While environmental sustainability is usually a part of corporate social responsibility, CSR does not only focus on the topic.
Corporate Social Responsibility (CSR) is the practice of corporations engaging in socially beneficial activities that contribute positively to their communities and/or environment, but it doesn't stop there. CSR also looks at how companies can make positive changes for people around them like creating jobs or helping disadvantaged groups.
Established businesses can use sustainability values to strengthen their core business models and offer products that are aligned with the Sustainable Development Goals (SDGs).
While for many startups, this presents a much more greenfield opportunity to build their business models around good causes. This will be a factor in attracting the next generation of employees, such as millennials and Generation Z. In fact, this resonates more strongly with these demographics since it builds an additional purpose into their existing roles in the company.
Four key steps to creating and executing a sustainability strategy:
1) deliver long-term value to shareholders by creating internal goals;
2) make sure the results are measurable;
3) create value through innovation;
4) monitor your process and communicate your results.
It is important to remember that the company needs to be both accountable and transparent about all actions and strategies.
So, setting ambitious goals is the first step in creating sustainable organisations and adding this value as part of their corporate social responsibility. An example of this would be achieving net-zero carbon emissions by 2030 for your company, which will affect every aspect from how you manage employees to what projects get funded.
A strong sustainability strategy can transform how a company operates; it allows them to manage its relationships with the workforce, suppliers, and customers. A sustainable business also creates long-term value for stakeholders by transforming themselves in ways that are beneficial for all parties involved.
Do you have a plan in place? Let us know your thoughts!