In today’s world, social responsibility is a critical factor affecting employees’ decision to employment as well as business revenue and success. Corporate Social Responsibility is the framework organizations follow to pursue pro-social objectives in addition to maximizing profits and business growth, through environmental, ethical, philanthropic, and economic responsibility. Sustainability is often embedded within the organizational social responsibility strategy.
Corporate Social Responsibility vision incorporates ‘People, Planet, and Profits’ and stems from the deep-seated desire to build strong stakeholder relationships with clients and employees.
The latest trends in Corporate Social Responsibility include, firstly, utilizing cost-saving and highly efficient renewable energy which leads to a low carbon footprint and drives quantifiable revenue growth while helping strengthen corporate branding. Dell implemented a circular economy approach for their products through the closed-loop recycled plastic supply chain which benefits them by $1.3 Million annually.
Secondly, most firms are creating blended initiatives to generate an impact while addressing multiple sustainable development goals. Unilever’s ‘Regenerative agriculture’ project focuses not only on soil health, and quality of air and water but also on farmers’ wellbeing. Similarly, Coca-Cola’s 5x20 program targets the employment of women in developing countries, in bottling roles and plays a role in providing them with better access to health care and education.
Lastly, the use of ‘Green technologies’ by organizations, in energy trading and to secure a transparent supply chain helps remove greenhouse gas emissions.
According to EY’s Global Institutional Investor Survey, 74% of investors are more likely to divest from companies with poor sustainability performance that are not purpose-led, and consumer behavior depends on it as well, making it imperative for firms to prioritize Corporate Social Responsibility.