Corporate social responsibility, more commonly known as CSR, is one of the most significant elements of all businesses. It shows how ethical and responsible a company is towards its employees, stakeholders, and communities.
Just like social work shows the more humane side of individuals, social responsibility shows the more civilized side of businesses. Being socially responsible might be costly for companies, but it is imperative. It takes your business forward, increases its value, and adds worth.
Several studies proved that companies which invest in CSR are likely to be more financially secure with better productivity and increased sales and customer satisfaction. Improved CSR also puts your company at a competitive advantage against the rest. You are likely to witness higher operational savings and have easier access to capital.
The advantages of being socially responsible are immense. Still, the primary question that arises is how a company can be more socially responsible? Below, we have discussed several tips that will help you increase your business’s corporate social responsibility.
1. Hire trained professionals and offer training
Education plays an essential role in maintaining a business’s image. The first step in making your company more socially responsible is to involve everyone. Whichever incentive you are planning to take, you need to provide thorough guidelines and training regarding your workers. When all your employees are well-aware and informed about your organization’s issue, they will be better able to deal with customers.
It will help if you hire trained professionals to deliver training to your employees. For example, people with an MBA in CSR or a relevant degree would be suitable for the job. Similarly, you can also give incentives to your employee to pursue an education in CSR.
There are several online MBA no GMAT AACSB required credited degrees available for aspiring candidates. But it gets even better; since these degrees are virtual, usually attendance is not an issue, so even those working can take classes at ease. Not only will an MBA give employees an insight into CSR, but also provide them with a better understanding of business activities.
2. Establish a business code of ethics
Most companies have an essential vision and mission statement, but introducing an underlying business code of ethics will put forward the socially helpful behavior of your company. In addition, a code of ethics will highlight employee conduct on issues such as values, beliefs, diversity, etc.
A code of ethics restricts and discourages employees from violating rules and regulations. It helps set the right culture in organizations and increases brand reputation and awareness. It establishes a sense of trust between workers and managers and leads to better performance. As a result, the company is likely to strike in both excellence and integrity.
Switching to sustainable practices is the primary step in becoming more socially responsible. Yet, from carbon emissions to excessive paper wastage, you might not even realize how your company is partaking in harming the ecosystem.
The most crucial step is to realize and recognize all your business’s unsustainable practices. Unsustainability can lead to a severe depletion of resources, diminish productivity, encourage global warming, and leave an effect on several other things. But, on the other hand, by being more sustainable, you will reduce waste, make your shareholders happy, and decrease costs.
But, most importantly, you will be making planet Earth a better and safer place to live.
4. Make considerable donations
The difference that donations to charities can make is incomparable. It leaves an impact on your community and vastly boosts employee morale. In addition, it establishes a delightful environment and enhances a positive workplace culture.
However, being intelligent and vigilant about your donations is also essential. Donate to charities that compliment your business activities. The entire idea is to give back to society and convey a message about your company’s values.
5. Encourage volunteering
Volunteering is essential to give back to society. It can make a vast difference. So, encourage your employees to volunteer in social programs by giving them incentives and rewards. You can also join hands with social organizations from time to time and offer your team volunteering assistance during social events. In addition, giving paid leaves to volunteer during work hours can be an excellent motivator for employees to participate.
Volunteering will also give your employees a chance to build stronger bonds and connections. It might help in establishing trust and more urge towards teamwork.
6. Value your employees
It is critical to know that corporate social responsibility doesn’t only mean helping the environment and local communities but also protecting your company’s labor rights. The phrase ‘change starts within’ is quite relevant here.
If you are not practicing ethical labor rights, you are failing the first step towards making your company socially responsible.
Some ethical labor practices include
- treating all employees fairly and respectfully
- being appreciative of their excellent work
- being respectful of their opinion
- paying them a market-competitive salary
- providing them with adequate training
- making your office a safe environment for them
7. Get a B Corp certification
B Corp certified companies are ‘beneficial’ companies that create value and benefits for communities and societies. They maintain the highest levels of accountability, transparency, and environmental performance.
We live in a drastically changing, socially improving, and digitally advancing world. People are becoming increasingly aware of social causes and protesting against them. A considerable amount of the population is shying away from purchasing products and services from unethical brands. People are now more concerned about a company’s social responsibility before accepting job offers. Social responsibility is crucial for all brands. It is a significant way forward for businesses and critical to their success.