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CSR: Definition and Importance

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https://www.bdc.ca/en/articles-tools/sustainabilit

31 May 2023
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CSR: Definition and Importance


Imagine a world without empathy and respect for life; this is how corporate work without CSR would be. 
Therefore, we will explain what CSR is, demonstrate how to apply it and emphasize its importance. 
In short, corporate social responsibility, or CSR, is a form of self-regulation a business has towards different stakeholders, including employees, customers, suppliers, shareholders, and the communities in which the company operates. 

In recent years, CSR has evolved from a voluntary choice to a mandatory industry practice. 
A company should apply its values, mission, and core issues to and determine which initiatives best align with the business’s goals and culture. This will ensure its authenticity. Companies conduct assessments to track advances, either internally or in partnership with a third party. 
Usually, applying a successful and effective CSR plan can be costly; on the other hand, in a competitive labor market, employees, customers, and societies tend to be drawn towards companies with a record of responsible behaviors, either environmentally, ethically, or professionally. By obtaining this record, the firm will attract high-end people, create a loyal relationship with customers, and have many supporters. 

Corporates should start with these simple, straight-forward steps:

•    Maintain a safe and healthy work environment.
By creating a healthy and safe environment, employers create a workplace that sustains the well-being and productivity of employees, leading to higher levels of job satisfaction, productivity and revenue, as well as augmenting customers' trust and loyalty. To apply this environment, a brand must identify issues and risks in the workplace. It must support employees mentally and physically, provide sufficient training, have a clean and healthy workplace, encourage communication, and many more!

•    Commit to protecting the environment. 
Work on appropriate sustainable and environmentally friendly practices, such as reusing papers, creating awareness of green trends and habits, using eco-friendly supplies, and promoting green transportation. 

•    Avoid greenwashing your brand. 
Greenwashing is a false claim of being eco-friendly and adopting green products and lifestyles. This method makes a company appear more socially responsible than it is. 
Greenwashing is misleading and causes trust loss in a firm. Hence, it is advisable not to claim sustainability if it is not implemented.

•    Adopt a business code of ethics.

The code of ethics usually covers a wide range of guidelines that define values, ethics, diversity, respect for the workplace, and customer service. This code outlines a company's ethical behavior, as well as its employees and stakeholders' behavior in various situations. 
By establishing that, a business establishes a culture of integrity, transparency, loyalty, and accountability. 
Briefly, CSR is critical to proving that your company doesn't solely focus on profits, but also cares about society and the environment. 
Your company can significantly improve its image and reputation by adopting CSR practices. Customers will be more loyal, employees will feel more engaged, and the environment will remain healthier.

If working on your CSR is one of your brand's 2023 goals, contact Nascode to get on the right track!

 

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