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Dailyhostnews.com says that the way consumers assess businesses is changing. Almost every enterprise today, no matter their size, scale or industry is making an effort to be known as a responsible business today, as consumers become more willing to pay for products and services that come from socially responsible organizations. 79% millennials say that they look for workplaces with active corporate social responsibility (CSR) initiatives, and 83% say that they are fiercely loyal to those businesses who promote CSR and social well being (score.org)
The numbers don’t lie. While a few years ago, CSR was clubbed in the ‘good to have’ category, today, it leads business transparency, company image and employee engagement. The intersection of the common good and successful decision making strategies is more real than ever today. In fact, it is a very important cog in the wheel for overall sustainable business development. It is imperative that CSR initiatives connect to the core business purpose intuitively, and help both, the bottom line and the top line of the enterprise. Most CSR initiatives, thus, fall under the umbrella of business sustainability now, and the responsibility to oversee and execute these initiatives is shouldered by the Chief Sustainability Officer.
CSR mainly has three important outlooks, ie Social, Environmental and Economic, and these areas may also sometimes be referred to as People, Planet and Profit. Holistic CSR initiatives can directly impact the long-term performance and risk-reduction of the organisation. Some may focus on the environmental front and the carbon footprint generated by redundant supply chains, and look towards sourcing organic materials and products, recycled packaging and conserving biodiversity.
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