With the rise of the digital era and the tech industry being reshaped in numerous ways. It is not only the fastest expanding sectors resulting in the creation of millions of jobs, but it also facilitating development, innovation and globalization, becoming the new frontier for social development. Different companies in similar competitive environment are now exploring new channels to differentiate themselves.
Corporate Social Responsibility (CSR) is recognized as an important channel which organization give back to the communities. With stake holders are starting to look beyond financial results to evaluate companies and technology companies starting to become aware on the importance of embedding CSR into their strategic planning, more standards and information are being required in order to implement them within the organizations.
As communities becomes more reliant on technology now than ever, and as technology becomes more intertwined with our daily lives, tech companies now have the social responsibility to think carefully about how their business practices are affecting society positively or negatively.
INTERTWINING BUSINESS WITH PURPOSE
Recent events have pushed companies beyond the tipping point, and skin-deep CSR efforts are no longer fit for purpose. It is essential that tech leaders take concrete steps to integrate CSR into their decision-making process and their business models. Beyond the pandemic, other catalyst such as climate change and social inequality have long lasting impact and illustrate the essential need for companies to embrace longer term sustainable and robust CSR practices. There are several reasons why CSR is crucial for technology companies:
Firstly customers not only require products / services at competitive prices and quality but are now increasingly looking at companies for their CSR performance. In the age of social media, anyone can reveal stories relating to CSR or undesirable business practices. With the stories being able to circulate globally and cause severe reputational damage before companies can respond.
Secondly, organizations now have the resources to accomplish exponentially more than individuals and as a result bear the responsibility to be good corporate citizens, which is widely accepted and recognized by investors, customers, regulators, employees and corporate leaders.
THRIVING IN TURBULENT TIMES
Organizations that possess adaptive capacity in response to environmental and social risks will be better positioned to compete and thrive than competitors that do not. Interested to learn more and explore how your organization can be more purpose led with an innovative approach, download our infographic below to drive sustainable practices across your organizations integrating CSR initiatives into your overall digital transformation strategy and prioritize investment in technology that reduces energy use, carbon footprint and waste levels.
Put this infographic up in your office, or bring it to meetings to initiate conversations on how you can economized, rationalized and scrutinized your IT budget to deliver further value and results.