New ways corporations are embracing social responsibility

As we emerge from a global pandemic and into rising inequality, we can recognize that corporations have a responsibility to our planet and to society. Corporate Social Responsibility (CSR) is a framework adopted by corporations to be accountable for their social impact, and encourages large companies to demonstrate philanthropy and sustainability.

By now, CSR is a must have for corporations. Here are some of the newest trends in how corporations are giving back to their communities:

Power to the People

In 2023, as we are moving towards a post-pandemic life, employees, casual workers, and the gig-economy in Australia have faced hardship. Many company’s CSR reports are not only addressing the toll that the pandemic has taken, but are recognizing that they have a responsibility to support the people they employ.

The Australasian Centre for Corporate Responsibility , a non-profit group that researches CSR,

recognised this in their 2020/2021 annual report and outlined how COVID-19 is “exacerbating global challenges.”

Moving forwards, companies will be expected to outline specific measures to help their employees through difficult times, both financially and with social help. This can include mental health support, increased sick leave and other internal programs designed to support workers.

Avoiding ‘Greenwashing’

Corporations are looking to mitigate their impact on global warming and fulfil their environmental responsibility through sustainable business models. It is understood now that corporations need to do a lot more than plant a few trees or put a green tick on their work- especially after a 2017 report revealed that just 100 companies have contributed more than 70% of the world’s total carbon emissions since 1988.

Corporate social responsibility reports are now showing statistics, figures, and goals for investors to see exactly how companies expect to reduce emissions and achieve better sustainability.

Keeping it Local

In the past, companies have embarked on international campaigns for philanthropy, helping communities overseas with disaster relief and food insecurity. Now in addition to this, companies are giving more attention to local matters, which allows their employees to be involved on a personal level.

Many CSR reports show that corporations give power to their employees to choose which organisations they would like to volunteer with. The Australian Human Rights Commission states that corporations should be aware of the responsibility they have to the people who interact with them, and this is an aspect that will be reflected in the future of CSR.