Posted on : 20th February 2023

Why Should Your Business Develop a CSR Strategy?

Corporate Social Responsibility (CSR) is the buzzword among corporations and governments due to various reasons these days, the prominent of which is Climate Change. Some people may have their own doubts about whether climate change is real, but when I notice the disappearing flora, fauna, and forests, when I experience the scorching heat of the blazing sun, I just know that we need to take urgent measures to save our planet as well as ourselves. Before I go on to discuss Corporate Social Responsibility in India, let’s define the term first. 

What is CSR? 

CSR refers to various practices that a business organization undertakes to integrate environmental and social issues into its operations. It is not common for any company to adopt a CSR strategy; after all, the primary motive of businesses has always been making profits, regardless of how the business operations are affecting communities and the environment. 

However, governments and numerous organizations have started to realize the Corporate Social Responsibility importance. Don’t you think it won’t be long when our much-consumed non-renewable resources would get exhausted and business operations would come to a halt with no redemption? It is not only the business operations but our very survival which is at risk if we all do not take a course of action to develop a Corporate Social Responsibility. 

Much pressure lies on corporations because they are the ones who deal with non-renewable resources directly and it is they who could bring about major changes, as opposed to common citizens who can take small steps at an individual level. There are various Corporate Social Responsibility examples that could outline for us what CSR is, in its essence, and what organizations could do to bring about changes on a large scale; however, there aren’t many of those examples yet, as my research suggests. 

What Corporations Can Do to Develop a Corporate Social Responsibility?

There are many important measures that corporations could adopt to do their bit towards the environment and the society. First of all is finding out how you could incorporate sustainable development goals in your operations. 

It is not that trying to integrate renewable resources more and more into your products and services would expand your expenditures and thereby reduce the revenue generated. A CSR strategy for your business operations could very well cut your costs and bring in more profits. How, you ask? Because the renewable resources that sustainability measures suggest corporations to utilize are cheaper than fossil fuels and more feasible than anything before. I cannot even envisage the depletion of solar and wind energy yet. I am sure, neither can you. 

You must be wondering now why our industries and organizations didn’t use renewable energy when it is going to be so lucrative as well as environment-friendly. 

One of the reasons can be that the technology that we have today wasn’t there before. We have advanced technology to generate energy from renewable resources, the installation of which is sure going to take some major investment at the beginning. But that does not affect the fact that the costs of renewable energy would soon fall and the Corporate Social Responsibility importance remains intact.

That said, CSR is not just about infrastructure and technologies. There are many issues that CSR can address. For instance, during the Swachh Bharat Abhiyan, launched and promoted by our government, many corporations came forward and contributed money to the cause and even helped build toilets in a large number. But there were also a few corporations which took a step forward and contributed in terms of behavioural change and raising awareness among the masses through their Swachhta Doots. Also, a few stressed and worked on the importance of maintaining the infrastructure and disposing the waste in a safe manner. 

Now, how this sanitation program relates to the larger issue of Corporate Social Responsibility which is more about addressing the alarming issue of climate change? 

This is how. When people would follow more hygienic practices and in turn lead to less contamination of our rivers and environment, when our corporations would target sustainable development and help encourage the masses to play a role in environmental conservation, climate changes are likely to subside. Of course, it will all take time and consistent efforts from everyone’s side, but you must know that social responsibility is worth it and any good CSR strategy is worth it.

So, Why Corporations Should Develop a Corporate Social Responsibilty? 

It is because in the long run, bearing our responsibilities towards the environment and people is what’s going to ensure the survival of life on our planet. And in the short run, it is what’s going to keep the rising prices in check and the quality of life in risk-free zone. CSR doesn’t imply that corporations are in it alone. Governments are giving many incentives and providing immense support to help anyone willing to perform their bit. Why to wait then, don’t you think?

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