Enterprises are adopting sustainable strategies and acquiring socially responsible practices to balance with natural resources. CSR or corporate social responsibility is the business practice to push social and environmental gains to achieve ultimate financial profits.
The most popular CSR trends in corporate social responsibilities include transparency, investment in green technology, local community, employee engagement, and other inclusion initiatives.
#CSR Trend one; Increased Transparency
The demands for disclosure and revealing what’s under the curtain of the business have become commonplace for many consumers. It is practically a result of the increasing availability of instant information and consumers’ demand to know the behind-the-scene information. Therefore, as part of the corporate business model, embrace this first CSR trend and share more details of your business’s social and governmental environment.
#CSR Trend two; Green Technology
Nowadays, companies are looking forward to work with minimum resources and maximum productivity. The rampant climatic change demands conservational changes in the corporate world, and diverse CSR trends will appear. As natural resource availability is rapidly depleted, socially responsible corporate companies are looking for sustainable inputs to do business.
For example, fashion companies are looking into alternative fabrics such as recycled water bottles, eucalyptus, etc.
#CSR Trend three; Global companies acting locally
Localization is one of the significant CSR trends; it means companies that operate on a global level are recognizing the value of the local market and drastically changing their supply chain. It is not only to reduce carbon emissions associated with transportation (aiming towards a greener business) but to take the aura of local products and indigenous solutions. In addition, few companies are having charitable arms and prioritizing non-profit partners.
CSR initiatives actively attempt to engage activities that are advantageous to their local communities and produce profits for the corporation.
CSR Trend four; Diversity and inclusion
Identifying inequalities in pay and economic burdens of employees is a growing trend in CSR. Equal pay for male and female, measuring the difference in salary between the highest-paid and lowest-paid worker at an enterprise, and ensuring a wide range of staff base has become one of the best priorities of the best global companies.
CSR initiatives are recruiting candidates globally from an under-privileged economic and educational background, giving more attention to local talents. They are also looking for funding for the construction of schools in a lower-income neighbourhood. On the other hand, corporate social local events, especially during the holidays, are also an emerging CSR trend, allowing them to volunteer their efforts and contribute significantly to the minimum time commitment.
Heading towards a better future
Increasingly, employees are exercising their voices, demanding their corporate leaders get involved with communities. Passion remains crucial for companies’ leadership; there is a growing recognition that passion is sometimes fleeing while purpose can be enduring—the movement towards creating corporate purpose as a practical way to inspire employees and engage more customers.
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