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The importance of corporate social responsibility

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Posted on January 11, 2021 | Industry News

Why leading companies around the world are investing in CSR initiatives that promote accountability, change, and progress

 

Accountability is key in all aspects of life. Within the business world, there has emerged a new need for accountability in the form of corporate social responsibility.

 

Companies of all sizes across different industries are understanding they must recognize and fulfil this need in order to establish and maintain a good corporate reputation—or risk losing ground to their competitors.

 

What is corporate social responsibility?

Although not yet required by U.S. statute or regulations, corporate social responsibility—or “CSR”—is increasingly viewed as mandatory in the eyes of customers and stakeholders.

Simply put, corporate social responsibility is a type of corporate self-regulation that helps a company hold itself socially accountable to its stakeholders, to the public, and to itself.

Corporate social responsibility initiatives can include:

  • Charitable giving
  • Volunteering
  • Environmental conservation efforts, and
  • Funding educational programs.

 

What’s the importance of corporate social responsibility?

Corporate social responsibility is important for both companies and consumers. Not only can companies who invest in CSR initiatives improve employee engagement, unlock new business opportunities, and increase their revenue, they can also promote change and progress around the world.

Leading companies are taking note. In 2019, 90% of S&P 500 Index® Companies published sustainability or responsibility reports. This figure is up 4% on the previous year, and a huge 37% improvement from 2012. [1] 

 

How can you demonstrate transparency in your corporate social responsibility?

For businesses, tracking and reporting on your CSR initiatives is the first step in demonstrating transparency to consumers and stakeholders. There are a large number of ways to do so, and many forward-thinking companies are choosing a purpose-built technology solution for the job.

 

Learn more:

5 ways you can improve your corporate social responsibility management

 

How we can help

To correctly manage your corporate social responsibility, you need a tool that supports you. With INFLOR Sociall, we’re proud to help our clients establish transparent dialogue between companies and communities, and manage their stakeholders efficiently.

INFLOR Sociall is the leading corporate social responsibility management solution for:

  • Public affairs and government relations
  • Community relations
  • Social and environmental performance
  • Stakeholder management
  • and more.

 

Ready to explore INFLOR Sociall?

Find out more about INFLOR Sociall and request a demo today.

 

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Sources:

1: Governance & Accountability Institute | 2020 S&P 500 Flash Report

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