In our last post we have covered some general aspects about how Corporate Social Responsibility (CSR) has grown over the years.
Here are the main highlighted ideas from the previous post:
- Big Companies are Taking the Lead
- New Workforce is Being Created
- Environmental, Social and Governance Interests are Changing
We have also wrote about future trends and what we can expect to see from Corporate Social Responsibility practices in the next few years.
In today’s article, we will debunk some common myths and Concerns about Corporate Social Responsibility to help bring more awareness and clarity to this subject.
Corporate Social Responsibility is too Expensive
Yes! – It could be, but it doesn’t necessarily have to be expensive. There are many ways in which you can incorporate social responsibility practices and strategies in your business or activity even with a limited budget.
In our strategic call, we cover how much you want to spend and what we would propose depending on your business type, core values, brand position and the strategy we want to implement.
In the long term, it will cost your business more money not having a CSR strategy in place than having one that you are actively involved in.
No one is Interested about CSR, therefore you should not do it
A common myth about CSR is that no one is interested in Corporate Social Responsibility and that you shouldn’t do it. This idea is widely spread and inaccurate.
Here are a few aspects why this approach is wrong:
- Shareholders are becoming more and more interested in the triple bottom line approach. The triple bottom line approach (TBL) involves a framework with three parts: social, environmental and financial aspects. The phrase was introduced in 1994 and has been given a new perspective to create greater business value.
- Millennials and the new generation are concerned with environmental, ethical and social world aspects. They will influence how businesses operate, how consumers will eventually purchase their end products and how new practices will be built.
- When someone says they don’t believe in the power of CSR, they have not read the last data and they are not up to date with the new vision and practices that are being created.
- There are different reports, statistics and books that show how much CSR has grown over the last years and how the interests in sustainability and more ethical practices are growing.
Companies Shouldnt Focus their Efforts on CSR
We take the opportunity to be very direct and say that: companies that are not making any efforts in their CSR practices, are not thinking long term.
The thing is, companies should focus their efforts on CSR strategies and practices. There is no way around it, especially during these times.
Slowly but surely CSR will no longer be optional. In the next few years, there will be a trend where new regulations will come out and CSR will become the norm.
Don’t you want to be leading when that happens? Or do you want to be taken by surprise?
There is no innovation in CSR practices
This myth couldn’t be more wrong. In fact, there is so much innovation that can be done for a business by using and implementing CSR practices.Just by looking at a business and it’s core values (if they have any), the possibilities are endless.
If a business doesn’t have their core values highlighted, we can help you define them.
To clarify, a business does not necessarily need core values in order to define the next steps towards a CSR practice, but it surely helps, since it is a great starting point.
In addition, it’s important to mention that CSR does reflect on your company’s mission, values and core strengths. CSR enhances all these attributes that your company has.
CSR is a Waste of Time and Money
Another myth about Corporate Social Responsibility practices is that they are a waste of both time and money. While this can be true, it can apply to any business efforts and not only to CSR. For instance, the efforts you are making on your digital advertising, could be a waste of money, without the right strategies.
Before we implement any CSR strategies and practices it is important to know how you, as a business owner, would like to measure performance and what key performance indicators (KPIs) we’ll want to use.
With every CSR strategy and practice, we’ll help you set your KPIs and objectives to make sure the results that we are after are measurable.
With a clear plan, measurable goals and well defined KPIs your CSR efforts don’t have to be a waste of time and money.
It’s too Complicated to Plan
With a dedicated team, we’ll help you with the process along the way, making sure each step of the strategy will be easy to implement.
You will not question where your strategy is going, what we are doing or if we are making progress. You will be informed and up to date periodically.
When someone mentions that CSR strategies and practices are complicated to plan, it really depends on how responsive the team is and how they work. With a great plan and strategy, CSR should not be as complicated to plan.
Corporate Social Responsibility has the power to make a difference when no other business aspect can. That is a strong reason why CSR is not replaceable.
In this article, we have shared common myths about and concerns about Corporate Social Responsibility that we have heard about many times.
We hope you found this article interesting and insightful.
Do you know any other myths about CSR? Or do you have any concerns? Please feel free to leave a comment on this post and let us know your opinion.
Stay close, as in the next article, we’ll be defining Sustainability in Business.