Corporate Social Responsibility refers to business practices that involve initiatives in creating a better society. A company’s CSR can be about a variety of tactics, from donations to charity to the implementation of greener and environmentally friendly business operations.
Care for a strong CSR has grown over the past years as people are getting more and more aware of problems the environment and society are facing. Nowadays, it is important for businesses to have transparency and a positive impact through their CSR. Not only consumers but also employees are looking for companies that show interest and awareness in having a socially responsible business.
More than any other generation, Millennials are seeking out employers with a focus on the triple bottom line: people, planet and profit. A business’s involvement in CSR has become a key factor when choosing a job. As social responsibility is at the moment an important subject in universities, young graduates look for companies that can make an impact inside and outside the office.
Volunteerism, personal benefits and activities that benefit the environment are few of opportunities young generation is looking for when searching for a job. Moreover, recent studies have shown that Millennials are willing to accept a pay cut to work for a socially responsible company. This should make companies aware that CSR is changing the way businesses are made and the way people perceive them.
Corporate Social Responsibility is not something that just young generation is concerned about. Managers are also taking steps in implementing and creating a strong CSR. They are taking the first steps to a better organisation with the assumption that employees will follow and support this change. Managers are interested in promoting the values and benefits that CSR can bring.
High quality and success of a business can visibly improve. As managers are the person employees look up to when taking important decisions, they are also the first ones who need to make the change to a socially responsible company. If the concern for environment and society are not enough as reasons for businesses to create a strong CSR, studies have proved that corporate social responsibility is an important factor for a successful management style.
Social responsibility is a chapter in every company’s biography. It has changed the way businesses are involved in social and environmental problems. As neither of these two seems to be resolved anytime soon, CSR is growing to be one of the strongest values of every business.