing people through community activity |
Employee engagement
Employee volunteering
Employee development
Community activity
Stakeholder communication
and engagement
Selection and recruitment
Staff retention
Community support
Diversity |
|
|
|
| Work Safety |
Developing safe workplace environment |
Encouraging organizations to
consider health and safety
Report publicly on a range of
health and safety issues
Producing and promoting a
health and safety index for
insurance companies,
investors and others to gauge
the performance of a
company
|
|
Companies can follow a 4 step model in attaining its CSR agenda :
MetricStream Corporate Social Responsibility solution allows companies to define and manage CSR initiatives and use as a strategic tool in achieving compliance and sustainability functions. It has the ability to align with operations, internal policies and standards.
The solution empowers managers with the tools and strategies to measure the efficacy of their organization's programs by centrally storing and managing data related to internal and external audits, certifications, training and corrective action plans. This includes being able to identify risk issues, prioritize corrective measures, capture and track operations across a number of functional areas, and improve the productivity of its employees involved in CSR programs.
MetricStream incorporates powerful functionality that allows for an organization to manage and report on their Key Performance Indicators (KPIs) enabling companies to assure its stakeholders that their CSR initiatives meet their goals based on real-time scorecards of performance verses objectives. |
