Businesses' role during global crises

Businesses exist to produce and sell goods, and consequently make profits. Their purpose is to meet the expectations and advance the interests of shareholders. However, as we’ve seen with the recent trends in corporate social responsibility (CSR), consumers are demanding businesses to take on a larger role and give back to their communities.

The role of businesses should no longer be centred around profits, rather it should address the needs of both internal and external stakeholders. And more and more, we’ve seen companies do this and give back through their CSR programs, whether it is in the form of charitable donations, environmentally conscious policies, or employer-supported volunteering programs.

And, during times of global crises, re-aligning and committing to corporate social responsibility should be a top priority.

As the current global pandemic continues to hit us in waves, individuals and communities still need help by mitigating risks and adapting to the ‘new normal.’ We saw community groups and nonprofit organizations come together to help one another. (This was known as ‘caremongering’ or mutual aid efforts.) They are working as hard as they can, but with limited resources, their solutions cannot solve all the world’s challenges. This is where businesses come in.

Businesses have the power to do good. They have the resources and the ability to scale solutions - something that community groups and nonprofit organizations do not have. But, where to start? Businesses should ensure their CSR initiatives address the needs of its immediate community, and that includes its employees.

As the gears to the business’ operations and the key to its success, it is important to engage employees during these times of anxiety, worry, and stress. Here are some steps you can take to care for your employees.

1. Communicate with your employees. Gather resources and useful information that is easily accessible and readily available to them.
2. Implement safe and flexible workplace policies. By implementing these workplace policies, not only are you taking care of employees’ physical health but their mental health as well.  Most importantly,it's the responsibility of employers to ensure that employees' workspace needs are met. Some employees need a safe office to commute to, and others need support in setting up a home office. You need to adapt your policies to meet your employees' needs.
3. Evaluate your CSR program to align with the values of the company and employees. Are your employees engaged participants?

During times of global crises, corporate social responsibility is more important than ever. It is the opportunity to re-align the focus of CSR programs and harness their power to solve society’s greatest challenges.