{"id":53749,"date":"2020-03-25T10:01:42","date_gmt":"2020-03-25T08:01:42","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=53749"},"modified":"2020-03-25T10:01:42","modified_gmt":"2020-03-25T08:01:42","slug":"why-does-corporate-social-responsibility-csr-matter-for-businesses","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/why-does-corporate-social-responsibility-csr-matter-for-businesses\/","title":{"rendered":"Why does Corporate Social Responsibility (CSR) matter for businesses?"},"content":{"rendered":"<p dir=\"ltr\" style=\"text-align: left;\">What is CSR and why is it so important for businesses? With the ever growing social and environmental concerns of a business\u2019 operations in contemporary society, there exists an inevitable pressure for businesses to consider what is known as the triple bottom line.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">In brief, the triple bottom line posits the interrelated significance of the three dimensions \u2013 profit, people and planet- whereby rather than the sole focus on profit maximisation and return on investment, businesses should integrate social and environmental practices into their operational goals and values.<\/p>\n<h2 dir=\"ltr\" style=\"text-align: left;\">PwC and Atlassian Research<\/h2>\n<p dir=\"ltr\" style=\"text-align: left;\">In a 2019 research conducted by PwC and commissioned by Atlassian Corporation Plc, studies revealed that Australian employees inherently desired businesses to have a strong leadership role on key societal issues such as the environment, healthcare and cost of living.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">This Return on Action report surveyed more than 1,200 Australian employees regarding their expectations on the predominate issues relating to the sustainable accountability of a business and its moral obligations.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Key employee findings include:<\/p>\n<ul dir=\"ltr\" style=\"text-align: left;\">\n<li>69% agree on the interchangeability of a businesses\u2019 societal impact and financial performance<\/li>\n<li>78% agree that businesses are liable for their environmental impact<\/li>\n<li>67% desire businesses to publicly encourage governments to act on relevant societal issues<\/li>\n<li>Only 34% or one in three employees are satisfied with the degree of sustainability of their employers in addressing CSR issues such as climate change, data privacy, unemployment and the cost of living<\/li>\n<\/ul>\n<h2 dir=\"ltr\" style=\"text-align: left;\"><strong>CSR from within<\/strong><\/h2>\n<p dir=\"ltr\" style=\"text-align: left;\">Mike Cannon-Brookes and Scott Farquhar, Co-Founders and Co-CEOs of Atlassian both emphasise how Australian businesses have reached the point where they must deal with social issues.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cAs business leaders, we have an awesome responsibility. Employees want us to ensure we are making the planet better, not worse. Faced with government inaction on some of our biggest problems, it\u2019s the business community that can step up and drive meaningful change,\u201d said Mike Cannon-Brookes.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cMany companies focus only on the Return on Investment and delivering profit for shareholders. But times have changed. As business leaders we should listen to the views of the workforce; focusing on our impact on society delivers a return of its own. It\u2019s now on us to respond,\u201d said Scott Farquhar.<\/p>\n<h2 dir=\"ltr\" style=\"text-align: left;\"><strong>The environment and sustainability is amongst top employee concerns\u00a0<\/strong><\/h2>\n<p dir=\"ltr\" style=\"text-align: left;\">Across all demographics, studies revealed that environmental issues relating to waste and pollution persist as a key area for change, whereby majority of employees want businesses to utilise their resources to facilitate purposeful and sustainable initiatives.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Sixty five percent of respondents fear the progressive impact of climate change in the next five years, while 70 percent agree that businesses have the ability to improve the impacts of climate change if they act now.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cThe challenges we are facing as a nation and across the globe have never been more complex and we can\u2019t rely on Governments alone for the solutions. Businesses must have a voice, contribute insights, take a position and innovate,\u201d said Luke Sayers, CEO of PwC Australia.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cIt\u2019s what most employees expect of their employers and it\u2019s also the only way we are going to find the right solutions and build a secure and sustainable path for future generations.\u201d<\/p>\n<h2 dir=\"ltr\" style=\"text-align: left;\"><strong>The kids are not alright \u2013 Gen Z eager for CSR action\u00a0<\/strong><\/h2>\n<p dir=\"ltr\" style=\"text-align: left;\">With the increasing prevalence of social media platforms covering issues related to sustainability, 72 percent of the youth, identified as Generation Z, are recognising the merit of businesses who integrate CSR initiatives into their business goals and operations.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">Additionally, 75 percent agree that employees should be allowed to voice their opinions on political and societal issues they care about.\u00a0Therefore, there is a considerable opportunity for businesses that endorse CSR.<\/p>\n<h2 dir=\"ltr\" style=\"text-align: left;\"><strong>Making the corporate world a better place<\/strong><\/h2>\n<p dir=\"ltr\" style=\"text-align: left;\">Patrick Coghlan, CEO of CreditorWatch, says that the company supports many social issues and gives examples of the types of activities more businesses could be involved with.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cWe support a range of charities throughout the year at events like Abseil for Youth and the JP Morgan Challenge. A key aspect of our culture here at CreditorWatch is a focus on helping and supporting others that aren\u2019t as fortunate as ourselves. Our team never shy away from supporting a good cause.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cLast year at the Vinnies CEO Sleepout, my pledge was to give all CreditorWatch staff one free day a year to volunteer for a charity of their choice. I\u2019m also looking forward to the 2020 Vinnies CEO Sleepout in June, which will be the 15<sup>th<\/sup>\u00a0year the event has been held in Sydney.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cThis year, CreditorWatch chose the Starlight Children\u2019s Foundation as our charity partner for 2020. The Foundation run a number of events throughout the year that CW staff have the opportunity to volunteer at, like the Colour Run.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is CSR and why is it so important for businesses? With the ever growing social and environmental concerns of a business\u2019 operations in contemporary society, there exists an inevitable pressure for businesses to consider what is known as the triple bottom line. In brief, the triple bottom line posits the interrelated significance of the [&hellip;]<\/p>\n","protected":false},"author":410,"featured_media":53750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[984,6047],"tags":[8472,6251],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why does Corporate Social Responsibility (CSR) matter for businesses? - Csr Egypt<\/title>\n<meta name=\"description\" content=\"What is CSR and why is it so important for businesses? 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