Corporate Social Responsibility and Stakeholder Development

Practice flashcards focused on Corporate Social Responsibility (CSR), Stakeholder and Community Development, and the Triple Bottom Line as described in the lecture notes.

Social Responsibility🌍

Means that individuals and businesses have an ethical obligation to contribute to society and the environment around them

Performance appraisal

A tool which identifies employees' successes and development areas to improve well-being and performance

Rehabilitation

A service for substance abuse and Aids which restores employees to functionality and effectiveness

Stakeholder development

Where a business improves the skills, resources and knowledge of any individual or organisation who is affected by, or who affects, the business

Stakeholders

Any individual or organisation that has some or other connection to the business, or is influenced directly or indirectly by the activities of the business

Community development

Involves the social and economic upliftment of a group of people living in the same area.

Corporate Social Responsibility (CSR)

The moral obligation of the business where the business applies ethical business decision-making, complies with legal requirements, and respects people and the environment.

Corporate citizenship

Another term used to refer to Corporate Social Responsibility (CSR).

Triple bottom line

A focus on three key aspects: generating profit (financial), upliftment of people and their communities (social), and conservation of the environment (planet).

Profit (Triple Bottom Line)

The financial aspect of the business where companies should not only focus on high prices, but also invest in CSR projects.

People (Triple Bottom Line)

The social aspect of the business where operations should not have a negative impact on people, employees or customers.

Environment/Planet (Triple Bottom Line)

The environmental aspect of the business where companies avoid exhausting resources and support energy-efficient or eco-friendly products.

Corporate Social Investment (CSI)

Projects used by businesses to comply with legislation and ethical codes, focusing on the protection of the environment and wellbeing of employees.

Educational bursaries

A benefit for the community where employees' family and/or community members receive funding to further their studies.

Social spending

Expenditure that reduces a company's economic efficiency and makes it less competitive.