Corporate Social Responsibility
CSR is all about the ways in which a business contributes to making a better society. CSR involves engaging with stakeholders, including customers, employees, shareholders and the local community, in a manner that goes beyond the company's financial and legal obligations. Companies work voluntarily to integrate social and environmental concerns into their everyday business operations.
CSR has been shown to result in a number of benefits for business which include:
- Attracting new customers and retaining existing customers
- Improved brand value and reputation
- Staff retention and reduction in staff turnover
- Improved corporate governance
- Improved revenue
- Greater efficiency
There are different types of CSR which any company can engage in:
- Community-based CSR
- Environment-based CSR
- Workplace-based CSR
Community-based CSR
This involves the company directly engaging in community-based projects resulting in economic and social vibrancy in the immediate locality. Companies can build on “good-will” by incorporating insight and understanding into local issues directly effecting those living in the surrounding area. Providing for a community based CSR can improve a company status within the company whereby the company becomes an integral part of that community. Some ways to engage in community-based CSR include:
- Getting staff involved in fund raising campaigns to assist local charities. For example, in the case of MyHome.ie, instead of sending Christmas gifts and cards to clients, the allocated fund is donated directly to Concern.
- Sponsorship of a local sports team. For example, MyHome.ie sponsors the MyHome.ie/BDBC cycling team as well as
- Assistance in the form of advice or expertise to local non-governmental organisations
- Your chosed community-based CSR should:
- match the available resources that the company has at its disposal
- reflect the companies philosophy
- fulfill a need in the community
Environment-based CSR
Environmental based CSR is a growing area as environmental issues move more and more to the fore.
How do we engage in Environmental based CSR?
- Reduce your carbon footprint
- Finding the balance between business growth and preserving a healthy environment
- Finding business solutions that are in line with the environment and not against it
Environmental CSR can improve a company’s public image resulting in greater support for your business and therefore greater financial returns.
Workplace-based CSR
Loyal staff are a key requirement for business success. Employers need to implement policies that lead to employee retention. Workplace CSR includes policies relating to health and safety, work-life balance, staff diversity and cultural awareness. A balance is needed between work and non-work aspects of employee’s lives in order to create a committed, motivated and innovative workforce.