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Corporate Social Responsibility: A good business strategy

CSR does not go against your corporate interests; on the contrary, your company will be more competitive

Corporate Social Responsibility: A good business strategy

We often think that Corporate Social Responsibility (CSR) means that companies must become a philanthropic entity, whose actions seem to go against the business objectives. However, the implementation of such policies goes beyond doing charitable works and does not clash with corporate purposes. On the contrary, the World Bank assures that including CSR in companies brings benefits such as:

Leer en español: Responsabilidad Social Empresarial: Una buena estrategia de negocios

  • Higher productivity: there will be more talent retention and less turnover rates
  • Market access: you will meet business standards
  • Customer loyalty: especially with new generations who are more conscious
  • Credibility: you will project the corporate image of care and respect towards the community

Therefore, as time goes by, different organizations have adopted CSR as a tool to increase productivity and positively impact the society, the environment, etc. These organizations are known as B-Corp and, according to the official website of these companies, they are "for-profit companies certified to meet rigorous standards of social and environmental performance, accountability, and transparency." In other words, CSR and companies are allies, because nowadays, the improvement of the quality of life of the personnel goes hand in hand with the economic interests and financial growth of the companies.

Should you adopt Corporate Social Responsibility in your company?

According to Portafolio, "the role of CSR can be defined as those responses to the challenges that arise in the business world around a sustainable, environmental and economic development, including activities that involve the community, the people, the environment and ethical values.​​" Therefore, while companies have lucrative and competitive goals, they should aim to not only be the best company globally but to be the best company for the world.

According to the B-Corp portal, it is not just about making money but making a difference. Moreover, it is about using the power of business to improve the quality of life of the members of the company and provide solutions to economic, social and environmental problems that affect them. The World Bank affirms that "this means that companies adopt an active and responsible position regarding the impact of their operations. This culture is a way of doing business that guarantees greater sustainability over time to the company and economic growth."

Then, entrepreneurs and new entrepreneurs should consider, when setting up business, that "the socially responsible company must be in principle from within because its main responsibility is with its employees, who ultimately are those who make the business possible." Entrepreneurs can use CSR as a tool to become more competitive and not only have economic but social and environmental gains for you and your employees.

CSR in Colombia

In Colombia, according to Dinero, in 2016, the five companies with the best perception of Social Responsibility were:

1. Grupo Bancolombia

2. Grupo Nutressa

3. Alpina

4. Cementos Argos

5. Grupo EPM

Including Corporate Social Responsibility is a growing trend that helps companies grow both financially and socially. A sustainable alternative in business and for society.

 

LatinAmerican Post | Editorial Team

Translated from "Responsabilidad Social Empresarial: Una buena estrategia de negocios"

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