Organizations worldwide are increasing their effort to demonstrate their advocacy of corporate social responsibility (CSR), and it's well worth the effort. According to a report by Harvard Business School, "77 percent of consumers are motivated to purchase from companies committed to making the world a better place, while 73 percent of investors state that efforts to improve the environment and society contribute to their investment decisions."
Choosing a corporate social responsibility platform may seem like an overwhelming undertaking. Given the sheer range of ways organizations can participate, breaking it down into subsegments related to a business' goals can make this decision easier.
Support causes that relate directly to a company's values
Corporate social responsibility may relate to a cause that feels naturally intuitive to the business' values. Widely regarded as one of the world's best examples of CSR, outdoor clothing and sports company Patagonia follows a strict code of conduct for their suppliers and internal teams. Following a method that places transparency as a non-negotiable standard, the retailer is able to monitor the company's impact on the environment and manufacturing conditions through an internal Social and Environmental Responsibility team. Patagonia also works with Verité, an international non-profit social auditing firm, and the Fair Labor Association to ensure fair wages for workers employed by their chosen manufacturers.
Allow customers to choose their preferred cause
Instead of creating a defined border around specific causes, some organizations are leaving the choice to their customers, offering multiple options to donate to as part of their purchase. Retail giant Amazon launched AmazonSmile in an effort to support a wide variety of organizations through their checkout process. AmazonSmile will match a portion of the donation amount contributed by each customer, thereby increasing the overall amount received by each registered organization.
Establish internal policies for employee wellness
Corporate social responsibility is also an opportunity to address internal practices that support the well-being of employees and team members. Following the enormous pressure on leaders and teams to adapt to the new-normal working conditions during and post-pandemic, employee burnout is at a record high. Creating an environment that supports work-life balance is a key factor in reducing burnout and employees turnover. Another growing trend among progressive businesses is adopting the four-day workweek to allow for reduced time spent at the office. After some initial trials in Japan and the U.S, companies like Microsoft and Kickstarter have seen a significant boost in employee morale without sacrificing productivity.
Areas to consider for corporate social responsibility
Mental health
In recent years, the conversations around mental health have reached an all-time high, removing the stigma against seeking help and creating routines prioritizing self-care. Some organizations have developed policies that allow employees to take mental health days that do not impact their contractual vacation days, while others have reorganized their offices to offer gyms, quiet spaces, yoga rooms, and morning meditation sessions.
Non-profits fighting for a cure
Supporting worthy causes through donation drives, marathons, and other community events can help leaders demonstrate their corporate support. Leaders can select a localized non-profit that allows for meaningful engagement between businesses and their communities. In the UAE, the Pink Caravan launched in 2011 with a mission to support breast cancer awareness, including events across each emirate, culminating in a pink-themed equestrian parade.
Environmental concerns
Concern about climate change and the rapid deterioration of natural resources has made environmental issues a cornerstone in many corporate social responsibility efforts. International organizations like 1% For The Planet offer businesses an opportunity to contribute 1% of their profits to help fight against the world's biggest environmental challenges. At the company level, many companies have pledged to reduce their carbon footprint by committing to greener practices, including the use of eco-friendly building materials, reduced waste, and improved energy efficiency.
Engaging in corporate responsibility is becoming increasingly popular, and with growing momentum to encourage positive practices that impact the planet, individual health, and communities around the world, many organizations have been stepping forward to contribute their fair share. At Sentinel Business Centres, our team is ready to help Dubai businesses implement their business goals and join this thriving community in the Middle East's most dynamic business hub.