29 March 2021
by Brooke Steedman
- Related topics
- Thought Leadership
Following our previous article; New Year; New… CSR policy? we continue our series with an article discussing the features of an effective CSR strategy.
Building an effective CSR strategy allows businesses to have an influential impact on causes they’re most passionate about. It can also reinforce a company’s image, empower employees, and boost morale as a result of activism for important social issues.
There are many factors to consider when compiling a CSR strategy, including what the business wishes to achieve with the policy, and what timeframe this should be accomplished over. The United Nations Sustainable Development Goals provide a great framework that can be utilised by businesses when developing their own program.
Whilst there are 17 different goals – you don’t have to hit all of them in year 1. They can (and should) be used to provide some guidance on what areas of sustainability align to your business and values and offer some direction for your CSR policy.
Some of the features of an effective CSR policy include:
- There is a committee / someone in charge of the implementation and running of the strategy. This will ensure that it actually gets done and doesn’t get lost in the noise when your busy season kicks off. This is a good opportunity to invite employees to get involved if they are interested in this area;
- The strategy should link to the businesses cultural values / value proposition. This will provide motivation to follow through, as it’s something that the business “cares” about;
- Create measurable outcomes and track progress. This will help with accountability, and it’s also motivating to see the progression. Further to this, share the progress with the rest of the business and any other stakeholders.
- Consider different ways that the business can engage with social partners. An effective CSR policy won’t just have cash donations to a wide range of charities but will also consider offering services / time / resources to selected partners in order to maximise the impact.
In essence, an effective CSR policy is one that your business will stick to and one that provides value to charity’s or social partners that the business really cares about. It’s a great opportunity to be creative in delivering value and making a difference in the community – a chance to make a real impact.
If you would like some additional support or assistance with creating an effective CSR strategy, or reviewing your current policy, please reach out to your ESV engagement partner.