Corporate social responsibility benefits
The positive impact of CSR on companies is clear, but its full effect on the economy and society overall has still not been fully assessed. The EU-funded project 'Impact measurement and performance analysis of CSR' (IMPACT) strove to define the exact impacts of CSR on the EU's economy, environment and society. IMPACT measured and explained CSR impacts, focusing on small and large companies in the automotive, construction, information and communication technology, retail and textile industries. It studied the CSR cycle, including how sustainability issues are recognised, embraced and translated into company strategies and actions. The project team designed sector-specific indicators for the different industries in order to assess the issues. Then it produced several questionnaires to collect data on motives of CSR activities, and conducted interviews to evaluate their impact. IMPACT published papers on company self-presentation of CSR, stakeholder evaluation of CSR and public policies to promote CSR in Europe. Researchers produced a guidebook that presented a 10-step approach for companies to define and measure their impacts on society. This methodology was adjusted to straightforward management procedures and tailored to organisations of any size. They also created a policy brief that mainly provided a synopsis of existing CSR impacts and public policy support to enhance such impacts. It also promoted the impact of CSR in the EU. A final conference explained that small and large companies considered CSR necessary and found sustainability issues very applicable. However, this did not always result in concrete actions by companies. Event outcomes called for more policy support for CSR to achieve a sustainable economy. Research results are scheduled to be published in an industry journal by mid-2015. Stakeholders now have a better understanding of the impact of CSR in companies and the wider industry. IMPACT results are thus helping the EU meet social, economic and environmental objectives.
Keywords
Corporate social responsibility, CSR, society, environment, economy, impact measurement, performance analysis
