Many businesses falsely believe that adopting Corporate Social Responsibility will make them less profitable but the evidence and expert opinion actual suggests the opposite.
The truth is that customers, suppliers and society as a whole are placing increased importance on CSR. This trend is likely to further increase as government spending is cut further and the uncertainty of BREXIT gathers pace.
The success of CSR depends on how you embrace it, here some approaches originally identified by McKinsey:
These projects reflect the interests of the senior management but often don’t live up to expectations.
Generally this type of CSR is donation based and tend to benefit society more than the company
This type of CSR is designed to enhance the company’s reputation, its often seen as type of advertising
These partnerships move beyond the three areas above and work to improve employment, quality of live and living standards. These partnerships are see as providing the highest benefits for Society and the Business.