How can your business guarantee Corporate Social Responsibility ?
Since the United Nations Global Compact (UNGC) released its 10 principles more than a decade ago, approximately 12,000 companies worldwide have committed to adopting the sustainable and socially responsible policies that it calls for around the themes of human rights, labour, environment and anti-corruption.
Research conducted by Julia Moshkin of EcoVadis found out that companies that have signed up to the initiative’s 10 principles perform significantly better on driving responsibility in their supply chains.
So what makes it so successful and how can your business benefit from it as well?
One reason the initiative has been so successful is the UNGC’s extensive toolbox, which includes action platforms to establish partnerships and solve challenges, an online UN Business Action Hub and other resources, such as a reporting partnership with GRI, which helps businesses share information, engage in open dialogue and take action to accelerate tangible progress toward a more sustainable world.
The UNGC has clearly been an important international initiative for the global adoption of sustainable business practices and, arguably, a proof-point that commitment to clear and achievable objectives works.
According to the UN Global Compact Performance Report, organisations that have committed to the UNGC’s 10 principles perform significantly better on sustainability measures.
The UNGC’s 10 principles are effective because these goals help companies to put a focus on the sustainability risks and considerations that should be top of the agenda for all businesses. For example, the UNGC principles that “businesses should support and respect the protection of internationally proclaimed human rights”and “businesses should work against corruption in all its forms, including extortion and bribery”are two that provide an umbrella for action that reduces risk, improves financial performance, progresses positive brand recognition and helps to create a more ethical, sustainable business.
Organisations that have adopted the 10 UNGC principles perform 12 points better on sustainability measures in supply chains but at the same time we are aware, it’s not always easy to walk the talk of such commitments: resources are required to research, validate and reasonably assess how a company is following through, and to examine the correlation between commitment to the principles and advanced sustainability performance.
As a business community, we have the power to make sustainability improvements a reality – and this trickles down to affect the entire world. Participating in initiatives such as the UNGC can galvanise an organisation’s commitment to sustainability goals, and create a tipping point for sustainability to go mainstream.
Btw. did you know that small- and medium-sized businesses (29-999 employees) demonstrate better performance than larger organisations and act faster when addressing critical sustainability issues?
Now after reading up on what UN Global Compact Network Thailand can do for you - what are you waiting for and apply to us so we can make a difference together.