In today’s world, businesses are expected to do more than ever before. Along with the typical responsibilities, there’s also a trend toward businesses being more diligent in their efforts toward social responsibility.
Corporate social responsibility (CSR) has grown by a massive percentage in recent years. As of 2016, investments in CSR grew to 23 trillion dollars globally. With each year, the sector continues to grow and change as dictated by the expectations of employees, customers and the general public.
In the Products
You may have noticed that almost all brands have begun investing in product lines that are ethically sourced and sustainable. Millennials and younger generations tend to advocate for products and companies that aren’t putting a negative footprint on the world. In 2016, Unilever reported that their sustainable brands grew 46% faster than the rest of their business. With numbers like that, it’s possible that companies who aren’t dedicated to social responsibility will find themselves struggling in the near future.
In the Supply Chain
Because transparency is such a big part of business today, it means they have to hold every aspect of their supply chain accountable. From human rights issues to environmental safety, companies are being driven to check for potential problems from start to finish. If just one issue in the supply chain is overlooked, it could erupt into a scandal, putting the company’s reputation on the line. Auditing the supply chain and educating staff are two ways recommended to ensure that everything is in order.
In the Community
Through volunteer opportunities and pro-bono initiatives, many companies have begun providing employees with options for having a bigger impact on the world around them. Some companies have even crossed the line into political activism, taking stances and advocating for social issues that impact the world around them.
In the Workplace
Corporate social responsibility isn’t just how a company affects the world around them. It also includes the inner workings of their workplace. Right now, there is a huge spotlight on both inequality and diversity. Companies are often expected to create a workforce that embraces differences and makes all employees feel welcome and safe.
As the years progress and technology advances, it will be interesting to see what CSR initiatives become the norm among businesses.
Are there any companies you feel are doing everything right in terms of social responsibility?