CSR or Corporate Social Responsibility is a corporate effort to improve the society and environment in positive ways. Larger companies want to give something back to society by donating money, improving local infrastructure, providing scholarships and supporting local micro businesses. Due to many industry changes, it is important for corporations to adapt their CSR efforts to better serve the community. This can be done by following the latest CSR trends that we are going to share with you now.
Here are 5 CSR trends that we will see this year:
Better Aligned Philanthropy- philanthropy can be less productive and less sustainable if it’s not aligned to the value proposition and core competency of the company. Philanthropy efforts work much better if they match with the company. More resources, products and experience can be devoted to benefit the society.
More Concern On Environmental Sustainability- it’s a fact that corporate operations have plenty of negative impacts on the environment. Millions of tonnes of toxic materials and waste are being dumped each year into the ocean, waterways and soil. CSR efforts in 2020 may include more comprehensive waste processing, better recycling methods and clean-up of local communities.
Accurate Information For The Public- it’s a corporate responsibility to provide truth and accurate information to the public. Alternative media sources, fake news and social media could easily spread misinformation and misleading facts to. Companies will hire external CSR specialists to ensure accurate and transparent spread of information.
Support For Local Workers- many companies hire workers who are part of the local community. Supporting local workers is an impactful CSR strategy. Strikes and other labour problems could happen if corporate decisions don’t fully support workers. In 2020, we will see workers exercise their voices more to work together with corporate leaders.
Purpose-Based Efforts- when practicing CSR, it’s easy to have passion, instead of well-defined purpose. While passion is crucial to motivate business professionals to help the community, there must be a purpose to have and goals to achieve. Purposes can ensure long-lasting and sustainable impacts for the local community.
Contact Thrive: To learn more about Corporate Social Responsibility and how your business can benefit from better capturing and reporting of your CSR, contact Thrive today and speak with a CSR tech specialist that can answer any questions you might have.