Answer:
corporate social responsibility
Explanation:
The world is becoming more and more socially conscious, thus employees and customers place value on working for and spending their money with businesses that place importance on their Corporate Social Responsibility.
Corporate Social Responsibility is a management term that refers to the integration of social and environmental concerns by a company in their business operations as well as their interactions with their stakeholders. It is an evolving business practice in which sustainable development is incorporated into a companies business model; having a positive impact on social, economic and environmental factors for both the company and the community at large.
This term is often tied in with the "Triple-Bottom-Line" approach to business which is the balance of environmental, social and economic considerations relating to the business, while at the same time meeting and considering the expectations of stakeholders and shareholders of the business. CRS is way through which a company can achieve this balance.
Corporate social responsibility goes further than charitable acts, philanthropy and sponsorship (among other acts). These can make a valuable contribution to alleviating key issues in the community and enhance the companies reputation, however corporate social responsibility exceeds this and is often known as a strategic managerial concept.
According to the United Nations Industrial Development Organisation; properly implemented corporate social responsibility has the potential to bring multiple competitive advantages for the business. These include enhanced customer loyalty, improved reputation and brand image, enhanced access to capital and markets, improved productivity and quality, increased sales and profits, operational cost savings, efficient human resource base, better decision making and risk management processes.
<em>Sources: </em><em>United Nations Industrial Development Organisation; BusinessNews Daily. </em>
