Giving Compass' Take:

• Here are four corporate social responsibility trends for 2020 that are expected to have a dynamic impact on the CSR landscape. 

• What CSR trends are you seeing at your workplace, if any? 

• Understand the five elements for a model of corporate social responsibility. 

The year 2019 was action-packed in terms of CSR. With the companies taking a proactive interest in improving their CSR practices, and the government encouraging them by bringing in various amendments in the CSR Act, it is being predicted that 2020 will be even more dynamic for CSR. Following are five trends that can be expected in CSR in 2020.

  • Focus on Environmental, Social and Governance:  More and more people are getting aware of their carbon and social footprint. And while they may not be able to indulge themselves entirely in activism, they certainly prefer to associate with brands that have a good ethical standing in terms of their ESG impact.
  • Transparency in Process: Digitalisation has reduced the cases of corruption and increased transparency in the processes. This includes processes in CSR. The rising awareness among consumers will create a demand for more transparency in the CSR projects of a company.  Thus, there will be introspection on how 5G, AI, Blockchain Technology, etc. can be used to improve transparency in systems.
  • Employee Activism: Various studies have shown that employees prefer to work for companies that believe in a cause or has a purpose. Numerous other studies have also demonstrated that indulging employees in volunteer work for a social cause helps in getting job satisfaction and improve their retention.
  • Focus on Impact: Actions speak louder than words. This is why the consequences of the actions count more than the intent behind it, especially in the eyes of the critical young generation. This is why the investors in the coming year will focus more on the impact of their CSR project than on the intent.

Read the full article about corporate social responsibility trends 2020 at CorD.