Metta Social hosted an incredible CSR Impact Leaders Roundtable 2023 on “Transforming pivots for CSR Strategy” in Pune last month
Corporate Social Responsibility (CSR) is the duty of corporates to contribute positively to society through sustainable and ethical practices. The concept has been around for quite some time now. Yet, it has now gained significance due to the increasing recognition of businesses’ impact on society and the environment. Here are a few takeaways and insightful learnings that were discussed during the Impact Dialog by the Social Champions themselves:
1. Obligation on CSR Laws
The legal framework surrounding CSR is constantly changing, and businesses are increasingly being held responsible for their effects by new laws and regulations. Companies must disclose their impact, develop sustainability strategies, and address negative effects. However, keeping up with changing laws and regulations can be a challenge, requiring companies to stay informed and adapt their practices to meet new standards and avoid legal consequences.
2. CSR and its Strategies Today
CSR strategies in the current business landscape need to encompass a diverse spectrum of concerns, ranging from climate change and environmental decline to social disparity and human rights. However, aligning business goals with social and environmental objectives is a challenge. Companies will have to balance profitability with sustainability while being transparent and accountable.
3. Understanding the Fixed, Transformation, and Disrupt Phases
In the world of CSR, companies go through three phases:
Phase 1: Fixed
In this phase, companies focus on compliance with regulations and industry standards.
Phase 2: Transformation
Companies develop more ambitious CSR strategies in the transformation phase that goes beyond compliance and seeks to create positive social and environmental impact.
Phase 3: Disrupt
We are in this phase where companies innovate and disrupt traditional business models to create sustainable business practices that contribute to society positively.
“Impact data is kind of the glue, which is enabling trust in the ecosystem.”
- Anshoo Gaur
Today, data-driven decision-making creates a social roadmap for enterprises. This can be achieved by collaborating with social enterprises like Metta Social, an impact-driven platform with a team of deeply rooted experts connected with more than 100 social purpose organizations.
4. Strategy Implementation and Communication
Effective implementation of CSR strategies requires clear communication and collaboration across all levels of the organization. Social enterprises can enable strategic programs based on business and impact goals. Also, companies need to involve their employees and help them comprehend the organization’s CSR objectives while ensuring their commitment to achieving them. This can be achieved through training programs, internal communication, and regular performance evaluations.
Join our movement to Connect, Collaborate and drive Social Impact
5. Leveraging Technology and Driving Transparency
Technology has enhanced CSR practices by enabling companies to track and report their social and environmental impact more effectively. This increases transparency and accountability throughout the social impact supply chain. Similarly, NGOs can use technology to create awareness, track progress, and evaluate the outcomes of their projects on beneficiaries.
6. Employee Engagement
Engaging employees is crucial to the success of any CSR strategy. This can be achieved through employee training programs, volunteer opportunities for them, and regular communication.
Volunteering is an effective way for companies to engage and contribute to society positively. By organizing volunteering programs, companies can give back to their communities while fostering a sense of pride and purpose.
8. Impact Assessment and SROI
Measuring the impact of CSR programs is essential to determine their effectiveness and identify areas for improvement. Effective monitoring and evaluation for enterprises weigh as an add-on for the social return on investment (SROI.) They need to measure their programs' social and environmental impact with informed decisions, which aids in the CSR strategies.
9. Collaboration and Co-creation
Collaboration and co-creation are essential for the success of CSR programs. Companies can develop more comprehensive and effective CSR strategies that address their concerns and priorities by working with stakeholders, including customers, suppliers, and local communities.
10. Sustainable Impact with CSR
Social, economic, and environmental sustainability depends on the success of CSR strategies. Companies must develop symbiotic strategies, ensuring that they can contribute positively to society in the long term.
Driving Positive Social Impact with Sustainable Solutions
- Enterprises must develop sustainable CSR strategies while complying with laws and regulations.
- Effective communication, technology, employee engagement, stakeholder collaboration, and impact measurement can create positive social and environmental ramifications and drive business success.
- The right channel will enable enterprises and non-profits alike in building a “Better Tomorrow” through sustainable solutions.
Key Speakers at the Impact Dialog 2023:
Mr. Makarand Jawadekar — Pharma Professional
Mr. Anshoo Gaur — CEO of Ideas to Impacts
Ms. Sherin Ali — Sr. Group Manager of WNS Global Services
Mr. Ajay Sathe — Group Head — Customer Experience & CSR of Bajaj Finserv
Mr. Suresh Komirishetty — CIO of Mercedes-Benz India
Rahul Mullick — Ex-Director of BMGF
Sreenivas Narayanan — Managing Director of ASSIST, Asia
Arun Wakhlu — Chairman of Pragati Foundation
Bharat Wakhlu — Executive Director of FPaCL
Tanuka Bairagi — Senior Director People, APJ&India Site Leader of Nuance Communications
Anupama Kailash Katkar — Chairperson & Chief Operational Excellence of QuickHeal Technology
Asma Kathiwalla — Head CSR & Philanthropy at UBS
Rakesh Makkar — CEO of Bajaj Auto Consumer Finance Ltd
Tushara Shankar — CSR Head of Lupin Limited
Vinod Bidwaik — Group HR Director of AP Globale & Sakal Media Group
Daya Ogale — Head of HR & Site Leader of TomTom
Jayanti Phadke — Head HR — India Subcontinent at Toll Group
Capt Raman Raina — Director of Human Resources APAC at Honeywell
Sudhir Mateti — Head HR of Syntel Telecom — A Division of Arvind Limited
Dr. Niraj Mankad — Assistant Dean, Programs and Co-Chair of FLAME University
Sangram Pawar — CHRO of DataTech Labs
Deepak Ahuja — CoFounder of Sagitech
Dr. Sujata Deshpande — CSR Head of Thermax
Milind Jadhav — Founder of HCMNext
Adhiraj Gadgil — Sr. Director — CSR and CRE of Harbinger Group
Pradeep Bhargava — Chairman of ASAL
Debi Prasad Das — CEO of Potential^Infinity
Sanjay Dalmia — CEO and Founder Trustee of OpenLinks Foundation
Mr. Vishal Naik — CEO of Metta Social
Mr. Iftekhar Pathan — Chief Strategic Impact Partnerships of Metta Social
Mr. Naresh Gour — Chief Operational Officer of Metta Social
Capt Anil Dhanker — Chief Enablement & Growth Officer of Metta Social
Navigating the Future of Social and Environmental Impact was originally published in Metta Social on Medium, where people are continuing the conversation by highlighting and responding to this story.