This post is part of a series about what is ESG and what it has to do with the gambling industry.
What is Social Responsibility?
In ESG, the “S” stands for social, which means focusing on how businesses treat people and communities. Corporate social responsibility includes taking care of customers, employees, and the areas around the company. Anything a company does that affects these groups is part of its social responsibility.
See also: Understanding environmental responsibility and Understanding corporate governance
Various Social Concerns
Social concerns cover a wide range of topics:
1. Customer Satisfaction: Making sure customers are happy with the company’s products or services.
2. Consumer Protection: Keeping customer data safe and protecting their privacy.
3. Gender and Diversity: Ensuring that different types of people have equal opportunities when the company hires employees.
4. Employee Well-being: Taking care of employees and treating them fairly.
5. Community Relations: Building good relationships with the communities near and far from the company, which might be affected by the company’s actions.
6. Human Rights: Respecting basic human rights for all.
7. Labor Standards: Treating workers fairly and following ethical labor practices.
Changing Times for Customer Protection
In the past, customers needed to be cautious when dealing with companies. Now, we assume that companies will protect us, from safeguarding our email addresses to securing our credit card and identification information. People expect companies to follow rules and regulations, but not all companies do this, even if the rules exist.
Employee Protection and Diversity
Companies should also protect their employees and make sure they hire from diverse backgrounds. They should be ethical in how they recruit and ensure diversity among their workforces. Whether it concerns gender, ethnicity, faith, sexual orientation and more.
Good Practice: Reducing Sugar in Soft Drinks
In Europe, the soft drink industry decided to reduce sugar levels in beverages for consumers’ health, especially children. This resulted in an almost 18% reduction in sugary drinks over seven years. Companies that fail to cut sugar levels, due to profit concerns or higher production costs, stand out negatively in the industry.
Bad Practice: Labor conditions
Some big multinational corporations have faced criticism for poor labour conditions. For example, electronic products made by low-wage workers in Asia and underpaid farmers in Central America have raised concerns. Companies with these issues can face strong opposition, like Amazon, which has been accused of trying to stop worker unions from forming, both in the United States and Europe.
The Impact on Gaming and iGaming
In the gaming and iGaming industries, social responsibility involves three key groups: the workforce, the players (with a focus on preventing gambling addiction), and the wider community. How these industries treat these groups can have significant effects and need to be understood in order to determine which casino companies are sustainable when it comes to environmental and social impact.
I dive into this data so you can choose the best online gambling entertainment in the UK.
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