Corporate Social Responsibility (CSR) has become a viable marketing strategy for many organizations. By showing a company’s commitment to societal issues, a CSR initiative can be an effective means of branding a product. Consumers have become more knowledgeable as to the impact organizations can have on humanity and demand that organizations embrace these values. With such consumer needs in mind, it is also important for an organization to understand its organizational needs. Creating a synergy between organizational needs and consumer needs is very important in creating an effective CSR strategy.
Corporations should do their part in helping humanity. However, they should also be aware that implementing an effective CSR strategy can not only increase revenues within an organization but also increase employee retention as well - a problem faced by many organizations.
San Diego based UE.co is a cutting-edge company that designs software platforms to enhance the management of performance-based marketing services like data-based leads and live phone calls. Named as a “Great Place to Work,” UE.co, has created the UE.co Community Scholarship to support innovators and leaders in the community. Below, UE.co shares how to implement a CSR:
Three Pillars of CSR
There should be three goals to an effective CSR Strategy:
1. An increase in a company’s revenue.
2. An increase in employee engagement/loyalty.
3. An increase in positive societal impact
With these three goals satisfied, an organization can take care of its internal and external needs. These three goals should always be addressed when a company pursues a CSR strategy.
Implementation of a CSR Strategy
1. Analyze your company’s policies
An organization’s corporate culture and what societal aspects are important to the organization should be clearly identified. This clarity will help create an effective and powerful message to all stakeholders. It is important to understand what social causes are important to the organization before engaging in any CSR initiative.
2. Organize the workforce
It is important for a company to involve its workforce in the decision-making process of its CSR strategy, so it can create a sense of togetherness within the organization. The best way to organize a workforce is to start with naming a CSR committee. A proper business plan should be made detailing the CSR initiative and why the organization should pursue it from a business standpoint. On the surface, this may look like a callous way of looking at community support. However, it’s important to understand the potential revenue benefits a CSR strategy can have on a company from the start.
3. Mobilize external stakeholders
The internal engagement of a CSR strategy is now complete. Employees are fired up and excited about the new initiative. However, how is the excitement about a new idea spread among external stakeholders? This step could lead to a competitive advantage over competitors. It is important to highlight the core competencies of the organization within the initiative. For example, if a toy company wants to engage in a CSR initiative, they may decide to give toys to needy children. This idea would probably resonate with the company’s external stakeholders.
4. Have a proper reporting structure in place
The implementation of a CSR initiative can be very exciting. However, the future of the project is just as important. Nothing can look worse to employees and stakeholders alike than when a project is undertaken, and the results can’t be measured or viewed. This could result in all parties involved having negative feelings towards the initiative and the organization as a whole. It’s essential to make sure that tangible results can be measured and be easily accessible to all interested stakeholders.
Engaging in a CSR initiative can yield huge results within an organization. However, it’s important to always remember that the implementation is just as important as the idea.
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