CSR Asia, a social enterprise that provides information, training, research and consultancy services on sustainable business practices in Asia, published a report titled “The Future of CSR: Issues of the Next Decade.” It gives a summary of the Top 10 issues that CSR managers will have to confront in the next 10 years, as well as the action points that will help them address these concerns.
On top of the list is the environment and climate change, which “will... require companies to look hard at the sourcing of raw materials, waste management, the management of toxic substances, health impacts of environmental degradation, and the management of diversity.” Next is “labour rights as human rights”, which means recognizing “that workers have fundamental human rights and must be treated with respect rather than mere factors of production.” Third on the list is ensuring transparency and accountability, which “will require a whole new approach to revealing the positive and negative aspects of doing business.”
Other issues in the top ten are: (4) the institutionalization of CSR, (5) stakeholder engagement, (6) “the battle for talent”, (7) community investment, (8) supply chain and product safety, (9) social enterprises, and (10) poverty alleviation and the private sector’s role in it.
The report also offered recommendations for companies to consider in maximizing their CSR initiatives:
1. Build institutional capacity for CSR;
2. Conduct “properly structured, ongoing stakeholder dialogue” as part of developing a CSR strategy;
3. “Embed” CSR into the organization;
4. Build stronger partnerships with NGOs, with local communities, and “with any stakeholder who can add value to the business;”
5. Involve stakeholders in innovative strategies and projects “to create productive change;”
6. Find ways to create new relationships with suppliers based on shared visions about CSR;
7. Establish policies and systems to attract and retain talent for the long-term success of the business;
8. Develop communities alongside the business, which includes properly measuring community impacts and having long-term investment strategies involving stakeholders;
9. Engage in better non-financial risk management; and
10. Ensure good governance.