Corporate social responsibility (CSR) is one of the basic preconditions for the successful functioning of a business.
It’s a concept that reflects company values: by definition, CSR is a self-regulating business model that helps a company be socially accountable — to itself, its stakeholders, and the public.
As such, the CSR strategy has multiplicative effects and impacts companies on numerous levels. A study shows that 55% of consumers are willing to pay more for products from socially responsible companies. Another research reveals that employee turnover rate reduces by up to 50% when they are engaged in CSR programs.
But these are not the only benefits of social responsibility. On the contrary, organisations with comprehensive CSR plans gain additional privileges such as:
- Enhanced public image: If you are committed to higher goals, the public is going to acknowledge it and respect your company more than others.
- More media coverage: Nothing can give a boost to your PR strategy as much as social responsibility. Media outlets love reporting about companies’ noble activities.
- Attract investors: With all the benefits we mentioned above, it’s natural to realise that investors are likely to cooperate with socially responsible organisations.
The pros of acting responsibly are immense, so you should definitely consider joining the CSR game. In this post, we will discuss five CSR trends a successful company should invest in.
The first CSR trend on our list is actually an evergreen principle. Namely, sustainable development and environmentally friendly businesses have been around for a while now trying to reduce the impact on our planet. It’s a non-negotiable principle because every organisation or system should contribute to this higher goal.
Everybody knows it, from small businesses to large corporations such as Google. The tech giant developed an all-encompassing CRS strategy that highlighted the importance of sustainable development. How they try to protect the environment?
Google is building an operational process that maximises efficiency while minimising the use of resources. The company claims that the average Google data center uses 50% less energy than a typical data center. Besides that, Google is building solar-powered facilities because the ultimate goal is to ensure the transition to renewable energy sources.
Active engagement in social issues
A lot of companies put an emphasis on social affairs because they want to deal with the problems of scarcity and poverty. The latest trend is to build a CSR plan that focuses on real people rather than some other topics. There are tons of good examples to support this story, but we decided to show you Nu Skin.
The company always believed in the power of giving, which is why they launched their Nourish the Children campaign back in 2002. A few months ago, Nu Skin celebrated an important milestone – they donated 600 million meals to the children in need since the launch of the campaign.
This is, of course, a huge activity and not everyone has the potential to organise such campaigns, but the moral of this story is that people-oriented CSR missions always perform well. Many social responsibility trends have changed over time, but this one remains rock solid.
Data protection and transparency
We live in the digital age when users leave all sorts of personal information online day after day. In such circumstances, CSR enters the field of data protection and transparency because it’s necessary to provide a safe business environment for your customers.
It’s a big CSR trend that forces companies all around the world to take security measures to a higher level and prevent possible data breaches.
The interest in this topic peaked in 2018 when people discovered the Facebook-Cambridge Analytica data scandal. Namely, Cambridge Analytica used the private information of millions of Facebook users to create political predictions and influence the public.
According to Jake Hudson, a custom essay creator in charge of IT issues, the Facebook scandal exposed a big threat: “Almost every organisation – from retail businesses to professional writing services – administers huge volumes of user-related information, so it’s necessary to keep it protected and isolated.
If you want to establish your company as socially responsible, you need to be completely transparent about the way you handle data and keep it safe and impenetrable.”
We live in a global village, but we still witness countless cases of discrimination and intolerance. In this situation, there is no better way to prove that your company is open-minded and socially responsible than promoting employee diversity.
Starbucks gives us an excellent example of this CSR trend because it creates job opportunities for different social groups. First of all, they decided to hire thousands of war veterans while opening dozens of military family stores in the US.
Secondly, Starbucks also helps young people get their first jobs by preparing more than 10 thousand positions for newbies. At the same time, they cooperate with the UN Refugee Agency because they want to employ thousands of refugees in the next few years.
No matter what you do or what sort of business you might be running, there is a way to support the community. Sometimes there is no need to invest millions into charity events or fundraising when you can contribute with your own products or services.
TOMS realised this opportunity and initiated a new CSR trend. This shoe manufacturer launched a campaign entitled TOMS Shoes to “match every pair of shoes purchased with a new pair of shoes for a child in need.”
To date, they’ve given over 60 million pairs of shoes to children in need in more than 70 countries worldwide. Jane Gardner, the author of 6dollaressay reviews, says that TOMS simple idea turned into an amazing story that inspires CSR managers across the globe to initiate similar campaigns.
CSR has been around for decades already but it has been gaining more and more influence in the last few years. Today, a profitable company is expected to be socially responsible and invest in community-friendly programs.
We wrote this article to show you five CSR trends a successful company should invest in. The tactics we described above can make your organisation better, more popular, and more profitable, so make sure to use our suggestions and prepare a great CSR plan soon!
About the Author
Michael Gorman is a college paper writing service professional and a contributor at the Australian assignment help agency. Michael is also a dedicated member of the thesis proposal writing service. He mostly writes about finance and business, with an emphasis on corporate social responsibility. Michael is a father of two beautiful toddlers and he spends all of his spare time with the kids.