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Corporate Social Responsibility: a necessity not a choice. International Business Report 2008
Corporate Social Responsibility:a necessity not a choice.
International Business Report 2008
Corporate Social Responsibility 1
Hardly a day goes by without some mention in the media ofcorporate social responsibility and its growing significance ongood business practices. CSR, as it is commonly known, isbecoming increasingly important to us all, both as individualsand in our professional lives. Despite much public focus onlarge multinationals, it is the changing behaviour of theprivately held business sector that is likely to make the greatestimpact on global corporate social responsibility. Privately heldbusinesses have always been the economic engine of the world,but in recent years their voice has been lost under the clamourof the large multinationals.
Privately held businesses may not be conducting theexpensive campaigns that catch the public’s attention, but theyare making changes which affect their bottom line. Whetherchanges are made to be more attractive employers, a moreappealing supplier to a large multinational or simply becauseof the ethical desire of the owner, all the evidence in this surveypoints to privately held businesses becoming more sociallyresponsible.
Whatever the reason, the survey results reflect anincreasingly competitive and constantly changing businessenvironment. As for the rest, it is surely only a matter of timebefore all privately held businesses have to adhere to greaterpressure to do business in a more socially responsible andtransparent manner. The businesses that are responsive, quickand innovative will be the ones who not only survive thechange, but emerge as winners.
Alex MacBeathGlobal leader – privately held business servicesGrant Thornton International
International Business Report 2008
Introduction
2 Corporate Social Responsibility
What is corporate responsibility?
Multinational organisationsIn comparison to PHBs, large multinationals have afar more powerful stakeholder group to considerand have, in many cases, adopted an holisticapproach to CSR. Many businesses have signed upto the United Nation’s voluntary framework, TheGlobal Compact, a cross-cultural ethical practicefor businesses who are prepared to commit toprinciples in the following four main areas:• human rights• labour standards• the environment• anti-corruption.
The United Nations Global Compact is not aregulatory instrument, but relies on publicaccountability and the self-interest of companies tofurther its aims without enforcing or measuringbusiness actions.
GovernmentsWhile corporate responsibility principles aredeveloped within companies and often fostered bynon-governmental organisations, nationalgovernments have a major role to play. They can setreference frameworks, encourage action andpromote dialogue but crucially can enforce actionthrough legislation. Governments can use taxationto encourage ‘green’ practices, set minimumwagesand impose restrictions on working hours. In manycountries targets are set on businesses to reducegreenhouse emissions. Yet many businesses stressthat government incentives, rather than punitivetaxes, would do more to encourage ethicalbehaviour, especially on ‘green’ issues.
We all have a personal responsibility to each otherand the world around us. Everything we do has aneffect on other people. It is the same for businesses,large and small, public or private, that their actionsaffect a large number of stakeholders. Suchstakeholders include customers, shareholders,employees, suppliers and society in general.
With growing scrutiny of business operations,organisations are increasingly being driven tosatisfy the expectations of opinion formers,governments and customers in order to thrive. Inessence, businesses adopting CSR principles believethat by operating ethically and responsibly, theyhave a greater chance of success. For privately heldbusinesses (PHBs), with fewer stakeholders tosatisfy, their greatest concern appears to be theircustomers and their own ability to satisfy thedemand for products effectively.
Businesses are demonstrating that well managedcorporate responsibility actually supports businessobjectives, especially amongst large corporateswhere improved compliance, reputation andrelationships has been shown to increaseshareholder value and profitability.
For privately held businesses, the pressure to actcan stem from the demands of the supply chain,with large multinationals increasingly demandingthat suppliers conform to ethical business practices.Incorporating corporate responsibility into abusiness’s core strategy can also enhance itsattractiveness as an employer.
Corporate Social Responsibility 3
Nevertheless, many PHBs are adhering to thehighest ethical standards – why? In order toanswer this question we need to understand whatis driving business ethics amongst PHBs and whatinitiatives they are implementing.
Although PHBs perhaps face the greatestchallenge, it is these businesses who could makethe greatest impact on global corporate socialresponsibility.
What are privately held businesses doing?PHBs are ‘the economic engine of the world’.Although public attention is often focused on largemultinationals and how ethical their businesspractices are, PHBs are expected to adhere to thesame ethical practices.
However, the two sets of businesses differgreatly in terms of size and structure. Whenadopting more ethical business practices, PHBsare at a distinct disadvantage to theirmultinational counterparts. Primarily due to lackof resources, but PHBs also lack experience orpeers in their industry group to develop examplesof ‘best practice’. PHBs also are not subject to theweight of expectation and attention which falls onmultinationals who impact our daily lives.
4 Corporate Social Responsibility
International Business ReportResults
Cost managementMaintaining strict cost control encourages carefulmanagement of resources whose use can contributeto CO2 levels and environmental degradation. TheIBR results show widespread agreement that theneed to control costs encourages ethical behaviouramongst PHBs. Only in a few countries did 50 percent or fewer respondents cite this issue. It wasconsidered as the leading driver in eleven countries,led by Brazil (87 per cent) and India (85 per cent).
What is driving corporate responsibility?The International Business Report (IBR) 2008results emphasise a key point – that the adoption ofethical business practices is fundamental to thesuccess of privately held businesses.
The main factor driving corporate responsibilityis the need for PHBs to attract and retain highquality staff to meet current and future demands(see figure 1). This was identified by 65 per cent ofrespondents in our survey. Closely behind was costmanagement (63 per cent) reflecting the recognitionthat controlling costs is good for business and theenvironment. The need to establish confidence andloyalty among customers led 56 per cent ofrespondents to cite public attitudes/building brandas an important driver.
EmploymentRecruitment/retention of staff was a driver of socialresponsibility in all countries – and the main factorin almost half of surveyed countries (figure 2). Theproportion of respondents citing this driver asimportant varied from 53 per cent in Hong Kongto 89 per cent in Denmark.
Unemployment in Denmark is amongstthe lowest in the world, perhaps explainingrespondents’ concern with labour recruitment/retention. Labour market considerations also seemto lie beneath the high proportion citing this factorin Turkey (86 per cent) and Vietnam (85 per cent),where skills shortages in certain sectors are acuteand some employers have great difficulties withstaff retention.
Figure 1: Drivers of corporate responsibilityPercentage of privately held businesses citing factor as important
Recruitment/retention of staff
Cost management
Public attitudes/building brand
Tax relief
Saving the planet
Investor relations
Government pressure
Source: Grant Thornton IBR 2008
65
63
56
44
40
39
38
Business ethics is a keyfactor for recruitment andretention in Denmark’s tightlabour market. Privatelyheld businesses ignoringCSR issues are facing futureskills shortages that willthreaten their globalcompetitiveness.”Jan Hetland MøllerGrant Thornton, Denmark
“
6 Corporate Social Responsibility
Tax reliefTaxation reasons are perceived as the mostimportant driver of business ethics in onlyone country, Thailand, cited by 94 per cent ofrespondents. Nevertheless, tax measures were citedas important incentives by a large percentage ofrespondents in Brazil and Vietnam, both at79 per cent. In Brazil this seems to reflect taxationreductions introduced to encourage businessesto standardise employment practices. Taxtransparency is also a prerequisite to publiclisting – a desire for many privately held businessesin Brazil.
Taxation is one area that governments can use toforce businesses to change their actions. However,it is not evident from the IBR results that any CSRrelated taxes are having a strong effect on PHBs,which poses a question: Have governments aroundthe world utilised taxes or tax breaks effectivelyenough to positively affect global business ethics?
Figure 2: Main driver of corporate responsibility
Cost management Public attitudes/ Recruitment/ Tax relief Investor relationsbuilding brand retention of staff
Botswana Argentina Armenia Thailand Vietnam
Brazil Greece Australia
France Ireland Belgium
Hong Kong Mexico Canada
India Singapore Denmark
Italy Spain Germany
Malaysia Japan
Netherlands New Zealand
Philippines Poland
South Africa Russia
Taiwan Sweden
Turkey
United Kingdom
United States
Source: Grant Thornton IBR 2008
Public attitudes/building brandWhile they may not be under the same scrutinyas multinationals, PHBs still identify responsiblebehaviour as being integral to reputationalmanagement and long-term strategy. Publicattitudes/building brand is cited by 56 per centof respondents globally as a key driver of ethicalbusiness behaviour. Mexico (89 per cent) andGreece (85 per cent) top the list while France liesat the other extreme at only 27 per cent, a longway behind the next lowest country – Belgiumat 39 per cent.
It is interesting to note that for PHBs, publicattitudes/building brand comes after employee andcost management issues. It suggests that individualsare driving PHBs towards more ethical businesspractices. As organisations grow in size, the levelof scrutiny under which they operate also growswith large multinationals having to give greaterconsideration to public attitudes/building brand.
‘Saving the planet’ and ‘government pressure’Neither option was considered the ‘most’important driver of corporate responsibility in anycountry. But saving the planet was cited as animportant factor by three quarters (or more) ofrespondents in Brazil (84 per cent) and India (75 percent). At the other extreme is the United States withjust 21 per cent of PHBs identifying saving theplanet as a driver for social responsibility, and inmany other mature economies less than a third ofrespondents identified this as a key issue.Government pressure was considered an importantdriver by just 38 per cent of respondents, the lowestof the seven issues which the IBR presented. Itfeatured most prominently in Italy (67 per cent)and least in Denmark (16 per cent).
There is no doubt that governmental pressurecan generate positive action. The question iswhether governments are doing enough in thePHB sector for the level of change needed?
Investor relationsOnly in Vietnam are investor relations consideredthe prime incentive to adopt a more ethical businesspractice. Vietnamese PHBs appear to be benefitingfrom structural reforms to modernise the economyand boost more competitive, export-drivenindustries, but this modernisation is very recent andcompanies appear to be striving to impress bothlocal and overseas investors. This also seems to be afeature of emerging markets in general with India(75 per cent of respondents), the Philippines (71 percent), Brazil (64 per cent) and Turkey (63 per cent)leading the emerging economies citing this factor.
By contrast, in more mature economies, whereinvestor relations have been managed for decades, itis seen as less of a driver. Throughout the EU and inSingapore, the proportion of respondentsidentifying investor relations is 35 per cent; 32 percent in the United States and just 9 per cent inJapan. These figures are perhaps unsurprisingconsidering that PHBs have fewer externalinvestors to satisfy compared to public listedcompanies.
Corporate Social Responsibility 7
Internships and work experienceBusinesses offering internships and workexperience are often best placed to identify themarket’s finest talent and are in prime position torecruit them to permanent positions. Among theglobal regions, the practice was most prevalent inthe EU (83 per cent of respondents) but twoLatin American countries – Mexico (95 per cent)and Argentina (87 per cent) – recorded higherproportions. The bottom eight countries in thiscontext are all in Asia, with very low proportions inIndia (35 per cent), Japan (40 per cent) and Vietnam(41 per cent). Businesses in industries particularlychallenged by skills shortages have shown that byusing internships and work experience initiativeseffectively, they can help to find the right talentto build a stable future for their business.
8 Corporate Social Responsibility
Implementing corporateresponsibility
When privately held businesses were asked whatthey had done in the past year to manage theircorporate responsibility, workforce related matterstopped the list (see figure 3). This complementedthe result which showed staff attraction/retentionas a key driver of ethical behaviour.
Four of the top five initiatives were directlyassociated with people and their workplace – activepromotion of workforce health and well-being(71 per cent of respondents); provision ofapprenticeships and work experience (67 per cent);promotion of diversity/equality in the workplace(64 per cent) and allowing flexible working (62 percent). These all have an important role in thecontext of social responsibility, though theinitiatives also play a key role in human resourcemanagement.
Health and well-beingMeasures to improve workforce health and well-being are in place at most PHBs surveyed – over 80per cent in many countries and over 90 per cent inMalaysia, South Africa, the United States and NewZealand. They are clearly seen as vital to attract andretain staff in a tight labour market, with skillsshortages pressurising production and growth.Even in emerging markets at the other end of thescale – Thailand, India, Armenia and the Philippines– 35 to 45 per cent were undertaking such measures.
Employee health is essential to the morale ofthe workforce. Such incentives demonstrate anemployer’s concern about the individuals itemploys. However, it is also increasingly importantto manage costs encountered through time lost fromlong-term absenteeism – a huge issue for privatebusinesses in some more mature economies.
Figure 3: Corporate responsibility initiatives undertaken in the past yearPercentage of privately held businesses
Actively promoted workforce health and well-being
Provided apprentices/work experience
Donated to community causes/charities
Actively promoted diversity/equality at work
Allowed flexible working
Improved waste management
Improved energy efficiency
Participated in community activities
Changed products/services
Helped other businesses improve performance
Sourced local or ethical products/services
Source: Grant Thornton IBR 2008
71
67
65
64
62
59
57
55
41
35
32
Private businesses in Malaysiaare being forced to change theirproducts and services to reducetheir environmental impact.Businesses satisfying the globaldemand for more ethicalproduction and delivery are bestplaced to capture the rapidlygrowing market generated bydiscerning consumers andmultinationals.”Dato’ Narendra JasaniGrant Thornton, Malaysia
“
10 Corporate Social Responsibility
Flexible workingIn today’s increasingly demanding society,employers are having to become more flexible toaccommodate family-friendly work practices.
The IBR survey found that action to promoteflexible working has been widespread over the pastyear, notably in Germany, where 90 per cent ofPHBs adopted such measures. There is a spread ofcountries across the globe among the most vigorouspromoters of flexible working, see figure 4, butthose least likely to adopt flexible working are all inAsia. This suggests that working practices such ashome working or flexitime are yet to reach privatebusinesses in some of the emerging markets.However, the rate of growth and the increasedmaturity of such economies seems likely to lead tothe rapid modernisation of working practices in thenear future.
Donating to good causesThis is the third most popular action in managingsocial responsibility in our survey, and the only onein the top five not concerned with human resourceissues. International practice shows very markeddivergences reflecting cultural and fiscal differences,strongly affecting individual country results. InThailand, for example, donating to worthy causesis a strictly personal and religious matter, ratherthan a business issue. Thus only 11 per cent ofrespondents record donations to communitycauses/charities. Similar cultural factors also affectcorporate donations in France, where only 31 percent of privately held businesses donate. ThePhilippines (22 per cent), Japan (27 per cent) andIndia (33 per cent) also have very low percentagesin this area. Countries with tax concessions, nocultural inhibitions and where useful publicitycan accrue, push up the global average to 65 percent. The highest proportions are in the UnitedStates (94 per cent), New Zealand (91 per cent),and Botswana, Ireland and South Africa (all88 per cent).
Diversity/equality in the workplaceThe culturally diverse economies of Malaysia (91per cent), South Africa (90 per cent) and the UnitedStates (84 per cent) lead the way on implementingpolicies to promote equality in the workplace. Inmost other countries this figure falls to between 60and 80 per cent, but there are some majorexceptions – Japan (28 per cent), Singapore (21 percent) and Thailand (15 per cent).
Figure 4: Countries allowing flexible working – top and bottom fivePercentage of privately held businesses citing action taken
Germany
New Zealand
Denmark
Brazil
United States
Global average
Singapore
Hong Kong
India
Japan
Thailand
Source: Grant Thornton IBR 2008
90
86
84
83
82
62
40
38
37
29
24
Waste management and energyefficiencyImproved waste management andenergy efficiency are strongly correlated– as shown in figure 5. In manycountries, led by Ireland, Malaysia andTaiwan, a large proportion ofrespondents say they have taken actionon waste management and have alsoacted to improve energy efficiency. Ingeneral, countries at this end of the scalehave mature but resource pooreconomies, so there is a strong incentivefor energy and related efficiency. At theother end of the scale, in Armenia andVietnam, relatively few companies haveacted on energy efficiency and wastemanagement. These countries arenewcomers to the global marketplaceand at present, amid their very rapidprogress, waste management and energyefficiency appear to have a relatively lowpriority.
However, as frameworks andpolicies become increasingly global anduniversally accepted, emerging marketsmay have difficulties reaching anypotential levels driven by their moremature counterparts. Such globalpolicies appear inevitable in the longterm and for some privately heldbusinesses, falling behind inimplementing waste management andenergy quotas may become a concern.They may wish to act now to avoidbeing crippled by daunting targets overthe coming decades.
Improved energy efficiency
Impr
oved
was
tem
anag
emen
t
0 10% 90%80%70%60%50%40%30%20%
80%
100%
70%
90%
60%
30%
10%
20%
Figure 5: Correlation between waste management and energy efficiency
50%
40%
Argentina
Armenia
Australia
Belgium
Botswana
Brazil
Canada
Denmark
France
Germany
Greece
Hong Kong
India
Ireland
Italy
Japan
Malaysia
Mexico
NetherlandsPoland
Russia
Singapore
South Africa
Sweden
Taiwan
Thailand
MainlandChina Turkey
United Kingdom
United States
Vietnam
Source: Grant Thornton IBR 2008
Philippines
Spain
New Zealand
Corporate Social Responsibility 11
Many privately held businessesin Argentina are experiencingpressure from their multinationalcustomers to become a moreethical supplier. As a result,CSR credentials are becoming apriority for Argentine businessesas they compete in the globalmarketplace.”Enrique LangdonGrant Thornton, Argentina
“
12 Corporate Social Responsibility
Corporate Social Responsibility 13
A formalised strategy?We asked privately held businesseswhether corporate responsibility policieswere incorporated into a writtendocument or strategy. Amongst allbusinesses, 56 per cent said they had aformalised programme. However, theproportion in individual countriesshowed marked variations from theglobal average, ranging from 74 per centin mainland China to 29 per cent inVietnam, see figure 6. Yet neither at thetop or bottom of the range was a patterndiscernable among the countriesincluded, from a geographical,development status or politicalperspective.
However, the appearance ofcountries such as mainland China,Mexico and Brazil at the top suggeststhat PHBs in these countries have comeunder the greatest pressure to formallyadopt a strategy to comply with the CSRframeworks of their large corporatecustomers.
Figure 6: Formal corporate responsibility programmes – top and bottom fivePercentage of privately held businesses incorporating CSR policies into a formal responsible business practice programme
Mainland China
Mexico
Brazil
Thailand
United States
Global average
Greece
New Zealand
Poland
Taiwan
Vietnam
Source: Grant Thornton IBR 2008
74
69
68
64
63
56
36
35
35
30
29
14 Corporate Social Responsibility
The IBR survey shows that privately held businessesappear more likely to adopt ethical business practices forpractical commercial reasons than any other. Althoughunsurprising, it offers an insight into ways in whichorganisations and governments can improve globalcorporate social responsibility.
While ‘saving the planet’ is a concern, by far and away themain drivers for action on corporate social responsibilityare recruitment and retention issues followed closely bycost management. This highlights the power of theindividual. Privately held businesses are having to takenotice of individuals and install CSR initiatives because itis being demanded by their workforce through recruitmentand retention issues.
The demand for action
Corporate Social Responsibility 15
Another factor is the demand of the large corporates.CSR frameworks are filtering down the supply chain,influencing the business practices of privately heldbusinesses. Such businesses are often able to change thedirection of their business more efficiently due to theability of the owner to individually alter the business’soperations.
Corporate social responsibility is no longer the domainof the large corporate and is now a necessity rather than achoice. Those privately held businesses adopting ethicalbusiness practices quickly and efficiently will survive.These are the businesses who will secure the skilledworkers and the contracts with the large multinationals.
Those failing to act now face an uncertain future.
16 Corporate Social Responsibility
Further information
IBR contacts
Please contact Neil Bird, IBRproject manager, if you would like moreinformation on +44 (0) 20 7391 9516,or visit the IBR website atwww.internationalbusinessreport.com.
Note to readers.Mainland China is not included in responses to drivers ofCorporate Responsibility due to compliance with researchregulations in mainland China.
Grant Thornton International is oneof the world’s leading organisations ofindependently owned and managedaccounting and consulting firmsproviding assurance, tax and specialistadvisory services to privately heldbusinesses and public interest entities.With combined global revenue growthof 25 per cent in 2007, member andcorrespondent firms operate in over 100countries worldwide.
The International Business Report(IBR), formerly known as theInternational Business Owners Survey(IBOS), provides insight into the viewsand expectations of over 7,800 privatelyheld businesses across 34 economies.This unique survey draws upon 16years of trend data for most Europeanparticipants and six years for manynon-European economies. The researchwas conducted by Experian BusinessStrategies.
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