Definition:

A global nonprofit organisation called BSR seeks to create a just and sustainable world with the help of its network of more than 250 member companies. Through consulting, research, and cross-sector collaboration, BSR develops sustainable business strategies and solutions from its offices in Asia, Europe, and North America. Discover more about BSR’s 25 years of pioneering in sustainability.

BSR is convinced that a just and sustainable world will emerge if the special talents and assets of all spheres—business, civil society, and government—are directed in that direction.

Businesses have a responsibility to treat people fairly, to meet their needs and aspirations while respecting the limits of the earth, and to promote market and regulatory frameworks that support a sustainable future. The purpose of BSR is to foster collaboration among businesses and their stakeholders for systemic advancement towards an equitable and sustainable world. BSR does this by integrating sustainability into strategy and operations.

What is corporate social responsibility?

According to the theory of CSR, companies should consider how their actions might impact the environment and society. It has a close relationship with both sustainability and ESG, or environmental, social, and governance, which is the process of providing advantages for the economy, society, and environment. All three focus on non-financial factors that all firms, large and small, should consider when making decisions.

The focus has changed from CSR to social purpose in recent years. Many businesses have changed their focus from having a community investment plan and a ‘nice to have’ mentality to taking a comprehensive approach in which their mission is incorporated into everything they do.

CSR can entail a wide range of strategies and programmes, from sustainable business practises to community involvement. Customers now demand more ethical business practises from the organisations they do business with.

Benefits of Corporate Social Responsibility:

1.      Increased employee satisfaction:

How a business treats its community might reveal a lot about how it treats its employees. People are frequently more productive and contented at work when they feel respected and supported in their positions. Giving your employees the chance to volunteer, particularly during work hours, fosters a sense of belonging within your company and a link to the neighbourhood.

Employees will grow more inspired and prouder of their work as a result of these opportunities for personal development.

2.      Enhanced public perception:

In the current digital age, businesses that exhibit corporate social responsibility are being recognised and praised for their contributions. Doing nice things in your community can only enhance the reputation of your brand. Consider this: When customers purchase goods and services from businesses that support their neighbourhood, they feel good about themselves.

Don’t pass up the chance to promote your CSR efforts and highlight your involvement in the community. Tweet, post, and distribute your social media content. Making the public aware of your good activities will only help to improve the perception of your company.

3.      Increased customer loyalty:

56% of respondents to a 2016 Neilson study cited “a brand being known for its social value” as a key motivator for buying. In addition, “a brand with community commitment” was cited as a key motivator for purchase by 53% of participants.

Millennials want to collaborate with “corporations and brands with pro-social themes, sustainable production techniques, and ethical business standards.” Programmes for corporate social responsibility (CSR) are meant to exhibit your company’s values and indicate that contributing to society, cooperating with others, and participating in community events are among your top priorities.

4.      Increased Creativity:

Creativity is increased because to CSR efforts, which inspire your staff to attempt new things and feel re-energized about their work.

This social involvement will inspire employees to begin making contributions to the bigger picture. They might create brand-new ideas for products or internal processes, or they might create original strategies for problem-solving. When you demonstrate your company’s ideals and enthusiasm through community giving, employees will feel encouraged (and supported) to come up with new and better ways to conduct their work.