The financial crisis that hit us recently is likely to be only the beginning of a global recession that neither will be resolved easily nor quickly. Such a downturn in economic activity will inevitably hit hardest those people and those communities that are already vulnerable. In a new report, the IMF says the world’s poorest countries are beginning to be hit by the global financial crisis, as they are facing greater exposure to the current crisis being integrated into the international economy than they used to be.
While more interconnectedness has led to economic growth and poverty reduction, this third wave of the global financial crisis – after affecting first the advanced and then the emerging economies - is now hitting the vulnerable countries through a downturn in trade, foreign investment and remittances.
An important aspect of the recent crisis involves the trust and credibility that the business sector has now lost. At a time of such uncertainty, building trust and developing relationships within and between businesses is vital.
As a consequence, this Magazine section focuses on the challenges Corporate Social Responsibility (CSR) is facing in these difficult times, featuring a number of creative approaches and innovative thinking to turn this crisis into an opportunity to create a more sustainable business approach.
The first piece is an article by Rachel Campbell, Head of People, KPMG Europe LLP, offering a great example of strategic HR leadership in times of a recession. The second is a briefing note by Sam Mercer, Workplace Director, Business in the Community, sharing her advice and research on responsible restructuring and reminding us of the importance of CSR in these difficult times. The third contribution is an interview with the CEO of our Chilean partner AccionRSE, who is sharing his view on the financial crisis from a Chilean perspective. and the final piece is written by Richard Welford, published in our partner CSR Asia’s weekly newsletter – CSR Asia Weekly (Volume 4, Week 43), suggesting 10 ways on how corporations respond to CSR in a recession.
I hope that you find this issue useful and I am looking forward to reading your comments and ideas.
CSR360 Global Partner Network Manager
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