Global citizenship is an important part of being a company. Here are 3 more reasons why corporate social responsibility (CSR) matters. The final part of a two part series.
The majority of scientists now agree that humans are the most likely cause of global climate change and in recent years increases in population have resulted in food shortages, increased population density and pollution, and fears that the Earth cannot sustain a human population of this size.
Back in November, we shared three reasons that CSR matters now more than ever:
- Companies have a far greater ability to leverage change than individuals
- CSR is the wave of the future – more and more companies are moving toward socially and environmentally responsible positions
- CSR appeals to investors and customers alike
In case you’re not convinced that developing a CSR strategy is worth it, here are three more:
Baseline for Improvement & Corporate Advantage
An internal advantage of companies adopting CSR and choosing to report it to an entity such as the Global Reporting Initiative is the creation of a baseline for improvement and accountability. CSR programs can, and should be, dynamic, growing with companies as they grow. Reporting on CSR annually gives companies the opportunity to “take their temperature” on social and environmental issues, and provides them with the chance for improvement.
Companies who adopt CSR experience a myriad of benefits including attraction of, engagement of, and retention of staff, investors, and customers; a reduction in costs due to improved efficiencies and reduction of waste; increased competitive advantage; increased positive reputation; and increased profitability. Overall, these can provide a significant corporate advantage in an already competitive marketplace.
The total incorporation of CSR into a company’s mission requires taking a long-term view of a company’s processes and products. Sustainability is the ability to go on, to continue, to endure. Companies that hope to sustain themselves can support their own longevity by adopting CSR practices. A sustainable system is one that is long-lived and healthy. CSR can support the health of an organization by ensuring that the natural resources required for a company’s operation are preserved and protected through environmental management, by supporting the social health of the organization and its stakeholders, and, ultimately, by ensuring that the company remains profitable.
It’s the Right Thing to Do
In the end, CSR is the right thing to do. It is an ethical approach to conducting business that considers the effects of a company’s operation outside of the single bottom line and that considers a business’ global and generational impact. In a world with rapidly increasing population, unstable economies, environmental degradation, and a widening wage gap at a global level, the sustainable course of action for a business of any size is to adopt CSR as a foundational business practice.
At Renewable Choice, we work with you to help measure, manage, and improve your CSR. Talk with one of our business development consultants today to see how we can assist you in developing and reporting your CSR program and sustainability strategy.