Richard Branson
I can imagine that you have all
been looking forward to Part 2, hopefully it will not get into Part 3, because
it is really an interesting and vast topic to discuss.
So, why do we need to incorporate
CSR into the business or to use big grammar, STRUCTURALIZE (Hope Webster’s and
Oxford Dictionary will not come after me for this new word). Can’t a business
just execute worthy initiatives/programmes/activities internally and externally,
create media attention and that’s okay for the business. The business will save
cost and even time since it’s less formalized. However, for it to be CSR, true
and actual CSR there has to have been research carried out justifying the
purpose of such an initiative, and also monitoring and evaluation of the
initiatives/programmes/activities whether internal or external. With all of these
processes, an informal approach will be out of order. So then it will have to
start at the Top from the “Oga’s at the Top”.
At the Board and Executive level
of decision making CSR has to be integrated. It is at this level, the structure
should be deliberated upon and decided. Also, a budget should be set for CSR
spend yearly. Then a policy should be put in place which will contain the
Businesses CSR strategy, Focus areas, Staff Strength, Guidelines for initiatives/programmes/activities
to embark upon, research procedures, monitoring and evaluation procedures.
CSR is not just about donating
items or just sponsoring events or activities, the guidelines will help ensure
that the initiatives/programmes/activities will have either short-term or
long-term benefits to the brand. Certain questions that can be asked before
execution are:
- What is the ROI of this initiative/programme/activity for the Business? I.e. The ROI doesn’t have to be monetary.
- Is it a sustainable initiative/programme/activity or is it a one-off that will generate positive feedback for the company
- Who are the beneficiaries of this initiative/programme/activity?
- Does this initiative/programme/activity fit into our CSR focus areas?
The list is endless as more
questions can be developed internally by the CSR Executives once the structure
has been set-up.
Businesses currently have a CSR
structure which incorporates its ESG – Environmental, Social and Governance
policy. These three factors are embedded in businesses to collaborate for
efficiency and effectiveness of the CSR initiatives/programmes/activities. Some
of the areas under each factor within the policy are as follows:
- Environmental – Resource Management, Reduced Emissions and Environmental Reporting.
- Social – Health & Safety, Labor Management Relations, Human Rights, Community Relations and Responsible lending
- Governance – Executive Compensation, Board Accountability and Shareholder Rights
In Conclusion, I am sure that we
are all beginning to get a feel that CSR should be well structured to yield
maximum output for the business and its stakeholders.
Despite touching on the benefits
in subtle ways in Part 1 and Part 2, in Part 3 we will focus in more detail on
the benefits of CSR to businesses.
...to be continued
About the writer: Oluwadamilola Famakinwa is an Entrepreneur who strongly believes in
Cross-sector partnerships i.e partnerships across the private, public and third
sector towards solving social issues. He is passionate about the Education in
the Public Sector and its impact on the wider community. He is in an intimate
love relationship with Jesus and that is his main secret to everything in his
Life.
0 comments:
Post a Comment