The Importance of CSR
“It’s all about the bottom line”. There are few people, whether in the private or public sector, who haven’t heard that phrase. Because the bottom line refers to the last line of a financial statement – profit or loss – it has traditionally been the ultimate measure of short and long-term organizational decisions, referring to the economics of costs and revenue.
While economics is still important, the increased complexity of global markets and sophistication of consumers, as well as the increased importance of environmental and social impacts, have changed the way successful organizations look at what positively impacts their bottom line.
Today, organizations that want to achieve long-term success must consider what is known as the Triple Bottom Line: Economic, Environmental and Social. This Triple Bottom Line is also known as the 3Ps: Profit, Planet and People.
Corporate Social Responsibility (“CSR”), as a strategic practice, is key to organizational success because it is one of the few practices that can positively impact all three elements of the Triple Bottom Line, contributing to a healthy bottom line and long-term sustainability.
Because CSR can influence economic, environmental and social factors in a variety of ways, there is no “one size fits all” approach. An effective CSR strategy must consider alignment with the organization’s business strategy, commercial added value, and sustainability of impact. The benefits of an effective CSR approach to an organization can include:
- Stronger performance and profitability
- Improved relations with the investment community and access to capital
- Enhanced employee relations and company culture
- Risk management and access to social opportunities
- Stronger relationships with communities and legal regulators
At Schema, it is our role to understand our clients’ short and long-term organizational objectives, and develop effective CSR strategies that are sustainable and can be implemented, measured and reported on.
Our CSR services include:
- Assessment of existing CSR activities
- Development of CSR strategies aligned with the organization’s business objectives
- Development of sustainable CSR programs, including implementation, management, impact assessment, and reporting
- Stakeholder engagement
- Preparation of Sustainability/Corporate Responsibility reports based on a variety of globally accepted frameworks
- Assistance in supporting the Global Compact agenda
- Assistance in impacting suppliers, distributors, subcontractors, subsidiaries, etc