droplet

corporate responsibility in practice

Examples of strategies employed by businesses to transform commitment to corporate responsibility into practical action include:

>	articulating a relevant organisational philosophy and incorporating it into mission, vision and values statements
>	drafting a meaningful code of ethics that is consistently applied
>	revising employment relations strategies
>	social and environmental reporting and audits
>	strategic philanthropy
>	undertaking pro bono work
>	employee volunteering
>	public education programs
>	mentoring programs
>	corporate community partnering
>	cause-related marketing
>	community forums

Studies have shown that the benefits of engaging in corporate responsibility include:

>	improved financial performance
>	reduced risk exposure
>	identification of new products and new markets
>	enhanced brand image
>	increased sales and customer loyalty
>	improved recruitment and retention performance
>	creation of new business networks
>	increased staff motivation and enhanced skill set
>	improved trust
>	enhanced corporate reputations
>	improved government relations
>	reduced regulatory intervention
>	reduced costs through environmental best practice leading to more sustainable profitability

The Corporate Responsibility Index is funded by the Australian Federal Government. The Index, developed and maintained by Business in the Community in the UK, is a project of St James Ethics Centre supported by Ernst & Young. Our media partners are The Sydney Morning Herald and The Age. Project catalyst: Pilotlight Australia.