Every company’s strategy to give back
AS the year ends, most companies evaluate of how they have been successful in their business and how can they give back to their valued patrons.
In doing this, corporate social responsibility (CSR) is considered the best strategy on how to give back to the community and the country as a whole.
What is corporate social responsibility?
Corporate social responsibility is all about companies playing their responsible part in society and giving back to society.
Whether you are a company that wants to support a cause, enable regional offices or shops, support local community movements, let your customers support causes they choose, or reward your staff with a donation to an initiative they love.
The purpose of corporate social responsibility is to give back to the community, take part in philanthropic causes, and provide positive social value. Businesses are increasingly turning to CSR to make a difference and build a positive brand around their company.
CSR refers to the efforts made by a company to improve society and contribute towards sustainable development. Also known as corporate conscience or corporate citizenship, It describes initiatives run by a business to evaluate and take responsibility for their impact on a number of issues ranging from human rights to the environment.
Purpose of CSR
The purpose of CSR is to encourage businesses to conduct their companies in an ethical manner and work towards having a more positive impact on society through ensuring sustainable growth.
These efforts can range from donating money to nonprofits to implementing environmentally friendly policies in the workplace.
CSR impacts companies, nonprofits, and employees alike. corporate social responsibility is not a mandated practice, instead, it is something extra that companies do to improve their local and global communities. this means that the general public can be impacted by CSR as well when they get to reap the benefits of companies’ do-good efforts.
Association between CSR and sustainability
Sustainability is often mentioned with CSR and is usually associated with environmental sustainability. However, sustainability can also apply to many other aspects of a business including procurement, economic, hiring and training for example.
Corporate social responsibility typically refers to lengths taken by businesses that go beyond what is deemed compulsory by law and ethical standards as stated by regulators and environmental associations.
CSR can often result in short-term costs that do not lead to immediate economic gain for the company, instead support and prioritize social and environmental progress.
Consumer CSR understanding
As CSR becomes firmly grounded in many global citizens’ daily routines and considerations, consumers have a better understanding and are more optimistic overall about their own ability to make a positive impact. in fact, nearly three-quarters (72 percent) believe their purchases make a moderateto-significant positive impact on social or environmental issues. this positive outlook may stem from a growing command of CSR terms and language.
As personal accountability and sophistication grow, consumers are also considering their own role in addressing social and environmental issues. global consumers surveyed state they are willing to make personal sacrifices for the greater good: four-infive are willing to consume or purchase fewer products to preserve natural resources (81 percent) or buy a product from an unknown brand if it has strong csr commitments (80 percent). consumers are even willing to forego elements such as ownership or quality to push progress forward: 61 percent would be willing to borrow or share products rather than buy new ones while 57 percent would purchase a product of lesser quality or efficacy if it was more socially or environmentally responsible.
“companies shouldn’t take consumers’ willingness to make sacrifices as a signal to cut corners,” says cone evp alison dasilva. “rather, this is an opportunity to engage consumers more fully in new csr solutions, collaborating to push the boundaries of responsible consumption and lifestyle.”
the leading ways consumers want to get engaged with companies’ csr efforts are actions tied directly to their wallets, with nine-in-10 just as likely to purchase (89 percent) as to boycott (90 percent) based on companies’ responsible practices. However, consumers view their role in creating social and environmental change as extending well beyond the cash register.
If given the opportunity: 80 percent would tell friends and family about a company’s CSR efforts; 76 percent would donate to a charity supported by a company they trust; 72 percent would volunteer for a cause supported by a company they trust; and 72 percent would voice their opinions directly to a company about CSR efforts.
“Companies are still relying on traditional forms of consumer engagement primarily tied to the product shelf, yet consumers are looking for more diverse ways to get involved with CSR efforts,” says DaSilva. “Companies can serve as a catalyst for sparking donations, volunteerism and advocacy by giving consumers a spectrum of ways to get involved.”