Speak about social responsibility in project management?

Speak about social responsibility in project management? Dear Mr.Ali Harin This is a topic of interest to me and I have tried to answer your very relevant question to the best of my abilities.
You may find the compiled content and my views rather longish.
however, The issue is too big and cannot be dealt with in a casual manner! Kindly bear with me for any errors and omissions.
Increasingly, corporate executives must find new ways to address the social, economic, and environmental effects of doing business while balancing conflicting demands on their attention, time, and resources.
Corporate Social Responsibility is a form of corporate self-regulation integrated into a business model.
CSR policy functions as a built-in, self-regulating mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms.
CSR is a process with the aim to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere who may also be considered as stakeholders.
Yet another popular explanation of the term CSR is the continuing commitment by businesses to behave ethically and contribute to economic development, while improving the quality of life of the workforce and their families as well as of the local community and society at large There has to be alignment of corporate social responsibility (CSR) with business strategy, to define priorities, integrate social responsibility throughout the business, and build social and business value.
The Triple-Bottom-Line concept of sustainable development advocates that sustainable development can be realized only through simultaneous and equal implementation of ecological, social and economic goals.
The three pillars of this model are : • Environmental Responsibility • Economical Responsibility • Social Responsibility Ecological sustainability promotes a way of living that drains the natural basics of life only in the measure in which they can regenerate.
Economic sustainability means the economic operations of the present generation should not be a burden for the following generations through the obligations it created.
The concept of social sustainability in any nation shall limit social tensions and prevent conflicts from escalating, and help solve them in a peaceful and civilized manner.
There are compelling reasons why organizations should voluntarily embrace CSR in some form of effort aimed at social welfare.
The advocates of CSR are of the view that the ensuing aspects gave great bearing and impact on the organizations MORAL OBLIGATION that the stakeholders of an increasing number of organizations are satisfied only when organization balances the impact of its business with socially responsible practices SUSTAINABILITY.
This involves meeting needs of the present without compromising the capabilities of future generations.
Organizations must invest in solutions that are socially , environmentally and financially sustainable.
LICENCE TO OPERATE: The ability of an organization to clinch crucial contracts from governmental and other entities depends on its reputation as a Socially Responsible organization.
World over, the governmental, jurisdictional authorities and other socially responsible entities have set the criteria for awarding contracts to companies that have a proven track record of verified compliance to internationally acceptable CSR principles and practices.
IMPACT OF REPUTATION: CSR initiatives are embraced by organizations on the grounds that they will enhance their image and at times even raise the value of its stock.
The benefits of excellent reputation could be that their targeted customers are willing to pay higher price for their product or services, a widened and large client base and last but not the least, retention of more productive and loyal employees.
Those who have not proactively embraced the CSR initiatives have faced risks to losing profit, their reputation and brand image.
They have been confronted with boycotts and threat of high profile lawsuits.
CSR is a strategic tool for organizations in presenting a friendlier face to the public.
CSR and Project Management Trustworthiness, accountability and reliability are growing more and more important for the reputation of project companies.
In today’s competitive business scenario, the value of the reputation will be as important as the weight of a brand.
This means setting-up the reputation has to be understood as a long-term investment.
Three essential factors make ethical and ecological behavior in projects inevitable: • The gain of reputation for the project.
• The reduction of financial risks related to potential legal disputes.
• The creation of competitive edge by early alignment to regulations Often we read / hear about corporations destroying communities in pursuit of economic expansion.
A combination of availability of urgent market opportunity together with professionals from the executive suit to the project manager, being not sensitive to social aspects and disconnect with their obligations lead to lack of accountability.
Social responsibility is not the sole responsibility of neither the government nor the CEOs.
Direction from top management with respect to social policies duly aligned with corporate strategy plays a significant role in CSR.
Project managers are instrumental in achieving strategic goals of an organization.
As such Project managers can play a crucial and pivotal role in implementation of CSR.
As managers of day to day operations and execution, a project manager is in a position to perceive and analyse socially relevant issues and situations that may not be obvious to senior management.
PM knows from firsthand experience that laws, norms , culture and traditions have a serious bearing on the way the project can be executed and the outcomes could be different in different environments ( as observed to be different at the site location in the host country, and his company’s home country) A project manager with his keen sense, can bring discipline in risk management and mitigation.
Social risks may go unnoticed by managements if the PM is not focused on the importance of socially relevant aspects.
Companies, are known to be not attentive to the norms of behaviour in the projects host country and are known to think that they are operating within the laws of the host country.
Where as PMs with unique insights into the culture, laws of the land and traditions is in a position to see the disconnect of the senior management and help reconcile to achieve adherence to at least minimum law requirement and what is appropriate for the local community before the issues turn into a crisis.
It is the project managers job to ensure that these issues are raised appropriately towards ethical business practices.
Project Managers can influence their companies towards socially responsible behaviour at the local level in areas such as human rights, employee rights, work place regulations, environmental protection, health and safety and supplier relations.
Projects that involve partnerships with the local community can pave the way for enduring relationships of respect, goodwill and mutual benefit.
To be able to achieve such a state it is essential to understand the needs of the local community through regular contact and interaction so that the company becomes an integral part of the community life.
When corporations make sincere commitment and make substantial investment in a socially responsible strategy, there is greater likelihood of increased pay off for all stakeholders.
Every company depends on a strong society and project managers are key players that contribute positively to the effective implementation of their company’s CSR initiatives that in turn are a right step in the fortification of the foundations of a given society.