Corporate Social Responsibility in a Business
The acronym CSR stands for corporate social responsibility. There may be many different views on the subject, but a large chunk of corporate professionals wonder what does CSR mean, CSR is how well a company can make a positive impact on society and the environment. Back in the day corporations were mainly money hungry. Today, it is very important for companies to appeal to the new generation of millennials. In order to do this, companies must engage in a social giving program. Doing so will allow corporations to feel more connected with society. Ultimately, attracting more attention to young millennials.
What does CSR Mean to Companies?
So what does CSR mean to a company? CSR is entitled to aid a company’s mission. At the same time it aims to help assist as a guide for what companies want to represent to their customers. CSR is also a matter of business ethics. This can range from moral to ethical problems that ascend in a business environment. Having proper business ethics is key to making sure your company’s corporate social responsibilities are on the right track. CSR can also be a new way for innovation. Some companies are able to create new products and services tailored to helping the environment. For example, many water bottle companies are using less plastic to help the environment. This cuts down the cost of production while saving the environment at the same time. Companies also use CSR as a way to differentiate themselves from their competition. Let’s take two fast food chains for example. Food A and Food B. Food A is a large corporation that does not give back to the community. They are set to traditional values and do not see the value that millennials have to offer. Food B is also a large corporation, but they make it an effort to give back to the community. In return, Food B receives credibility from its customers because of the image they portray to the public. So which is a better company? Food B of course. The power of CSR is incredible when it comes to establishing a good connection with society.
What does CSR mean to Employees?
Helping the environment is one thing, but CSR has much more to offer. Establishing a proper corporate giving program will not only make your company look good, but it will help you retain employees. In today’s age, millennials are fascinated by companies that are doing good things for the world. Companies with employee engagement and giving programs are more appealing to younger crowds. Young talent is more attracted to doing great work over a large salary. Sure, salary is important for any employee, but being happy where you work is even more important.
Find out more on how Involve helps companies with their corporate social responsibilities by visiting our customer success page.