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What are some of the common misconceptions and myths about CSR that you encounter?

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Corporate social responsibility (CSR) is a term that refers to the voluntary actions that businesses take to address the social, environmental, and ethical impacts of their operations. CSR can benefit companies by enhancing their reputation, engaging their stakeholders, and creating value for society. However, CSR is also often misunderstood or misused by some businesses and critics. In this article, we will explore some of the common misconceptions and myths about CSR that you encounter and how to avoid them.

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1 CSR is just PR

One of the most prevalent myths about CSR is that it is just a public relations strategy to improve the image of a company or to distract from its negative practices. This myth assumes that CSR is superficial, insincere, and irrelevant to the core business. However, CSR is much more than PR. It is a strategic approach that aligns the business goals and values with the expectations and needs of its stakeholders, including customers, employees, investors, suppliers, communities, and regulators. CSR is not only about communicating what the company does, but also about doing what the company says. CSR is about creating positive social and environmental impacts through the company's products, services, processes, and policies.

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Robert (Bob) Pojasek, Ph.D.

Harvard Lecturer Emeritus | Uncertainty Risk Management | Pollution Prevention | Process Improvement | ESG | Organizational Sustainability | Author
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CSR is not a separate program in any of the reporting schemes for sustainability. To the best of my knowledge, the only country that still mandates CSR is India. It is a separate program that seeks to fund social responsibility initiatives for the poor. Most people are familiar with ISO 26000:2010. It uses the term "Social Responsibility." This area of concern is rarely reported separate from the sustainability report. Many large companies have moved to sustainability programs that have sections on social responsibility. There is a new international sustainability and climate change reporting scheme. You must read about the IFRS program. https://www.ifrs.org/groups/international-sustainability-standards-board/

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2 CSR is only for large corporations

Another common misconception about CSR is that it is only relevant or feasible for large corporations that have the resources and influence to make a difference. This misconception overlooks the fact that CSR is not a one-size-fits-all concept, but a context-specific and stakeholder-driven practice. CSR can be adapted and implemented by any business, regardless of its size, sector, or location. Small and medium-sized enterprises (SMEs) can also benefit from CSR by improving their efficiency, innovation, competitiveness, and customer loyalty. Moreover, SMEs can contribute to CSR by collaborating with other businesses, civil society, and government in addressing local and global challenges.

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Robert (Bob) Pojasek, Ph.D.

Harvard Lecturer Emeritus | Uncertainty Risk Management | Pollution Prevention | Process Improvement | ESG | Organizational Sustainability | Author
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Larger publicly traded companies are focused on by IOSCO and IFRS. https://www.ifrs.org/groups/international-sustainability-standards-board/ These groups have created a sustainability and climate change disclosure program for publicly traded companies and key members of their supply chains. This will start with one year of voluntary reporting of pulicly traded companies in approximately 130 jurisdictions.The program will be offering practice support during the perion of 01/07/2023 until the end of the year. The voluntary year of reporting will take place from 01/01/2024 - 12/31/2024. Mandatory reporting will begin on 01/01/2025. The entire supply chain will be involved in the mandatory reporting. See the IFRS website for more information.

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Robert (Bob) Pojasek, Ph.D.

Harvard Lecturer Emeritus | Uncertainty Risk Management | Pollution Prevention | Process Improvement | ESG | Organizational Sustainability | Author
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CSR is a program in India. Participation in the program is mandatory. It is NOT replacing the IFRS/ISSB program that will include social responsibility in that business program. The focus is generally on meeting the needs of the corporation's program to interact with the stakeholders, bot locally and internationally.

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3 CSR is a cost or a burden

A third myth about CSR is that it is a cost or a burden for the business that reduces its profitability and performance. This myth views CSR as a trade-off between doing good and doing well, or as an external imposition that interferes with the business objectives. However, CSR is not a cost or a burden, but an investment and an opportunity. CSR can create value for the business by reducing risks, enhancing reputation, increasing efficiency, fostering innovation, attracting talent, and building trust. CSR can also create value for society by addressing social and environmental issues that affect the business and its stakeholders. CSR is not a zero-sum game, but a win-win proposition.

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Robert (Bob) Pojasek, Ph.D.

Harvard Lecturer Emeritus | Uncertainty Risk Management | Pollution Prevention | Process Improvement | ESG | Organizational Sustainability | Author
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CSR is no longer the program of choice for large publicly traded companies. Think of it more as their contribution to social responsibility that can be used by any organization to help manage the interests of the internal and external stakeholders. You can read Chapter 9 in my book. Its title is "Engagement with Stakeholders and Social License to Operate." https://amzn.to/33klga3

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4 CSR is a voluntary or optional activity

A fourth misconception about CSR is that it is a voluntary or optional activity that the business can choose to do or not to do. This misconception ignores the fact that CSR is not only driven by the moral or ethical motivations of the business, but also by the legal, regulatory, and market pressures and incentives. CSR is not a voluntary or optional activity, but a necessary and expected practice. CSR is influenced by the laws and regulations that govern the business operations and activities, such as labor standards, environmental protection, human rights, anti-corruption, and consumer protection. CSR is also influenced by the demands and preferences of the stakeholders that affect or are affected by the business, such as customers, employees, investors, suppliers, communities, and regulators. CSR is not a matter of choice, but a matter of responsibility.

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Robert (Bob) Pojasek, Ph.D.

Harvard Lecturer Emeritus | Uncertainty Risk Management | Pollution Prevention | Process Improvement | ESG | Organizational Sustainability | Author
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No longer can we havevoluntary or optional reporting activity. The organizational sustainabilty program must capture ESG-type information from the entire supply chain and determine the level of reporting that triggers the need for reporting based on the information collected by the new IFRS reporting program. ISSB takes the information received from the reporting efforts and converts it into a series of "disclosures." The disclosures are used by a relatively small group of Ratings and Data Products Providers. https://lnkd.in/em_3NeBc This information is then provided by IFRS to the #capital markets for help gather information for how publicly traded companies are succeeding in organizational sustainability.

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5 CSR is a static or fixed concept

A fifth myth about CSR is that it is a static or fixed concept that has a universal definition and application. This myth assumes that CSR is a standardized or prescriptive model that can be applied to any business or situation. However, CSR is a dynamic and evolving concept that reflects the changing expectations and needs of the stakeholders and the society. CSR is not a static or fixed concept, but a responsive and adaptive practice. CSR is shaped by the context and culture of the business and its stakeholders, such as the industry, location, size, values, and goals. CSR is also shaped by the trends and challenges of the society and the environment, such as globalization, digitalization, climate change, inequality, and diversity. CSR is not a rigid or fixed concept, but a flexible and creative practice.

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Robert (Bob) Pojasek, Ph.D.

Harvard Lecturer Emeritus | Uncertainty Risk Management | Pollution Prevention | Process Improvement | ESG | Organizational Sustainability | Author
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What was known as CSR is now the information that will be reported in the new IFRS sponsored activity in 130 jurisdictions around the world. It is part of every program using the ISSB sustainability and climate change reports. Many of the fancy reports of large companies will still likely be produced to brag about all the awards won by the program. IFRS does not provide requirements for this kind of information because of the fear of the companies using a technique known as "greenwashing." Europe is seeking to develop laws to try to detain this kind of reporting.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Sagar Telakula

CSR and social impact | Gameskraft | ofi | EY | Goodera
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Few misconceptions and myths about CSR that need to be dispelled: ?Misconception that CSR is primarily about financial contribution. It involves strategic planning, designing initiatives and addressing issues. It requires careful planning and execution. ?CSR is expected to have quick and direct returns from initiatives. While CSR can lead to various benefits, such as improved reputation and employee engagement, these may not be immediate. CSR involves long-term investment and may take time to show measurable impact. ?Another misconception is that CSR Is a One-Size-Fits-All Approach. CSR strategies should be tailored to company's values, business, and the communities. Design thinking and customisation are crucial to effective implementation.

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Robert (Bob) Pojasek, Ph.D.

Harvard Lecturer Emeritus | Uncertainty Risk Management | Pollution Prevention | Process Improvement | ESG | Organizational Sustainability | Author
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Should add a section to discuss the legal Corporate Social Responsibility program in India. The "social responsibility is part of organizational sustainability and ESG practices. All of the other countries I know of encourage companies to combine social responsibility into the new ISSB program that covers two categories: 1. Climate Change and "Sustainability." The information will be converted to "disclosures." the information will then go to ratings and data productrs providers using ESG and other financial products. https://lnkd.in/em_3NeBc

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What are some of the common misconceptions and myths about CSR that you encounter?

1

2

3

4

5

6

1 CSR is just PR

2 CSR is only for large corporations

3 CSR is a cost or a burden

4 CSR is a voluntary or optional activity

5 CSR is a static or fixed concept

6 Here’s what else to consider

Corporate Social Responsibility

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What are some of the common misconceptions and myths about CSR that you encounter?

1

2

3

4

5

6

1 CSR is just PR

2 CSR is only for large corporations

3 CSR is a cost or a burden

4 CSR is a voluntary or optional activity

5 CSR is a static or fixed concept

6 Here’s what else to consider

Corporate Social Responsibility

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