64% of CEOs say corporate social responsibility is core to their business. So, what exactly is CSR? And why is it so important?
64% of CEOs say corporate social responsibility is core to their business. Another study found that over 90% of students would be willing to sacrifice some of their future salary to work for a responsible employer. So, what exactly is CSR? And why is it so important?
Corporate social responsibility (CSR) is a business practice defined by making meaningful efforts towards things like environment, social, and economical issues. And, with more companies using their available resources to drive positive change, CSR has become a crucial part of a business' inner workings.
Here are three ways your company can be more socially responsible:
- Philanthropy - No matter the size or financial capability of your organization, you can make a difference by giving back. Donate time, services, or money to charities or causes that matter to your team.
- Environmental Efforts - Use your resources to make a green contribution to the planet. Be mindful of your carbon footprint and do your best to minimize it.
- Ethical Practices - Treating all employees equally and fairly also demonstrates social responsibility. Integrity and honesty go a long way.
5 Practical Benefits of CSR for Businesses
CSR has great advantages, both internally at work and externally out in the world. It can positively contribute to society, while also strengthening your company. Some of the key benefits of it include:
1. Making a Real Difference
No matter how simple your efforts are, they can still help. The cosmetics company LUSH, for example, saves more than 118,800 gallons of water annually by making shampoo in solid bars rather than bottling it.
2. Saving Energy
Resource efficiency not only conserves energy, but cost too. You can try working with recycled materials whenever possible and use items like LED lights, which consume at least 75% less energy than incandescent bulbs.
3. Creating Business Opportunities
CSR prompts you to think outside the box about how to make your organization better. This can generate ideas you might not have considered before, or connect you with a brand new network of like-minded people.
4. Cultivating a Positive Work Environment
Create a culture that employees are proud of. Studies have shown that knowing a company's "good deeds" can make an employee feel more committed and more likely to discuss their workplace with others.
5. Building a Responsible Reputation
A long-term commitment to a social cause can help you attract loyal employees, customers, and stakeholders, as well as earn the respect of others in the professional world.