Public opinion driving CSR activity
An altruistic desire to preserve the natural environment remains low on the agenda of businesses according to the 2011 Grant Thornton International Business Report. Just 36% of businesses globally are motivated to move to more ethical practices by a desire to 'save the planet', down from 40% in 2008.However, businesses remain focused on the merits of corporate social responsibility (CSR) in terms of building brand, securing key staff and winning future contracts. Globally, 56% of businesses cite public attitudes/brand building and recruitment/retention of staff as the key drivers (alongside cost management) this year, highlighting the importance of public opinion in shaping businesses' CSR priorities.
Ed Nusbaum, CEO of Grant Thornton International, said: "In an increasingly crowded and dynamic marketplace, businesses globally are becoming more aware that adopting a proactive approach to wider corporate social responsibility issues can help them to stand out in the minds of employees, consumers and potential partners
The survey also uncovered some polarisation in the reporting of CSR practices: A quarter of businesses globally report their CSR activity, but this ranges from 53% in Latin America and 41% in the BRIC economies to 17% in North America and 18% in the G7 economies. Moreover, businesses are divided as to whether the reporting of CSR activity should be integrated with financial reporting: 44% agree that this represents best practice, but 40% disagree with a further 16% unsure.
Daniel Hilaire, Managing Partner of Grant Thornton Georgia, comments: “We see ourselves as part of a community and have committed to be a socially responsible employer, partner and organization. We also realize the potential commercial benefits of reporting on CSR activity and encourage Georgian businesses to pay close attention to CSR also in this light. A competitive advantage exists for those businesses which can demonstrate leadership in implementing socially responsible and transparent practices and seize the opportunity to attract and retain skilled workers, build brand value and secure future contracts with multinationals who frequently adopt strict CSR guidelines in selecting their suppliers."
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