Corporate Social Responsibility (CSR) involves balancing economic priorities with community and environmental concerns.
Corporate Social Responsibility is as a spectrum of business processes which have a positive impact on the social and environmental ecosystem around your business. It is up to business leaders to determine what CSR means to your organization. Each organization will have a unique CSR strategy to achieve economic development without sacrificing societal and environmental improvement.
A conscious effort must be made to integrate environmental responsibility into corporate culture and policy. Policies and procedures should reflect your company’s stance on environmental sustainability. Considering the environment from several areas such as procurement, operations, and manufacturing creates a comprehensive approach. Reducing the overall carbon footprint of your business is a great first step towards environmental sustainability. The scope of environmental intervention must fit your organization and scale to company growth.
Engaging the community can be done through a number of positive initiatives. Philanthropy and volunteering are two ways companies are able to get involved in their communities. Establishing a commitment to positive contributions at the local or international level is a worthwhile endeavour for any organization. Such initiatives offer valuable team building opportunities outside of the workplace and can set your organizations apart from competitors. Now more than ever, consumers and investors are seeking to do business with companies who are socially conscious.
While community and environmental considerations are important components of a CSR policy, employee development also plays a significant role. Professional development can be recognized as initiatives taken on by a business to improve human capital. In some cases it may include offering courses and learning modules to employees to further develop their career path or could be external sources such as seminars, books, and workshops. Fostering a culture of growth, education, and well-being should be a priority in any organization.
Strive For Improvement
CSR is an evolving and dynamic process which requires continuous improvement. New business processes and technological innovation drive CSR forward. A social responsibility program may start with a handful of interventions but an initial policy or vision statement is a step in the right direction. Reviewing your CSR policy annually is a worthwhile investment which benefits your business, employees, the environment and community.
Michael Hanuman is currently employed by Gedcor Group Ltd. as a Risk and Compliance Officer. He is pursuing a BA in Political Science at Simon Fraser University.