By Jacob Dillon
There have been multiple events over the last decades that have impacted companies in numerous ways and reformed their roles when it comes to dealing with social and global challenges. The spirit is on fire and nothing seems to change and companies are expected to get involved on issues that face their workers, customers and the environment surrounding them.
Nowadays employees come to work with their own social opinions and beliefs. And in fact, a recent study has shown that a large percentage of employees aged from 18 to 34 years are on the view that employers should be on the forefront when it comes to addressing key social issues which include but not limited to equal rights and global climatic changes.
We are living in times of divisive politics, widespread social media and never-ending employee anticipations and companies are forced to fine-tune their policies. For organizations that are putting efforts to become relevant, get donations to realize their undertakings and increase impact, it is crucial to stay updated on these developments.
In this post, we will understand the top 5 corporate social responsibility trends your company should implement.
What is the Corporate Social Responsibility (CSR)?
According to the EssayOnTime publication, corporate social responsibility is a drive that focuses on cheering companies to understand the effect of their businesses on communities, together with stakeholders and the surrounding. It is a business tactic that is aimed at adding value to sustainable growth, by delivering economic, social and ecological views for all stakeholders.
Let’s dive in.
1. Workplace Employee Engagement
The term employee engagement has been used inappropriately when it comes to the human capital space. Employee engagement is a vital aspect that includes the various elements of the employee’s relationship to the company such as employee appreciation, health, connection and more.
For your employees to feel connected to you company, you must make them believe you are taking actions to engage them in various areas that affect them either positively or negatively. To increase the employee-employer relationship, you need to incorporate workplace giving and personalize the giving experience for your employees.
2. Workplace Harassment and Inequality Coming to an End
According to an article by Susan Fowler a former Uber employer, she narrated the sexism and harassment she encountered while she was working with the company. This lead to the start of a hashtag #MeToo that clearly showed that women have encountered rampant sexual harassment and have been forced to work under corporate cultures and rules meant to silence them and become powerless.
Your company needs to focus on concrete change when it comes to internal reporting rules and dealing with workplace discrimination.
3. Greater Standards for Potential Suppliers
Consumer anticipations and demands have made companies be more purpose-focused and bearable. Your company needs to drive the same expectations and demands during the assessment of potential suppliers. Your company should also set increased expectations around transparency and encourage suppliers to become accountable for environmental performance and human rights challenges.
4. Highlight Data Protection and Privacy
2017 saw an increased number of headlines of data breaches. Your company should privacy and data protection at the top of your agenda when it comes to corporate issues. With the increase in data breaches, your company should prioritize the protection of personal information.
5. Give Your Customers What They Ask.
Every industry today is focusing on greater personalization. Customers want their needs to be addressed from individual perspective. Give them what they ask according to their individual needs and wants. The same applies to the employer-employee relationship. If your goal is to increase giving, you also need to personalize it.
Today, some of the leading and largest corporations are incorporating good corporate social culture in their companies. For instance, LEVI STRAUSS & CO puts its emphasis on corporate social responsibility. Its main focus is to minimize its environmental footprint by addressing humans rights issues as well as environmental challenges.
The Levi’s “Worker Well-Being Initiative” focuses on boosting employees’ lives. The company has also launched a campaign dubbed “Water<Less” which aims at reducing the amount of water it uses during the manufacturing of products.
Starbucks Coffee has since its presence in 1971 concentrated on ethical and social responsibilities. The company focuses on creating products that are beneficial to its customers and also environment-friendly.
Starbucks through the C.A.F.E program has created strategies to boost product quality, social and economic responsibility, and conservational administration. Starbucks is also working with Ethos Water to make it easy for more than 1 billion people to get access to water. Starbucks is distinctive from other companies in that it aims at giving back to the community.
Another company that supports corporate social responsibility is Xerox. This giant printing through its Community Involvement Program support CSR by keeping employees involved. For many decades, Xerox employees have been involved in the program.
The Benefits of Corporate Social Responsibility
Practicing corporate social responsibility has many benefits which include:
- Brand Awareness and Customer Engagement
Building a brand isn’t easy and companies spend a lot to make their brands known to the world. And according to research, the most effective approach to increase brand awareness is to incorporate corporate social responsibility into the company philosophy and then demonstrate the brand’s social, environmental and economic guidelines to the community at large.
- Attracting and Retaining Staff
People aged between 18 to 34 years prefer to work for a company that is socially responsible. In fact, the Macquarie Graduate School of Management conducted a study where it established that 90% of younger employees think that it’s crucial that their employer is socially and ecological accountable.
Pitfalls to Observe Before Implementing Corporate Social Responsibility
If you are thinking of incorporating CSR in your company, you need to be aware of the following pitfalls.
- Copying Other Company’s Policies
It’s not a secret, many companies learn from what their competitors, customers, and friends are doing when it comes to CSR. But copying what has already been implemented by others is killing yourself. Learn from what others have done, and be unique in your CSR implementation.
- Having a CSR Policy that Focuses on One Issue
Some organizations think that CSR is only meant for charity work while others believe that it’s about keeping the community engaged or dealing with challenges within their businesses. The truth is that CSR encompasses a wide range of options that focus on making a change to the surrounding environment.
Although you don’t have to cover everything in your CSR policy, you should have at least 4 unique pillars of action.
Your company must pay attention to these 5 corporate social responsibility trends in order to attract and retain customers as well as employees.
CSR is more popular today because companies can address employees, citizen and consumer social responsibility thereby building a lasting trust as a foundation for sustainable business models.
Jacob Dillon is a professional writer and distinctive journalist from Sydney. Being passionate about what he does, Jacob likes to discuss stirring events as well as express his opinion about technological advancements and evolution of society. Find Jacob on Twitter and Facebook.