COVID-19 and CSR
COVID-19’s huge effect on most types of business operations may have naturally led to some CSR initiatives being mothballed until a more stable time in the future. This is particularly true of energy efficiency and sustainability programs.
Certain parts of CSR may have ‘dropped off’ in this period due to a reduced team or construction closures etc. However, overall CSR has hugely been raised in people’s objectives, namely the personal health and wellbeing elements.
Are companies doing more or less CSR initiatives due to COVID was given the uncertainty and shrinking budgets?
The coronavirus crisis is an opportunity for companies to show how resilient and well prepared they are to manage risks and adapt to new circumstances.
Faced with unprecedented tensions, organizations must question themselves about their purpose and how they operate. This is important, not only so they can thrive today, but so they can be prepared and anticipate the future challenges and crises climate change will bring globally. This coronavirus crisis should then be seen as an opportunity to rethink corporate responsibility. An optimistic view is that the Covid-19 pandemic will accelerate post-pandemic CSR development in the long run, as more and more firms and businesses realize that their long-term survival and development hinges on achieving a delicate balance between profitability and harmony with its various stakeholders. Probably the more relevant and pressing question is not about whether to invest in CSR or not, but more about how to invest in CSR to achieve mutually beneficial and interdependent social/environmental and economic goals.
The pandemic will teach us a lesson that “we are all in this together”, which undoubtedly will raise people’s expectation of businesses being more socially responsible. Therefore, we can envision the post-pandemic period as one that the thriving businesses are those with strong CSR commitment and effective CSR strategies, and efficient implementations. Greenwash, pink wash, and lip services will no longer survive closer consumer and public scrutiny