CSR has become one of the leading forces of change and development in the corporate world. Here’s what to expect in 2021.
Conscious consumerism has led to significant changes in how brands operate and make decisions about daily operations. Even with the recent explosive evolution of trends, the previous year, in particular, dramatically exemplified some of society’s most pressing issues.
The past decade reached a peak in widespread awareness about social inequality, environmental concerns, and sustainable business and living practices. Corporate social responsibility, or CSR, is one critical way that a brand can be recognised among its peers, clients, and consumers as a leader in making the world a better place.
While there are always straightforward ways to enhance CSR, here are some vital trends to follow as the world reaches a new era of digitisation where online marketing and shopping takes centre stage.
Trend #1. Equity, Diversity, Inclusion
While this trend isn’t particularly new, recent events worldwide have only proved that corporations and brands have a lot of work left to do in this regard.
Creating equal opportunities for all and ensuring equity and equality among the various social strata members is still one of the main talking points of brand CSR. It would be counterproductive to ignore such a powerful initiative, and consumers will inevitably recognise a company’s efforts to be diverse.
However, it should be noted that equity should come before any forced diversity when hiring. Overly-aggressive diversification can lead to a loss of productivity due, for example, to an inexperienced or underqualified workforce.
Trend #2. Volunteering and Charitable Movements
As companies become one of the driving forces of change in localities, it’s essential to give back to the community once uplifted those brands from the ground when they started.
Charitable efforts and staff volunteering lead to a positive company image, both on the local and global stage.
Furthermore, the company staff is more likely to be motivated and think positively when they notice the positive impact that their brand has on their communities. Charity work is also an excellent way to retain brand loyalty and cement the brand as a social progressivism leader.
Trend #3. Transparency
Since the world has become more concerned about data protection and privacy, transparency is a fundamental methodology for businesses to reassure their customer base and remain profitable.
Brands that are straightforward in their intentions and have nothing to hide are vastly more likely to preserve visibility and loyalty among competitors.
Trend #4. Sustainability
At the passage of another year in the 21st century, the world has made notable progress towards the UN’s proposed 2030 Sustainable Development Goals. However, there is still a lot of work to do and current estimates put brands and governments behind schedule.
While most companies have already started looking for sustainable production and operation methods, it’s no longer enough to maintain carbon neutrality. Carbon positivity can propel a brand as a recognised global CSR powerhouse.
Challenge the World
While these trends may appear daunting, taking the correct steps in your business ventures can be vital to success. Even customers unfamiliar with the concept of CSR can appreciate the efforts that brands make towards a positive change in the world.
Following these trends and allying with partners well-versed in CSR can significantly enhance a company’s visibility, productivity, and profitability.