Corporate social responsibility (CSR) has been a growing trend in the last decade. What is it exactly? CSR is a “self-regulating business model that helps a company be socially accountable - to itself, its stakeholders, and the public.” This concept stems from the idea that businesses are crucial members of society, and their role goes beyond producing goods and services and making profits. They have the responsibility to contribute to the social good of it.

Traditional CSR is mainly focused on philanthropic giving and rarely intertwines with the business’ core operations. That’s simply not enough anymore. Why? Now more than ever, consumers, and subsequently employees, are demanding more from companies. According to research conducted by Nielsen, there is a growing segment of socially conscious consumers who are more likely to make purchases from companies that implement programs that give back to society. Socially conscious consumers make up 66% of the global consumer base.

Similarly, employees aren’t just looking for a job, but they are looking for one that gives them a sense of purpose in their lives. By creating shared value within your organization (for internal and external stakeholders), companies can retain both talent and their customers.

Some initiatives that can take your CSR program beyond philanthropic giving include:

- Improvement on labour and environmental policies

- Employer-supported volunteering

- Reducing carbon footprints

The world is changing, and you should be too. With the global pandemic and Black Lives Matter movements, it’s time to re-think your CSR program. Some brands are well on their way, but others can take this time to open discussions on how your CSR can be improved.