New Ways Corporations are Embracing Social Responsibility.
Responsibility to our planet and to society can be expressed in many ways and by many organisations, small and big. Corporate Social Responsibility (CSR) is a private business self regulation concept that began to take hold in the 70s and is being increasingly adopted by corporations to be accountable for their social impact. CSR encourages large companies to demonstrate philanthropy and sustainability – here are some of the newest trends in how corporations are giving back to their communities.
In 2022, as we are moving towards a post-pandemic life, employees, casual workers and the gig-economy have faced hardship. Many companies’ CSR reports are not only addressing the toll that the pandemic has taken, but are recognising that they have a responsibility to support the people they employ.
The Australasian Centre for Corporate Responsibility , a non-profit group that researches CSR,
recognised this in their 2020/2021 annual report and outlined how COVID-19 is “exacerbating global challenges.” Moving forwards, companies will be expected to outline specific measures to help their employees through difficult times, both financially and with social help. This can include mental health support, increased sick leave and other internal programs designed to support workers.
Avoiding ‘Greenwashing’
Corporations are looking to mitigate their impact on global warming and fulfil their environmental responsibility through sustainable business models. It is understood now that corporations need to do a lot more than plant a few trees or put a green tick on their work – especially after a 2017 report revealed that just 100 companies have contributed more than 70% of the world’s total carbon emissions since 1988. Corporate social responsibility reports are now showing statistics, figures, and goals for investors to see exactly how companies expect to reduce emissions and achieve better sustainability.
Keeping it Local
Organisations may have in the past, embarked on international campaigns for philanthropy, helping communities overseas with disaster relief and food insecurity; now in addition to this, they are giving more attention to local matters, which allows their employees to be involved on a personal level and as a result, can enhance job satisfaction and employee sense of wellbeing.
Power to the People
Many CSR reports show that corporations are increasingly giving choice to their employees to direct which organisations they would like to volunteer or interact with.
The Australian Human Rights Commission states that corporations should be aware of the responsibility they have to the people who interact with them. ‘Keeping it local’, ‘power to the people’ and ‘avoiding greenwashing’ are some ways of demonstrating this responsibility.
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