Understanding and Commencing CSR
CSR stand for Corporate Social Responsibility which is a term that refers to the various policies and practices that organisations partake in. These operations are intended to have a positive effect on the world around us. CSR is a model of a self-regulating business that keeps a company socially accountable to the public. This can also be referred to as corporate citizenship as it makes companies conscious of their social footprint. A CSR is quite literally the method by which organisations ensure that they have a positive impact on society rather than the opposite. The major benefit of a CSR is that corporations can pursue pro-social objectives, while also hitting targets and maximizing profits.
Benefits of a CSR:
An organization becomes more attractive to prospective employees when it has a strong CSR program. This also increases employee engagement. Implementing a CSR into the structure of a company makes it possible for them to acquire the best talent while still making a positive social impact. This is a major reason why many candidates prefer organizations with a strong CSR program.
Objectives of a CSR:
Productivity: In an organisation, increased productivity can be achieved by improving working conditions and increasing employee involvement in decisions.
Improvement in Financial Performance: Positive financial performances are a major part of socially responsible businesses. Improvement in financial results can be attributed to a stable political and legal environment, improvement in employee recruitment and retention and a secure working environment.
Reputation and Brand Image: A CSR is the best way to increase the ability of the company to attract partners. It also benefits the organization with an enhanced social reputation as well as an increase in the brand reputation within the business community.
Capital Access: A strong CSR program leads to an increase in socially responsible investment which increases access to capital.
Starting a CSR:
Establish a clear CSR strategy for your organization and understand it in detail
The first step in establishing a CSR program is determining what structure of CSR would suit your organization. Your industry and the size of your company will have a big effect on that. Your mission statement and values are the basis of CSR. A CSR strategy is crucial to make sure your business has an impactful CSR initiative. CSR strategies ensure the organization remains focused. It also helps you ensure success in your initiatives. A great CSR strategy should be built around your business plan. This helps integrate the CSR into your growth plan while ensuring you hit every KPI along the way.
Re-assess your company’s core values and gather input from your employees
Employee input is a major part of establishing a CSR program. Finding out the causes that matter to them outside work and the NGOs they support is an important part of setting up a CSR program. Employee involvement from the beginning increases the sense of ownership and involvement in the team. This also makes the team feel more committed and supportive. CSR is not just about the external impact (i.e., environmental campaigns/local charities) but it is also about how you help your team grow in the business.
Track and measure your CSR program
“There’s no true set of universally understood or valued criteria on how CSR programs are measured” — Jerome Tennille
It is essential to know how to measure corporate social responsibility (CSR) performance. At its peak, this measurement helps companies choose the programs they want to support, enhance efficiency and enlist sponsors. But it is important to remember that CSR measurement is as unique as the companies practising it and the communities being served.
Publish social stories on relevant platforms
One of the most effective ways to reach people today is through social media. Communicating through social media builds engagements and highlights social issues by bringing them to the forefront. By design, CSR programs are one of the best uses of social media. They help build hope for humanity and help transform the world.
Job Booster Social India has assisted with many small, medium and large-scale CSR programs, which look to add value to the lives of communities. Job Booster’s CSR Advisory team has worked on project levels from national to international needs and assisted in transforming Corporate CSR projects of many large companies like Adani, Tech Mahindra, HDFC, PSA, Wells Fargo, etc. Our approach to CSR includes careful need-based assessment studies, CSR planning, feasibility and implementation Road-mapping, CSR Audits, Institutional Capacity-Building, Impact Assessment, Evaluation, and Participatory programs. We are committed to aiding clients in building a brand image that showcases social responsibility for the community. We aim to develop a socially responsible business and add tangible value to the organization.