IMPORTANCE OF CSR DURING RECESSION
Tough times call for tough measures – recession proof your business by effective supply chain management – your sustainability filter for suppliers and investments should enable you to select the most robust companies and markets as well. Those who score highly on a sustainability screening policy will usually also be better resourced, better structured and more resilient to market downturns. Continue to nurture your relationships with suppliers that you are positively discriminating through your sustainability screens: they will support you through the tough times.
CR can help you cut costs – focusing on the programmes that will cut overheads and save money in the long term will be a win-win in times of financial worry.
Communicate more - Increasing your communications with your business partners and clients can convey your resilience in the current market climate.
Continue to report on your sustainability activities, both internally and externally. A CSR report may be appropriate, whether stand-alone or integrated into your main business reports. After all, CSR is not an add-on but a core value. Why should it be treated as a separate subject to your everyday function?
Reputation and transparency are key issues. Investors are nervous about where they have put their money; talented employees want to understand that they are still valued even when dead wood is being chopped. If employment cuts have to be made then be clear what the strategy is and why it is happening. Do it with consideration and ethical change management. Your business unit may still need to hire talent, and so being attractive to talent is still a key consideration.
Employee engagement – a 2003 Gallup report shows the link between employee engagement and performance. High turnover and low retention rates, and retention linked much more to remuneration levels, typify companies with low employee engagement, and happier employees are more efficient... [continues]
Tough times call for tough measures – recession proof your business by effective supply chain management – your sustainability filter for suppliers and investments should enable you to select the most robust companies and markets as well. Those who score highly on a sustainability screening policy will usually also be better resourced, better structured and more resilient to market downturns. Continue to nurture your relationships with suppliers that you are positively discriminating through your sustainability screens: they will support you through the tough times.
CR can help you cut costs – focusing on the programmes that will cut overheads and save money in the long term will be a win-win in times of financial worry.
Communicate more - Increasing your communications with your business partners and clients can convey your resilience in the current market climate.
Continue to report on your sustainability activities, both internally and externally. A CSR report may be appropriate, whether stand-alone or integrated into your main business reports. After all, CSR is not an add-on but a core value. Why should it be treated as a separate subject to your everyday function?
Reputation and transparency are key issues. Investors are nervous about where they have put their money; talented employees want to understand that they are still valued even when dead wood is being chopped. If employment cuts have to be made then be clear what the strategy is and why it is happening. Do it with consideration and ethical change management. Your business unit may still need to hire talent, and so being attractive to talent is still a key consideration.
Employee engagement – a 2003 Gallup report shows the link between employee engagement and performance. High turnover and low retention rates, and retention linked much more to remuneration levels, typify companies with low employee engagement, and happier employees are more efficient... [continues]
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