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CSR i an economic dip in
leave a comment » The the eme for the CSR Digest in the first quarter of 2009 is t whether or not bus sinesses should mainta or be more ain vigorou with their CSR efforts in an econ us r nomic dip. It wouldn’t be hard to imagine m many businesses de-prioritizing their co orporate soc respons cial sibility (CSR) initiatives on the basis th their foc needs to be on the bottom line due to hat cus o

sustain nable and res sponsible investm ment (SRI). Th CSR Diges he st worldw wide, with a special explore the corpor es rate conscien nce emphasis on Malaysia and the Asia Pa acific Rim. Fo our editorial or content, clickhere. The Digest is T s electronic digest, so feel free to o o send yo content or press our o release to us at ed es ditor [at] csrdige dot com . est also cu urrently a free distribution e n

the glob econom crumble. This might be a wrong move… bal mic . t As Thom L. Fried mas dman pointe out in hi New York Times ed is k column:

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This financia al meltdown involved a b broad nationa al  breakdown i in personal r responsibility y, governmen nt  regulation a and financial ethics. 

The world knows this and som countries are watch me hing their regulato with a m ors magnifying glass. It wo on’t be long for the scrutiny will be foc y cussed on b businesses a well, if it isn’t as might e end up being costly.

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already. So to put a aside its foc on its social responsibility cus

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oney by Qu uietRevolu ution Mo But first let us und t, derstand that CSR is no just phila ot anthropy or sacrificing profits in the so ocial interest CSR, as Michael t. M
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Hopkins states in his short article, is how profits are made. Senior brand and engagement consultant, Dan Gray, wrote on his blog that more harm can arise from pulling out in the current economic climate that maintaining CSR efforts. He states, “… companies that pull of a considered, long-term strategy.”

back from CR are liable to label their activities as opportunistic, rather than an integral part According to Ethical Corporation, “smart companies will know that well-thought-out

programmes can be worth the investment, given that, let’s be honest, CSR is cheap compared to advertising spend, or paying staff more money.”

The Ethical Corporation goes on to list ten reasons why CSR should remain the focus of Ethical Corporation cites for maintaining CSR efforts are:

business while the economy takes a dip (click here to read the full list). A few of the reasons 1. Some CSR initiatives does not cost that much, or sometimes even saves money 2. Reputation, transparency - and integrity - are still important. 3. Communities feel vulnerable. 4. Customers are worried and need reassurance. 5. Think about the short term future (recessions don’t last forever).

Furthermore, Business for Social Responsibility (BSR) pinpointed five key CSR trends that namely:

provide great rewards for corporations. These trends are said to be good business strategy, 1. Better Return on Investment (ROI), from cost savings, enhanced reputation to indirect benefits like employee satisfaction. 2. Increasing Rewards for Communities and Workers. 3. New Media and customers’ increasing knowledge on CSR 4. Carbon Footprinting Reaches Supply Chains. 5. New Opportunities in Environmental Markets.

It must be added that CSR, in South East Asia at least, is relatively new. In Malaysia, where the public to view all previous CSR less than seriously.◊

reporting compliance for CSR is just two years old, to opt out of CSR initiatives would cause

 

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