Named in short as CSR, Corporate Social Responsibility is something that has improved in popularity over recent years. It concerns an organisations commitment to take responsibility for their impact on the wider world & its’ environment. We’ll explore the most important elements to CSR within this handy blog & what you could look out for in future.
Employ CSR to benefit not only your business but the wider world
What is Corporate Social Responsibility?
How a business engages in Corporate Social Responsibility is up to them.
Showing your employees, stakeholders & the wider world your investment in the society you operate within & the environment can be invaluable. It’s worth remembering there are multiple facets to Corporate Social Responsibility. It is not as easy as having a happy workforce or increasing your use of green energy, but a combination of the widely regarded 4 key factors in CSR.
- Human Rights Responsibility
- Philanthropic Responsibility
- Environmental Responsibility
- Economic Responsibility
Why is Corporate Social Responsibility Important?
The key to CSR is the fact it is a completely voluntary process. It’s up to each individual company as to how much they invest in their staff & environments’ welfare.
Improving your commitment to CSR can be a fantastic way to help develop the image and perception of your brand. This uptake in image can benefit your business in countless ways. It can assist you in recruiting top tier talent for your business, helping not only the current workforce but develop a talented team for your future. It’s not just about the workforce… If you deal with other businesses or customers on a B2B or B2C basis, this can be a key factor in someone making their business an attractive prospect to deal with.
It's not just the business itself that can reap the rewards in terms of CSR, but wider society. While investing in greener energy sources can offer reward in terms of brand image, the potential to sell energy back to the grid & in turn looking after the planet for future generations. Save the planet, save costs.
Thirdly, addressing any social or environmental causes ahead of time means you’re less likely to be impacted by legislation in future. As restrictions on the production of greenhouse gases increases over time, rather than act on the demands of the planet, act ahead. This could relate to everything from your machinery to your choice of transportation. Not forgetting the negative publicity it can bring to dismiss social, environmental, or human rights issues.
What are 5 Examples of Corporate Social Responsibility
- Reducing the production of waste
- Engaging in charity fundraising
- Create a positive working environment
- Fair treatment of all staff & stakeholders
Decreasing the reliance on fossil fuels in production
How Can You Implement CSR to Benefit Yourselves?
First of all you need to assess where you can make the most difference according to your business. This will likely fall into the social & environmental categories, to help you determine what is important to your stakeholders. Keep in mind not only your employees, but any customers, shareholders & the local or wider society that you operate within.
If you’re then certain on which issues you want to help combat as a business now is the time to start developing targets.
Quantifying the process doesn’t just help in determining progress, but reporting on how far your business has come on their CSR journey. Determine your carbon emissions, count the number of sustainable products used in your production line, enquire on any couriers you use as part of a business on what they’re doing to reduce their negative impact on the planet. While this may feel like a data gathering exercise it will be exceedingly beneficial further down the line.
Take count of your figures & devise a plan on how to improve upon them. This can include investment in green energy. Staff surveys on what they're looking for from their business. Investment in product lines to decrease waste product. Determining the potential for recycling across your business & how it can improve.
After putting your plans into practice, compare the current state of play against your initial numbers. Have you produced less carbon emissions per product? Are your employees happier than previously? What is public opinion of your business since your Corporate Social Responsibility journey began?
CSR has been employed by so many businesses since the concept’s inception. Adopting a more ethical work practice, it acts not just to benefit your reputation but everything around your business. Future proofing it as more & more businesses utilise greener energy going forward. Make it work for you & good luck from Spicers of Hythe on your Corporate Social Responsibility journey!