What is CSR?
While there are almost as many definitions of CSR as there are ways to practice it, a great one comes from Standford University Graduate School of Business:
“Corporate Social Responsibility (CSR) is an organization’s obligation to consider the interests of their customers, employees, shareholders, communities, and the ecology and to consider the social and environmental consequences of their business activities. By integrating CSR into core business processes and stakeholder management, organizations can achieve the goal of creating both social value and corporate value.”
Why do you need a targeted CSR strategy?
A properly constructed and implemented CSR strategy that is integrated into your overall business strategy has a three-way impact – on society, on your employees and on the business’ bottom line.
As well as providing positive social outcomes, a targeted CSR program will be an important way for any business to build their brand and business among their customers and partners as well as with their staff and the communities in which they operate.
Customers and partners (especially Millennials) are increasingly looking to do business with socially responsible corporations and brands. The same can be said for the emerging workforce.
Millennials will make up 50% of the global workforce by 2020 and 75% by 2025.
Having compelling ‘social impact’ initiatives alone won’t make any business an ‘employer of choice’ or drive sales growth, but businesses must have such initiatives if they want to remain competitive in efforts to attract and retain the best and brightest employees and create sustainable revenue growth.
Purpose (or where individual values are aligned with the organisation’s values) is a key driver of employee engagement as Gallup, Deloitte, Oracle and Culture Amp global surveys consistently discover.
In short, a targeted CSR strategy is good for business. The objectives of the Workology Co CSR program are:
- Create a positive social impact in the communities where the CSR programs operate.
- Help attract and retain the best employees in a competitive market.
- Increase Employee Engagement (and therefore productivity) by creating a social purpose.
- Strengthen company brand and social capital internally and externally.
- Create commercial and business development opportunities through the respect earned from communities, NGO’s and partners involved in the CSR projects.
Lastly – if your business can, why wouldn’t it want to help make the world a better place?
Workology Co’s Targeted CSR Program Outline of Steps
Step 1 – Initial Exploration
In this stage, we work to uncover what are the current issues within society which people in your business most care about; and discover what is the appetite and vision for a targeted CSR strategy
Step 2 – Design and implement strategy
Step 2 is where we work to craft a CSR strategy that is an integral part of the business, rather than a nice side project. Having a targeted CSR strategy and program that is part of your company DNA will reap rewards for everyone involved.
Step 3 – Establish relationships with Not-for-Profit partners
In this step, we will work to uncover who are potential partners for your CSR program and provide our top three recommendations for you to decide your preferred partner.
Step 4 – Project Evaluation
At the conclusion of the project, you will want to know if it has been successful or not. We will evaluate the project’s outcomes against the objectives we identified at the start of the project. This step also includes the ability for us to check back in on a regular basis with your CSR program and hold you to account, ensuring you will do what you said you would do.