Corporate social responsibility used to be about improving a company’s image, but a fundamental shift is well underway. CSR is quickly becoming a major factor in companies' core business strategies—and a marketplace advantage.
In order for companies in any sector to remain competitive, they need to increase the core value of their CSR programs. Anna Nadgrodkiewicz, of the Center for International Private Enterprise (CIPE), shares nine key changes to the traditional school of thought.
From the Business and Civic Leadership Conference, CSR: Business Solutions for Emerging Markets, and Partners for Democratic Change's Corporate Strategic Responsibility: What’s Next for CSR? conferences, both held in October.
- A strong CSR component can be a major factor in attracting new talent and retaining employees.
- Promoting volunteerism can improve current employees' workplace satisfaction and productivity.
- Putting attention on the company’s supply chain and its sustainability raises quality in the final product.
- Fostering local talent and getting to know the people and environments in the supply chain can open doors in new markets.
- To achieve a bigger impact, a company should be sure they are working to solve problems in the given community.
- Taking action against corruption and collusion creates better partnerships and helps build stable markets and supply chains.
- Linking CSR efforts to creating economic value for the company and society insures long-term impacts and results.
- Social entrepreneurship is becoming a worldwide trend that can build a business’ global reputation.
- Taking advantage of ideas from every department (not just CSR) can create more employee excitement and involvement as well as diversify CSR efforts.