Do a little fact finding around corporate social responsibility (CSR) and you will uncover that 85% of FTSE100 companies now report on their CSR activities. What is all the fuss about?
Having a CSR strategy demonstrates how an organisation views its responsibilities towards other groups besides its shareholders and investors. CSR policy encourages organisations to consider the environmental and social impact of their business operations, including the wellbeing of employees, the community and society in general.
CSR used to be an outlier in conversations around economics but now it has become an essential ingredient for any organisation looking to develop and succeed. The increasing importance of having a socially responsible business can be attributed to several factors;
Done properly CSR can have a positive impact on the ‘triple bottom line’ people, planet and profits.
Revenue growth is achieved through an increase in sales and customer loyalty as well as by creating a brand image that both employees and stakeholders can relate and aspire to. Having employee friendly policies can help an organisation to increase productivity, improve the quality of any products/services and secure a competitive edge by attracting a diverse workforce. In addition the community around a corporation can see a benefit in charitable contributions, involvement of employees in volunteer work and the outcomes of corporate intervention on such policies as education and employment. Perhaps when most people think of CSR they immediately relate this to environmental value and amongst others this could be in the form of extensive recycling initiatives or a greater focus on use of renewable resources.
Still not convinced? Let some of these big names (and numbers!) tell their story:
Here at Accoria we have a robust CSR policy encompassing our obligations towards all our stakeholders – staff, customers, suppliers, neighbours and the environment. Click here for more information on how we are adopting the principals outlined above.