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Why Is Corporate Social Responsibility Important In 2021?

COVID19 has brought changes to almost every aspect of life! With these changes, the employees’, as well as consumers’ expectations to what a company should prioritize, have also shifted. They look for transparency and authenticity and want the companies to be socially responsible. There is more focus on what a company is doing to give back to the community, adhere to the social distancing norms, or care for its employees.

As a result, some of the biggest brands, like Coca-Cola European Partners, committed to using renewable sources for electricity production by 2020. It was an initiative to reduce carbon emissions for a sustainable future.

When it comes to social responsibility, consumers are the loudest. If they aren’t satisfied with the CSR measures a company is taking, they don’t hesitate to take their business somewhere else.

According to a survey, 9 in 10 millennials would switch to brands associated with a cause. The survey also found that 2/3rd of these tech-savvy millennials use social media to communicate with companies and support CSR efforts.

Thus, corporate social responsibility is undoubtedly one of the biggest trends in 2021. Whether it is about the environment or women empowerment, they are devoting more time than ever to presenting themselves are socially responsible.

Keep reading to know why CRS seems to be an integral part in PR this year. First, let us put some light on the corporate social responsibility definition.

What Is Corporate Social Responsibility?

CSR means how companies manage their business processes to create a positive impact on society. Or how a company incorporates social or environmental concerns into its business planning. Corporate responsibility aims to reflect a company’s sense of responsibility towards social issues for the corporate actions it takes.

CSR Is No More A Choice, But Necessity

With employees demanding their companies to be socially responsible and consumers looking for better business practices, CSR has become a necessity. Below are a few points to support this fact-

An Increase In The Global Giving

Gone are the days when companies can claim that charities are unique to the government. Nowadays, employees and stakeholders are looking for local investment options around the globe. Thus, in 2021, you can expect to see an increase in the corporate volunteer programs and employees getting involved in ESG (environmental, social, and governance) issues.

Virtual Volunteering On The Rise

Though virtual volunteering programs have been there for years, companies have expanded these efforts in the wake of COVID19. As many employees are expected to work from home this year, the CSR leaders in the companies are planning to make their corporate volunteer programs permanent. It is a great initiative to encourage employees to volunteer from home when they are working from home.

Diversity and Inclusion Are In The Spotlight

In response to the racial inequality faced by the black workers and the black-white unemployment gap, companies have made commitments to support racial equity. To top it, they have pledged to hire ethnic minorities, increase the spending going to women-owned businesses, and pay attention to philanthropic investment for the vulnerable groups of the society.

With employees, customers, investors, and officials demanding equity, inclusion from organizations, this trend will gain momentum in 2021.

Conclusion

As the consumer and employee landscape is changing with lightning speed, businesses need to stay prepared for the future. It is crucial to introduce CSR initiatives and pour the energy into addressing sustainability issues. Doing so will help you satisfy the employees, streamline the customer journey touchpoints, and create a meaningful positive change in society.