Why Is Corporate Social Responsibility Strategy Important for Businesses?
Why Is Corporate Social Responsibility Strategy Important for Businesses?
Corporate social responsibility (CSR) is a self-regulating business model that helps an organization to make itself socially accountable not only to itself and its stakeholders but most essentially to the people. Different CSR strategies can be developed depending on the type of industry. Through customized CSR strategies, businesses can benefit society while boosting their own brands. Some examples include:
• Proper alignment of CSR with business strategies of the organization
• Proper support from top management and ensuring participation at all levels.
• Grabbing opportunities to build a better future.
• Attaining success from strong, sustainable partnerships.
• Constant focus on research and development that leads to innovation.
If implemented properly, the CSR strategy is good for business while also being good for the world.
Corporate social responsibility (CSR) is a self-regulating business model that helps an organization to make itself socially accountable not only to itself and its stakeholders but most essentially to the people. Different CSR strategies can be developed depending on the type of industry. Through customized CSR strategies, businesses can benefit society while boosting their own brands. Some examples include:
• Proper alignment of CSR with business strategies of the organization
• Proper support from top management and ensuring participation at all levels.
• Grabbing opportunities to build a better future.
• Attaining success from strong, sustainable partnerships.
• Constant focus on research and development that leads to innovation.
If implemented properly, the CSR strategy is good for business while also being good for the world.
Strategies to retain employees
One of the most important and overlooked factors of running a successful and profitable business is retaining its employees. Research states that a major contributor to losses incurred by an organization is employees quitting their jobs. In order to retain employees, organizations implement several strategies to hold their employees for longer durations. Broadly these strategies can be classified as follows:
· Hiring the right employee for the right job
· Providing a competitive salary and benefits
· Proper recognition and reward system
· Providing proper work-life balance
· Fostering teamwork
· Valuing employees’ work
· Nurture a culture of open communication
· Providing training and development
These employee retention strategies may be different for different workplaces and must be reassessed every year to keep the staff morale high and lower the rate of employee turnover.
Recruiting Strategies
A recruiting strategy is a formal plan used to identify, attract and hire the best-suited candidate to fill in any vacancy in the organization. Hiring employees involves considerable costs and may have long term effects on the profitability of any organization. So, strategies should be effectively studied, monitored and modified as per requirements.
· Developing a brand image of the organization so that candidates would want to join companies
· Creating job opportunities which clearly reflect the philosophy of the organization
· Using social media to recruit prospective employees
· Developing tailor-made software for proper applicant tracking systems
· Campus placement is one of the best corporate social responsibility strategy
· Developing professional methods of screening and interviewing shortlisted candidates to analyze whether candidates if selected, will be loyal to the organization.
These strategies, if kept in mind will ensure hiring the best talent for the organization.