WHAT IS CSR AND WHY DOES IT MATTER?
JON FARZAM
JONFARZAM.ORG
CSRDEFINED:
CSR stands for corporate social responsibility, a type of business regulation that aims to make a positive impact on the world and reduce environmental damage. Some ways companies can go green include promoting equality and diversity within the workplace, providing employees with respect, and ensuring ethical business practices.
BENEFITS OF CSR IMPROVES BRANDING ATTRACTS INVESTORS
Companies must have a socially conscious image to be valued by consumers and other stakeholders. Employees and customers highly value a company ’ s CSR when addressing social issues. A company must demonstrate that it is good enough to stand out from the crowd. By raising awareness for certain social issues, businesses can stay on top of social media and increase their brand value.
Developing a comprehensive CSR program can help your company become more appealing to potential and current investors. Just as customers hold businesses accountable for their actions, investors are also expected to see companies doing good deeds. CSR can also help a company establish a strong relationship with its partners and investors.
RETAINS EMPLOYEES
Besides consumers, a company ’ s sustainability strategy is also a significant factor that draws in top talent to work for it. The increasing importance of culture, diversity and financial benefits has led to the rise of the modern workforce, according to a survey conducted by Deloitte. The survey revealed that almost half of the millennials and Gen Z consider their personal ethics when choosing a company.