The importance of corporate social responsibility
Recently, there has been an rise in consumer interest in knowing what companies are doing to support the communities around them, knowing if they have ethical labor practices and what causes they support.
Today's customers, particularly young people, want the
businesses where they shop to be socially responsible. Furthermore, future
employees and young entrepreneurs are showing a growing interest in joining or
working for companies that show a strong and genuine commitment to their
community and the planet.
Corporate social
responsibility (CSR) not only benefits the planet or charities, but also
companies. Some benefits for businesses are:
• Strengthen your image by receiving positive publicity.
• Attract socially and environmentally conscious customers.
• Reduce operating and production expenses by implementing
eco-friendly recycling models and optimizing the use of raw materials.
• Attract and retain the best qualified staff.
• Have employees more motivated and satisfied with being
part of the company. The creativity levels of the work team also increase as
they feel free to contribute their ideas to long-term innovation.
• Encourage the creation of strategic alliances that can
produce new and innovative solutions, services or products.
There are four types of social responsibility in business.
We present them below so that you can evaluate which one aligns with your
business and its organizational culture:
• Corporate Philanthropy - Consists of promoting the
well-being of the community by donating funds. This type of CSR can be executed
through matching gift programs where the company matches the amount donated by
its employees to a charitable cause, thus doubling the total contribution.
• Corporate volunteering - Consists of motivating your
employees to volunteer hours for a charity. Commonly, companies offer a
monetary donation to the charity for each hour of volunteer work their employee
performs.
• Environmental Leadership –The business implements
operational practices that reduce carbon emissions, encourage recycling of
materials and products, and reduce the need for raw materials without affecting
product quality. In addition, alliances are created with environmental groups
to participate in their efforts.
• Ethical Work Practices - Some ways to practice this type
of CSR include offering competitive pay and compensation packages, generous
maternity leave, and college tuition reimbursements.
Beyond the rankings above, there are thousands of ways your
business can be socially responsible. Each business can design its own program.
For example, a casual shoe company has its "One by One" initiative,
in which a pair of shoes is providing to a child in need for each pair that a
customer buys in its store, physical or virtual. In this way, the company has
built its own corporate social responsibility program; and you can do the same
in your business.
This article is informational and does not characterize an
endorsement or guarantee of accuracy. Popular Inc., like its affiliates,
subsidiaries or related, are not and will not be responsible for any special
damages, through or indirect, as a result of the material controlled in this
article. In case you require any type of guidance, you should always request it
from a competent professional of your choice.
