Hello NuSocia Patrons,
“Most companies feel compelled to give to charity. Few have figured out how to do it well” (Porter & Kramer, 2002)
In this newsletter edition, we wanted to share our thoughts on Strategic CSR
Corporations often tend to undermine the importance of their corporate social obligation (CSR) and natural social administration (ESG). Be that as it may, public opinion can affect everything from who decides to associate with you, who will be your consumers, and whether they will decide to buy - and acclaim - your item.
Corporate social responsibility (CSR) is a responsibility among firms to meet the needs of their stakeholders and a responsibility among stakeholders to hold corporations accountable for their actions.
Strategic CSR involves comprehensive plans corporations use to configure, execute, and break down their corporate social obligation drives.
Did You Know
Businesses have a solid impact on the public, and more clients are anticipating that they should assume a positive part by the way we live and buy. Setting Strategic CSR isn't just savvy, it's a way of life!
Post pandemic, several businesses are focusing on a broader range of stakeholder, rather than revolving choices around investors alone. This is significant from a business marking point of view: A study shows that ninety-five percent of workers in a single study accept organizations should help all partners, including representatives, clients, providers, and the networks they work inside.
CSR is more important now than ever before in this post pandemic world, with worldwide activism and civil society movements at its peak. With a good strategy in place, CSR allows organizations to show they are committed not only to their work, but to the development of everything and everyone around them too.
Strategic CSR can help your business in:
Improving goodwill, public perception, and overall image of your business
Advancing your branch recognition and awareness
Saving wasteful process costs
Increasing stakeholder engagement. An IBM survey found that most customers are loyal to brands which share the same values as them.
Improving market standing. Effective CSR is directly linked to business performance.
Tips on how your business can approach Strategic CSR:
Be truly committed to the values of corporate social responsibility and sustainable development goals. Do not just look at it from a compliance point of view.
Truly understand your business values, mission, and goals and how they come to life in your community.
CSR initiatives must have a local focus to create better impact.
Make everyone in your organization part of CSR. Better focus on internal stakeholders is crucial to create a more innovative, motivated, and socially aware workforce.
Understand capital access and market valuation well. Analyze impact on all stakeholders involved.
Thoughts by a NuSocian
“Our biggest challenge this century is to take an idea that seems abstract—sustainable development—and turn it into a reality for all the world’s peoples.” - Kofi Annan, former UN Secretary General
As we all know, being strategic is the way in which we as a country, a business or an institution decide what we want to achieve and plan steps to accomplish our objectives with certain actions and putting resources. To read the full blog penned down by NuSocian Mr. Sanjiv Tare click here
Watch Out !
One of the best modern day demonstrations of Strategic CSR is that adopted by the National Australia Bank (NAB). Years prior, this bank also was occupied with irregular acts of good cause until one day they understood that they need to take a more strategic approach- they ought not send their employees to do random acts of charity like planting trees when they can do much more!
In 2008 NAB changed its technique and their motto to "more give, less take" and has not looked back ever since
Their CSR Strategy is embedded in their framework in which “sustainable shareholder returns” is at the core. Around it, NAB builds internal CSR towards their employees (“Being a good employer”) and external CSR towards their customers (“Getting the fundamentals right”), but also details their CSR towards the community and the environment (“Addressing our broad responsibility to society”). Their corporate volunteering is now a lot more focused on skill-based volunteering, as it helps employees give back more to the society. Employees give financial and other advice to small businesses and social enterprises. The bank is now very engaged in microfinance. They also help other small and new businesses develop skill-based volunteering in a B4B initiative.
Watch their story here:
The National Australia Bank (NAB) | Strategic CSR
I hope that you enjoyed reading this newsletter. I look forward to your feedback and suggestions.
Regards,
Manju Menon
Co-Founder & CEO, NuSocia