Brands must set up metrics to track the progress of CSR initiatives.
This article highlights the need for companies to build a corporate social responsibility (CSR) strategy. Irrespective of company size, CSR can help increase sales and goodwill. It also aids brand recognition and risk avoidance.
As per Harvard Business Review, moral obligation, sustainability, license to operate and reputation are factors that motivate companies to create a CSR program. As a start, the author recommends identifying company resources that can support a CSR strategy.
The author notes that a CSR strategy is only likely to succeed if the people implementing it believe in it. The article recommends setting up metrics for measurement. The results of this analysis can be included in annual reports, press conferences and the company website.
[4 minute read]