Apr 2021

Corporate social responsibility: perhaps now more important than ever

By: Odyssey General
Tags: community, contributing, corporate social responsibility, ethics, giving, philanthropic, sustainability

For those reading news online in many of the various news applications or social media applications, it’s hard not to feel (at least for older readers) that the world isn’t doing so well.

At the same time, it’s more important for business owners to engender a sense of community and a sense of belonging and giving. And yes, while we agree that fake news and horrible news sells more (or has more clicks), it’s a good time to try to claw bag the negativeness and put some positiveness and kindness out into the internet. The big companies in the world use the phrase “corporate social responsibility”, but the concept is applicable to smaller firms, and especially service type firms like Australian accounting firms.

Corporate social responsibility (CSR for short) is the self-regulated approach by businesses to put a comprehensive stated plan in place for how they contribute to the society and community in which they reside. It’s about being part charitable, part philanthropic, and part activist through engaging in (or supporting) volunteering or ethically oriented practices.

At this point in time there are limited regulations or schemes, and the contribution a firm makes to local community is largely self-regulated.

However, being a responsible firm can have benefits beyond the direct charitable or voluntary act. Employees (and potential employees) and new entrants into the workforce have stated in surveys their desire to work for an organisation that is engaged positively in the local community. As disruption occurs through automation in the next decade, employees will choose companies that give them positive well-being through working and being involved in the firm.

Customers also look to engaging with a firm that is involved in the local community.

And if that isn’t enough, studies have shown that being socially responsible as a firm, leads to the owners having lower stress levels and higher health benefits.

If your firm doesn’t have a firm social responsibility plan, that comprehensively formulates how your firm is part of the community, then perhaps it’s time to spend a bit of time working on this. The benefits are clear.

We hope you enjoyed this blog, and remember if you need assistance with your outsourced Australian tax compliance work then please drop us a line.

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