Business benefits: companies are increasingly realising the advantages of CSR
More and more people are looking to work for companies that demonstrate a commitment to CSR – but are business leaders taking it seriously enough?
With customers more discerning than ever about which companies they buy from, and employees more discerning about which organisations they work for – specifically, whether they operate in an ethical and sustainable way – businesses should be paying close attention to corporate social responsibility (CSR).
Yet according to a survey conducted by Brother UK and Telegraph Spark, only 16pc of business leaders said that CSR was one of their top three business concerns over the coming year.
Social and environmental issues are seen as important by consumers, with a growing expectation and demand that business makes a positive impact beyond economics. In consultancy firm FleishmanHillard Fishburn’s 2019 Authenticity Gap study into consumer attitudes towards CSR, 59pc of consumers said they expect companies to make a stand on climate and environmental issues.
But CSR is a broad topic and a lot depends on how businesses define what ‘doing good’ looks like. “Businesses are increasingly realising the benefits of becoming purpose-led, but it requires a thoughtful understanding of what doing good is, and integrating it across the business,” says Kate Adams, director at Nesta Challenges, which works with government, public sector, foundations and corporates on developing challenge prizes for social good.
Make a difference: consumers now expect businesses to be making a positive impact
Growing trends
CSR also resonates with employees. By 2025, millennials will make up three-quarters of the workforce, and according to CONE Communications’ 2016 study, 64pc of this generation of workers won’t take a job at a company that doesn’t have strong social responsibility practices.
” Today’s talent wants to work with companies that care about making a positive impact on the world “
And yet, of the business leaders surveyed by Brother UK and Telegraph Spark, only 22pc thought that employees looked for charity or support in the workplace, while 38pc felt their staff would be looking for sustainable or green practices.
The reality is that today’s talent wants to work with companies that care about making a positive impact on the world, and if they are to successfully attract skilled workers, businesses need to establish CSR programmes.
Not enough business owners prioririse charity work or community work
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Article Credit: telegraph
As per recent amendments to Company Act 2013; Corporate Social Responsibility is mandatory with three-year imprisonment … On the other hand, what about 98% of profit: How you earn it? It should be important!!!