Through CSR programs, philanthropy, and volunteer efforts, businesses can benefit society while boosting their own brands. As important as CSR is for the community, it is equally valuable for a company.
What is corporate social responsibility CSR and how does it apply to my business? You might call me "old-school" but my board has started pushing a CSR agenda.
Frankly, I am wary of adopting what seems like philanthropy at the expense of my bottom line. What are your thoughts?
Are there measurable business benefits to CSR? I do understand your hesitation. The main responsibility of corporations used to be the generation of profits at any cost. Even today, there is zero point in a business behaving responsibly if, in so-doing, it puts itself out of business or generates less profit.
That's why corporate social responsibility aims to contribute to profit, rather than being a net cost.
CSR initiatives can be approached from multiple perspectives, depending on your operations: Environmental — focusing on ecological concerns; from recycling to improving your organisation's entire carbon footprint Community-based — supporting local community projects to improve lives of the people local to your organisation; financially or through volunteer programmes Internationally — focusing on issues such as fair trade, sustainability, working conditions, child labour and human rights Workplace-based — focusing on improving the rights and well-being of your staff; reviewing issues including remuneration, recruitment, induction, health and safety, whistle-blowing, working conditions, diversity and training All very well and good, I hear you say!
But can these socially responsible practices make actual business sense? The good news is, they can. Here are the main, measurable advantages: CSR initiatives don't have to be a cost. On the contrary, they can help reduce costs.
Operational efficiencies can be achieved through streamlining, sustainability and energy saving. Waste can be reduced and materials recycled. These eco-efficiencies can produce both environmental and economic benefits through reductions in energy consumption, implementation of new cost-neutral building maintenance methodologies, and decreasing the cost of workspaces generally.
Another advantage is that occupants of greener buildings may be healthier and more productive in their work. CSR initiatives have a positive impact on employee wellbeing and motivation. They can, and do, contribute to the ease of hiring quality staff, employee retention, commitment and motivation, all of which leads to increased innovation and productivity.
Employees want to feel proud of where they work. An invested employee is less likely to look for a job elsewhere. More good people want to work for companies who do not take their staff for granted.
More hiring choice ultimately means a better workforce.
Front-line employees are also best placed to identify inefficiencies and propose improvements. Enhanced reputation at less cost: Pragmatically, there's no point in adopting CSR if no one knows about it.Susan Cooney, head of global diversity, equity and inclusion at Symantec, said that a company's CSR strategy is a big factor in where today's top talent chooses to work.
Corporate social responsibility (CSR) is a business model that helps a company be socially accountable — to itself, its stakeholders, and the public. Disclosure statement. Muhammad Azizul Islam does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no.
May 18, · Recently, I connected with dozens of corporate executives of large and small companies in an effort to understand the benefits of corporate social responsibility (CSR) to the corporation.
The question, I learned, is harder to answer than you might expect, principally because most corporate do-gooders approach their social good efforts with more of an eye toward impact on the community than . Introduction: In order to develop a strategic direction an organization needs to understand the environment in which it operates, however there are seven key environment or “ external factor “ that affect the organizations: 1.
Corporate Responsibility to Society The role of business is diverse, for business is not simply addressing what is happening in the corporate world. It is also about what is happening in our society.
The correlation between these two factors is in.