Our latest survey asked local businesses about their latest CSR, or Corporate Social Responsibility initiatives for 2023. The overwhelming majority of respondents – 82% – will invest in CSR efforts. Why is CSR so important today and which areas are most likely to benefit? Read on as we delve into this.
The European Commission defines Corporate Social Responsibility as “the responsibility of enterprises for their impact on society”.
In an era where companies are making public commitments to address social and environmental issues, as more and more people come to expect this of organisations, it is important that one places effort in the strategy behind CSR initiatives. CSR targets should aim to make impactful changes through ambitious, yet achievable goals that remain authentic.
Most of our survey respondents chose health as the primary area in which companies will invest in CSR initiatives (21.1%). Other causes include the environment – 11.8% will be investing in this, and another 9.9% will be investing in equality and human rights initiatives. Other areas include animals, heritage and culture and the arts.
The European Commission claims that “the actions of companies have significant impacts on the lives of citizens in the EU and around the world. Not just in terms of the products and services they offer or the jobs and opportunities they create, but also in terms of working conditions, human rights, health, the environment, innovation, education and training.” (More here.) Companies can become socially responsible by integrating “social, environmental, ethical, consumer and human rights concerns” into their strategies and operations, as well as by following the law. Investing in CSR should not be an afterthought, it should be ingrained within the everyday operations and policies of the companies. This makes the efforts more sustainable, manageable, and authentic to the company.
It is worth coordinating an exercise in which your company discovers what areas and causes are critical to its target audience and which are in line with the company’s manifesto and then works on making a positive impact in these areas. CSR provides benefits to the company itself – as a cost-saving exercise, sustainability of operations, customer relationships, and HR management.
Have you thought about your CSR efforts for the coming year (and years ahead!)? Read more about how you can contribute to KMP’s Christmas gifting here.
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This article refers to a recent survey commissioned by Keepmeposted which targeted over 500+ people based in Malta who come from different industries and varying age groups, between 18 and 65 years of age, through a stratified online sample.
