The 4 Pillars of CSR
CSR efforts generally fall into 4 categories:
#1: Environmental: The environment is one of the core intentions of CSR programs. Businesses often leave a large carbon footprint and taking steps to reduce those footprints is good for the company and community. These might include sustainable business practices like recycling at the office, finding ways to eliminate single use plastics, or purchasing recyclable paper. Utilizing renewable energy sources is also an effective way to reduce a company’s negative environmental impact.
#2: Philanthropy: Donating money, products, or services to the community or social causes is another type of CSR that is very direct. The more resources a company has, the higher the burden for philanthropic CSR. This could include direct donations, partnering with a charity, or even planning and implementing a service project. PLUS… most, if not all, of this type of give back is tax deductible.
#3: Ethical Employment: Companies can demonstrate CSR by treating employees fairly and ethically. This is especially true for businesses operating in multiple locations where labor laws vary. Corporate responsibility, especially when it comes to employees, should be determined by an ethical standard rather than a legalistic standard. Ethical treatment of employees should be equitable throughout the company, regardless of minimum legal standards.
#4: Volunteering: Volunteering shows what you’re really made of and allows opportunities for employees to become directly involved in service. In addition, you may choose to attend community volunteer events as a company or sponsor employee participation in charity events. This can be especially important as sponsoring employee volunteer time, either directly or through paid time off, benefits the community, employees, and public relations.
In addition to making a positive impact on your stakeholders, there are many benefits to CSR, including employee retention, positive company image, and personal and professional development. So how can CSR positively impact your business?