Corporate social responsibility is increasingly discussed among analysts these days, but what does it really mean? In short, it refers to efforts a company makes regarding environmental and social well-being. Companies with a reputation for social responsibility enjoy benefits both internally and externally.
How can you make your organization more socially responsible?
Benefits of social responsibility
Companies that show that they take care of their staff, community, and environment find it easier to attract top talent. More candidates than ever now consider social responsibility when evaluating which businesses they want to work for. Customers also place more importance on this when choosing where they cast their dollar vote. When customers know they are doing good by choosing your company, they become loyal and spread the word, which boosts your bottom line.
The concept of sustainability is related to the use of alternative energy sources for power production. This would be of great public benefit since it would directly reduce the impact of fossil fuels on the environment. Companies that have undertaken socially responsible business conduct, such as Siemens and Bosch, are developing some of the most massive alternative energy projects. As the concept of social responsibility is the promotion of the social well-being, the result from the sustainability initiatives would be a greener environment and energy production that would be harmless to the public.
Meeting Future Needs
The social responsibility concept is also linked with the idea that businesses need to promote the public benefit through ensuring a business environment that favors future development. In its case study on the Anglo American mining company, the “Times 100” magazine indicates that the organization is aiming to implement a full list of social responsibility activities. Thus the company would need to apply radical technological and organizational changes. This will open employment opportunities for the public and the corporation would directly contribute to the domestic economy. Furthermore, the development of energy plans would ensure Anglo American’s interactions with other businesses, which would generate additional capital to be spent on future projects.
Reasonable Use of Resources
Reasonable use of resources is what social responsibility stands for. This idea aims to promote the use and reuse of resources that are limited and nonrenewable, as their exhaustion may lead to severe consequences affecting the public. This is the reason why businesses that act in accordance of the rules of social responsibility aim to promote and develop strategies for a more efficient use of resources. For example, the Anglo American is aiming to implement technologies that would ensure the reuse of water in its production processes and would return clean and filtered water back into the environment.
A Socially Responsible Player
As the Economist Intelligence Unit has pointed out in its report on corporate social responsibility, a socially responsible business must take into account all of the concept’s ideas when engaging in decision-making processes. Siemens, a German technology corporation, has become one of the leading socially responsible players on the current market by considering every outcome of its actions on its consumers. The company is a major constructor of alternative energy production technologies. Additionally, it supplies medical equipment, heating systems and advanced energy-saving electrical appliances. A research by the company has indicated that Siemens’ customers have cut their carbon emissions by almost 210 million tonnes. In addition to these public benefits, the corporation is opening thousands of employment opportunities in the Asia Pacific region, thus contributing to developing economies such as China and Indonesia.
Whatever plan you implement, promote it. Include information to your company store or website about charitable activities and volunteer events. If you plan to donate sales proceeds to a charity, mention it in product descriptions or marketing campaigns. It shouldn’t be the focus of your website or marketing efforts, but make sure customers and candidates can find it easily.
We like to assess the success of our business because of the social impact it has on society, but with the awareness that sustainability is essential to ensure the effectiveness of its mission, and is it possible to make money to change the world? We believe so!
Based on the experience of the founder Nuno Guilherme, we decided to open coworking spaces, which are open to the general public. These spaces are managed in a totally autonomous way by Social Effects Org., Since in Portugal the legal definition of social enterprise does not exist, making it impracticable through an association to attract private investment and / or partners essential for the expansion .
By operating in our spaces, residents are also helping us to continue our social and humanitarian work, especially among young people and children throughout the world, through the various partner institutions, such as unesco, amids, lisbon, (seixal), with ongoing projects in Brazil and Europe with the Hopen project and others in Africa.
BWorking Spaces donates up to 60% of the annual profit earned for all services rendered to the Social Effects Association, which funds all our work in the Global Community without any recourse to public funds and / or donations.
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