Social Responsibility links the spheres of business and society. According to this concept, companies must take into account the impact of their activities on their environment, made up of: employees, customers, suppliers and local communities.
The S ESG factor expands the phone code philippines concept of CSR. Under it, a company must include social risks in its strategy and report on its social impact in an ESG report.
The key areas of social responsibility are derived from the 17 Sustainable Development Goals adopted by the UN. The areas mainly consist of working conditions, health and safety, diversity, employee development and human rights.
Putting social responsibility into practice requires a multi-step approach, which should begin with an in-depth baseline analysis, identifying the legal requirements in this area and determining which company activities are particularly harmful.
In the following stages, the company must identify the indicators to be disclosed as part of the ESG report, create social responsibility strategies and undertake initiatives that bring the company closer to achieving its objectives.
An appropriate strategy for the social factors of sustainability can make it easier for a company to raise capital, increase the productivity and quality of its team members, attract new employees, and increase its customer base.