- 22 Feb 2024
Debunking 7 CSR Myths for Businesses of All Sizes
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Over the years, India has seen some groundbreaking examples of Corporate Social responsibility (CSR) giving that have changed our perspective on corporate giving. It is fascinating to see the potential that corporate companies hold for the upliftment of society. However, we haven’t even scratched the surface of CSR impact yet. Many companies still hesitate to donate their CSR funds. The reason? They might be holding on to some myths. Let’s debunk them today once and for all.
Here are 7 myths that surround Corporate Social Responsibility (CSR) in India
Dive into 7 widespread misconceptions holding back CSR progress in India, and discover the truth about positive social impact within your reach.
Myth 1: CSR is an additional expense.
Companies wanting to cut down on unnecessary business costs often consider CSR an additional expenditure. But is it an extra expense? Not when you think about how it affects brand growth. Companies that actively engage in philanthropy often experience improved brand reputation, increased customer loyalty, and enhanced employee morale. The reason? Customers have become more conscious about their buying decisions and usually opt for brands that complement their beliefs, leading to increased trust and market share.
Myth 2: Investors have less regard for CSR.
What do investors look for in a company? One of the major factors is trust. If anything, CSR only increases the trust potential investors have in your company. Investors are increasingly factoring in a company's commitment to sustainability when making decisions. Acknowledging and communicating CSR initiatives can be a strategic advantage in attracting and retaining investors.
Myth 3: Employees don’t wish to be involved.
Let’s bust this myth with a fact. A survey suggests that 90% of employees feel more motivated, loyal, and inspired when working with a company that values giving or donating. Employees are the backbone of any organization, and their engagement is crucial for success. CSR programs not only boost morale but also contribute to a positive workplace culture. When employees witness their company making a meaningful impact, it fosters a sense of pride and belonging, ultimately leading to increased productivity and retention.
Myth 4: CSR isn’t innovative.
It’s understandable to question how CSR can not simply be a cliché event but something memorable. Well, creativity is always welcome when it comes to CSR giving. If you are too busy, non-profits that are experts at coming up with creative and innovative giving experiences can help. With the help of a non-profit, you can create a giving plan consisting of various innovative activities that align with your values and business vision. Check out how the employees at iResearch Pvt. Ltd. created the perfect example of innovative corporate giving.
Myth 5: CSR is only for industry giants.
We usually see big names like Ratan Tata, Azim Premji, and Shiv Nadar when it comes to philanthropy. This might lead to the belief that if you don’t have a huge sum to donate, you cannot make a big enough impact. However, philanthropy is not always about how much you can donate. Even a small startup fund can compound into a bigger impact if committed for the long term. It can also help you build a strong brand image, attracting more investors and customers.
Myth 6: Any kind of philanthropy works.
For some companies, philanthropy is all about donating money to the first charity they find and being done with their part. There’s more to CSR giving than funds. Find the ‘Why?’ behind your donations. How do the initiatives resonate with you and the company? You make a more profound impact when you are personally involved in the initiatives and your entire employee force works together with a clear purpose.
Myth 7: It’s a one-time activity.
Social upliftment is not a quick fix but a commitment for the long run. Successful CSR programs involve long-term partnerships, regular assessments of impact, and adaptation to evolving societal needs. Does that mean you have to think about where to donate every time? Not at all. Once you partner with a non-profit for an initiative, consider making it a long-term project. For example, if you usually fund 50 children’s educational needs for 1 year as a CSR initiative, take responsibility to sponsor their entire elementary education and contribute to a long-term impact instead.
With India on its journey to becoming a global superpower, CSR plays a pivotal role. If you are a company that is on the fence about whether CSR donations are worth it, we hope we have been able to add to your knowledge. Want to start your journey now? Explore partnership opportunities with the Giving for Good Foundation, where we aim to provide educational supplies to 1000 marginalized children and impact one life at a time.
Exclusively written for Giving for Good Foundation by Bhairavi Hiremath
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Bhairavi Hiremath
With words as her medium and a diary full of scribbled ideas, she is usually found looking for ways to use her writing to impact for Good. If she’s out of sight, she’s probably either reading, petting cats, jamming to retro Bollywood, or of course, writing!
