What are the common misconceptions about CSR and how can board members avoid them?

2 Myth 2: CSR is costly

Another common misconception is that CSR is a costly and burdensome endeavor that will reduce the profitability and efficiency of a business. Some board members may see CSR as a trade-off between doing good and doing well, or as a zero-sum game where social and environmental benefits come at the expense of financial returns. However, this is a false and outdated dichotomy. CSR is not a cost, but an investment, that can generate positive returns for the business and society. CSR can help a business to save money by reducing waste, energy, and water consumption, increase revenue by attracting and retaining customers, employees, and investors, and enhance reputation by building trust and loyalty.

3 Myth 3: CSR is one-size-fits-all

A third misconception is that CSR is a standardized and uniform concept that can be applied to any business in any industry or context. Some board members may think that CSR is a checklist of actions or indicators that they can copy or adopt from other companies or sectors. However, this is a simplistic and ineffective way of doing CSR. CSR is not one-size-fits-all, but tailored and customized, to suit the specific needs, challenges, opportunities, and goals of each business. CSR should reflect the mission, vision, values, and culture of the business, as well as the expectations and interests of its stakeholders. CSR should also be aligned with the local and global issues and trends that affect the business and society.

4 Myth 4: CSR is PR

A fourth misconception is that CSR is a public relations or marketing strategy that can be used to boost the image or reputation of a business. Some board members may think that CSR is a superficial or cosmetic exercise that can be done to impress or appease the public or the media. However, this is a cynical and counterproductive way of doing CSR. CSR is not PR, but a core and integral part of the business strategy and operations. CSR should not be done for show or spin, but for substance and impact. CSR should not be communicated as a separate or isolated activity, but as a consistent and coherent part of the business story and identity.

5 Myth 5: CSR is easy

A fifth misconception is that CSR is a simple and straightforward process that can be done quickly and easily by any business. Some board members may think that CSR is a matter of following some guidelines or best practices, or delegating some tasks or responsibilities to a dedicated team or department. However, this is a naive and unrealistic way of doing CSR. CSR is not easy, but complex and challenging, requiring the commitment and collaboration of the entire business. CSR involves making difficult and strategic decisions, balancing multiple and sometimes conflicting interests, measuring and reporting on performance and impact, and adapting and improving continuously.