Organisations urged to prioritise CSR despite increased investments

To become responsible and successful businesses, organisations must make long-term commitments to CSR, said Skillsoft in a new report.
By: | December 19, 2022
Topics: Compliance | Employee Experience | Leadership | News

As ethical leadership, corporate governance, and climate change become increasingly challenging, Corporate Social Responsibility (CSR) initiatives should be top of mind for both employers and employees, said Skillsoft’s Corporate Social Responsibility (CSR) at Work report.

However, while 72% of the 1,000 working professionals surveyed by Skillsoft revealed that their organisations are investing more in CSR than they did before the pandemic, only 54% of organisations have a formal CSR plan in place for 2023.

CSR, said Skillsoft, improves the bottom line and demonstrates a commitment to “doing the right thing”, which was the main influencer of their organisation’s CSR priorities for 40% of respondents. Skillsoft also found that 57% of respondents who reported their organisations making an investment in CSR also experienced a 25% or more business growth year-over-year.

The top three CSR programme priorities of organisations include diversity, equity, and inclusion (DEI), improving labour policies, and participating in fair trade. The top barriers to implementing a successful CSR programme, respondents cited, included regulations and standards, customer awareness, and reputation value. This, said Skillsoft, underscores the importance of clear communication and securing cross-functional buy-in.

READ: SMEs in India are prioritising ESG for business growth

Michelle Boockoff-Bajdek, Chief Marketing Officer, Skillsoft, added, “Organisations must hold themselves accountable, ensuring their policies and practices benefit all stakeholders – customers, employees, shareholders, and the greater community.”

“While it’s encouraging to see increasing levels of investment in CSR, organisations must make more deliberate, long-term commitments to becoming responsible businesses. This requires taking a hard look at who they are and what they stand for, while also building the right infrastructure and securing organisational commitment to turn effort into positive action that benefits the greater good.”