Article Categories
Login

CSR- Its Importance, Practices And Trends


Corporate Social Responsibility (CSR) includes the business practices and initiatives that are beneficial to our society. It taken into consideration the environmental and social impacts of all the activities and decisions of a company, and the additional initiatives taken by it to directly contribute to environmental and social development. Simply put, CSR is the commitment of a company to operate itself in a socially responsible manner.

 

The Importance of CSR for Businesses

 

Investors, employees, consumers and managers of a business have started to understand how a company’s economic growth is connected with social and environmental well-being. As implementing CSR activities for corporates can in the long run benefit the company indirectly, CSR, which is a voluntary activity, is becoming an integral part of most business activities. This is because a business that operates in a socially, economically and environmentally responsible and transparent way, it enjoys shared value and social acceptance, which in turn helps the company to succeed.

 

Different Types of CSR Practices

 

There are several types of CSR practices followed by different businesses. These include giving off a portion of the company’s income to one or more not-for-profit organizations. The most common CSR practices are listed here below:

 

Environmental Protection: One of the most common areas of CSR activities among different sizes of business organizations is environment. Usually, businesses have a considerable water footprint and carbon footprint; and so, a company’s initiatives to reduce these footprints can benefit the society and the business. Environmental protection tactics can also include efforts to divert or recycle waste or strive for no waste.

 

Philanthropic: Donating a part of the company’s income to national or local charities is probably the most commonly implemented CSR activities for corporates. This helps promote charitable activities, local programs and community programs.

 

Ethical Practices within the Company: By treating their employees fairly and ethically, corporates can demonstrate their contribution to society. Ethical and fair treatment to employees can be ensured by strictly adhering to the international labor law.

 

Leading CSR Examples

 

Innumerable companies spend lots of money every year for CSR activities. Most renowned multi-national companies now-a-days assign yearly CSR budget. Every year Forbes publishes the top list of business organizations with the best CSR practices. Google, Microsoft, BMW, the Walt Disney Company, Apple, Volkswagen, Daimler, Colgate and Sony mostly have a place in the list. One of Google’s renowned CSR initiatives is Google Green which uses resources efficiently and supports renewable power.

 

Latest CSR Trends

 

CSR activities for corporates are no more an option, rather these have become an integral part of most businesses. The availability of rich data and various communications technologies these days allow business organizations to efficiently solve environmental and social problems. Employing individuals from diverse experience and backgrounds help companies to effectively recognize and solve environmental, economic and social challenges. Another top CSR trend is ensuring human rights, both globally and locally. Women empowerment is another welcomed trend in recent years. Multi-million dollar companies mostly concentrate on climate change and environmental protection for their CSR activities.

 

Conclusion

 

CSR is the commitment of a company to operate itself in a socially responsible manner. Various CSR tactics are employed by companies. If your company wants to employ the best CSR practices, get in touch with a good CSR consultant in your locality.