As the world has grown more transparent and conscientious, consumers have begun to carefully consider the companies they do business with. They look for businesses that align with their personal values and contribute to the improvement of society and communities. Therefore, if you own a business, you may be considering the implementation of a corporate social responsibility program. These are a few CSR strategies to help you get the most out of your initiatives.
Build Strong Partnerships
If your company is new or small, you may lack the funds to implement a significant CSR program. Therefore, you may seek out other companies you can partner with. Not only do you share the cost of any program you create, but you gain access to knowledge, skills, and expertise that you may not have access to otherwise. In addition, as you work with these partners in your CSR strategy development, you should find that the process is much quicker and easier.
Incorporate Your Business Strategy
The last thing you should do is take precious time and capabilities away from your core business for CSR initiatives. Therefore, choose programs that align with your corporate strategy. Look for ways you can both serve society and impact your bottom line. For example, reducing waste is a strong strategy for most businesses, but the type of waste can be more specific. For example, a printing company may reduce its paper waste or a restaurant could adopt a food waste reduction strategy, saving money and reducing the use of natural resources.
Review your core business, and find initiatives that also benefit the company.
Adopt Initiatives That Build Your Future
You can also implement CSR strategies that give you access to future talent or resources. In today’s highly competitive environment, skilled employees are valuable. If you can set up programs that attract these employees in the future, you place your company ahead of its competition. For example, you may offer scholarship programs that require the recipients to work for your company for a specified period of time after their schooling is finished. Trades, such as electricians and plumbers, provide training and apprenticeship programs for individuals who want to learn these trades, but they typically require that these individuals work for the company for a few years after they receive their licenses.
Community service projects, from educational initiatives to sports programs, for kids, teens and young adults also attract quality talent to your company.
These are just a few of the opportunities you have to incorporate your CSR strategies into your company, its profitability and its competitive advantage.