Technology has done great things for businesses. It reduced costs while increasing efficiency. It also brought them closer to their customers, allowing the market to feel more engaged with brands.
Society has benefited from technology as well. Social media, for example, gave voices to marginalized groups and raised awareness about lesser-known global issues. Without social media, we wouldn’t be as informed as we are now, and businesses would be limited in their corporate social responsibility.
Corporate social responsibility (CSR) is a business model that helps companies be socially accountable. In other words, it urges them to be conscious of the impact they leave on society, the economy, and the environment. In this tech-driven world, companies can fulfill their CSR easier and in more innovative ways. Below are some strategies worth considering:
1. Establish Technological Social Responsibility
According to management consulting firm McKinsey, the time has come for business leaders across sectors to establish a new imperative in their corporate strategy. McKinsey calls this technological social responsibility (TSR). Technology adoption can increase productivity and economic growth in a powerful and measurable way. At best, innovation and transition management can double the potential growth in welfare. In that case, by 2030, the welfare growth could be higher than the GDP and welfare gains we’ve seen in recent years.
To achieve this outcome, companies should reduce disruptions in their technology adoptions. A smooth transition to high-tech systems and processes can speed up income growth, increase employee well-being, and add improvements in leisure, health, and longevity. And when workers are happier, healthier, better trained, and less stressed, they will be more productive and adaptable.
As a result, companies can boost their revenue and have more to give back. On a societal scale, happy workers and prosperous businesses can create a society with better welfare.
2. Use Online Platforms
Social media is one of the most powerful online platforms businesses can use. A quick search on Instagram, Facebook, or Twitter can lead businesses to a number of charitable organizations. Influencers can help them, too. Some influencers support certain issues, allowing businesses with the same advocacy to reach out to them.
Customers also use social media to engage with businesses. If a business posts about their advocacy or charitable program, they can encourage their customers to support their causes, too. In turn, customers can spread awareness about the business’s advocacy, influencing their own peers to do the same.
Businesses can also use platforms exclusively for their organizations. An innovative CSR platform can help businesses plan their fundraising programs and keep track of their donations. Employees can also choose specific organizations or causes to support, and make their own donations.
Using social media and other platforms encourages people to give back more effectively. Since online content tends to resonate with people better, it urges them to donate or spread awareness willingly, not because they feel compelled to do so. In addition, online platforms give people the freedom to choose which cause to support. While a business can partner with only one charitable organization, a platform allows them to help more of them.
3. Use a Cleaner Energy Source
Solar panel technology allowed homes and businesses to stop relying on fossil fuels. If more businesses use them, they can help their communities become more environmentally friendly. And of course, they can cut down on energy bills and focus their resources on other socially responsible programs.
For example, Johnson & Johnson, which also uses an alternative energy source, provides clean, safe water to communities. You can follow their example or take inspiration from it. For instance, you can donate a part of your sales to the marginalized sectors of your community.
4. Be Authentic in Your Charitable Programs
Some businesses only claim to be eco-friendly to attract positive perceptions and sales. This is called greenwashing. It’s a marketing spin that deceives customers into believing that they’re supporting an eco-conscious business.
If a business wants to appear green, then it might as well adopt real green strategies. It’s costly, sure, but being exposed to greenwashing has costlier consequences. Hence, the content businesses post on social media must be reflective of their actual strategies. If they post something about saving animals or slowing down climate change, then their practices and strategies should be targeted toward those goals.
Being socially responsible may be easier said than done, but it’s a business’s ultimate ticket to success. It’s true that if you give back, you’ll receive blessings tenfold. However, businesses shouldn’t be socially responsible just because of the reward. They must find it in their hearts to support a cause without expecting anything in return. They’d also mold empathetic and compassionate employees that way.