Feb. 28, 2008 - While multinationals may see corporate social responsibility (CSR) as a way to manage their reputation, privately held companies are ignoring expensive PR campaigns and focusing on the basics - making themselves more attractive as employers and suppliers, according to Grant Thornton's "International Business Report 2008."

Some survey highlights:

• Respondents cited recruitment and retention pressures as their main CSR driver, closely followed by cost management concerns (63%).
• 71% actively promote workforce health, 64% promote equality and diversity, and 62% have flexible working practices (benefits that have previously been associated with large employers).
  
• 56% say they have formally adopted, transparent CSR policies, "a measure of the influence companies higher up the supply chain are having on potential suppliers," according to the report's authors.

"The individuals who own private companies have a speed advantage over the multinationals, as their ethical policies can be adopted much more quickly than within the more complex structure of larger companies," notes Alex MacBeath, head of privately-held business services at Grant Thornton. "The companies that introduce ethical business practices quickly and efficiently will survive and prosper, as they will secure the skilled workers and the future contracts with the multinationals."

Download the report here (PDF).