16 Oct Corporate Social Responsibility For Beginners

In the age of COVID-19, Corporate Social Responsibility (CSR) has never been more important. You probably encountered the term Corporate Social Responsibility, but perhaps were unsure of where to begin or how to implement such an initiative. Many people think CSR is writing a big check to charities; however, we’re here to share how it is a method of giving back, doing good, and affecting your employees and customers in a positive way.

What is CSR?

To quote The United Nations Industrial Development Organization (UNIDO), “Corporate social responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.” The core values of a Corporate social responsibility program are social, environmental, and economic sustainability, also known as ‘three P’s’ – people, planet, and profit. The primary goal of companies who implement CSR concepts is to make a positive change in the environment and society while also expanding their bottom line.

The CSR concept is based on some rock-solid statistical data, such as the fact that more than half of millennials are willing to defend and support socially and ethically conscious companies, while 71% of U.S. millennials hope that companies will take the lead on critical social issues. 40% of millennials look for purposeful brands and trust those brands that act in society’s best interest and the environment.

Key Elements of CSR programs

1. Community support – Real issues exist in nearly every community. Those issues may be of domestic violence, hunger, homelessness, advocacy for children, and so on. Take a look at the problems in your community to figure out what you may be able to support, increase awareness for, and make a difference. Supporting your community feels good, but also, the people in your community will take note.

2. Environmental concerns – So many businesses have high carbon footprints, so any effort to reduce it is beneficial to the environment. Such efforts include cutting down on waste, recycling, using locally sourced products, and more. CSR environmental efforts not only save you money, but they can help save the planet too.

3. Philanthropy – Not to be mistaken with corporate philanthropy, where the company’s general practice is giving back to others, CSR philanthropic efforts are a much broader strategy where philanthropic efforts should align with a company’s overall business mission and practices.

4. Ethical Labor Practices – This refers to the company’s efforts to prioritize the fair and ethical treatment of its employees. Such treatment should include ensuring employees’ safety, promoting a healthy workplace, not taking advantage of another country’s labor laws (this applies to international companies), etc.

5. Economic Responsibility – This refers to ethical financial practices in a business where companies should regularly pay taxes and pay close attention to how their tax money is being used (for example, if it’s spent on benefits for surrounding communities).

Implementing CSR programs is numerous, ranging from benefits to society and the environment to benefits within the company itself, such as increased employee satisfaction, improved public image, and increased and strengthened customer loyalty.

Conclusion

Making CSR part of your company culture, where every employee is thinking about how they can help, should be a primary initiative supported by the entire management team. Writing a check to a nonprofit or a charity once or twice a year is one way of helping, but we encourage thinking of other ways, including rolling up your sleeves and getting involved.

If you are new to the CSR concept and would like to learn more, go to our blog page. If you would like a free consultation with NSPR, call us at (813) 865-3093.