What are the Benefits of Implementing CSR?
You’ve probably have heard what CSR might be, and the impact it may have to organizations, management and everything that surrounds it.
Organizations nowadays are more and more conscious and aware about the social responsibility they have towards the environment, working ambience, employees and much more. Many companies are now looking into adopting CSR. Perhaps a term you’ve heard a lot lately. But let’s break it down: what does it mean, its benefits and why you should be getting onboard with it.
What is CSR (Corporate Social Responsibility)?
CSR stands for Corporate Social Responsibility. According to UNIDO: “is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally understood as being the way through which a company achieves a balance of economic, environmental and social imperatives.”
What does Corporate Social Responsibility promote to ease?
→ Environmental management
→ responsible sourcing
→ stakeholder engagement
→ working conditions
→ gender balance
→ a healthy governance
→ anti- corruption measures
What are some benefits of CSR?
By implementing a good CSR concept there are a myriad of advantages that can help the organization – for example: access to capital and markets, sales and profit increase, operational cost savings, higher productivity, enhanced brand reputation and efficient HR base, among others.
The Aneo and Holaspirit Barometer showcasing CSR of 2022 shows a study on French organizations and European organizations and their participation in CSR. In the barometer we can find key points that are game-changers for the economy in France and can create greater impact in society and organizations. Jean Moreau is co-President of Impact France, a "political, but non-partisan" movement, which describes itself as "a network of entrepreneurs and leaders who place ecological and social impact at the heart of their business.”
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It anticipates major changes to come, which are articulated around three major axes:
"First of all, to go further in the integration of social and ecological issues into the economic model of, particularly in terms of budget allocation. Secondly, to enhance the positive social and ecological impact by referring to major national and international objectives such as the Paris agreements or those defined by the United Nations in the Agenda 2030. Finally, it is necessary to diversify the stakeholders in governance, integrate more employees, work on a better sharing of value, etc.”
To prepare for these upcoming upheavals, the Impact France movement presented its Manifesto 2022 for the economy of tomorrow. Its objective was to call on the candidates in the presidential election to integrate these ecological and social proposals into their programs.
The Manifesto's findings are overwhelming for CSR policies in France: "while 80% of consumers say they want to change brands if they do not correspond to their values, and 88% of entrepreneurs want to engage in an ecological and social transformation, only 23% of SMEs have a structured CSR plan.”
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And what can an organization do to become more socially responsible?
Dominique Debecker who is Deputy Chief Sustainability Officer at Solvay spoke to CSR Europe on all things sustainability and how all businesses play an important role in the environment – from consumers to suppliers.
When asked to Dominique about sustainability amongst suppliers – he states: “Creating the conditions for a trustful and transparent dialogue with the suppliers - to develop innovative solutions to address the climate emergency - requires more than sharing the CO2 footprint of a specific raw material or service.”
It is important that everyone who plays a role within a chain of business is aware and conscious about the impact each action has on the environment.
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