Corporate responsibility marks the survival of a company.Sustainable companies attract talent.
The concepts of sustainability and corporate social responsibility (CSR) have evolved over the years. Corporate social responsibility is no longer seen as an individual act of philanthropy, but has become a duty, both ethical , as well as a principle of competence and survival of a company.
In the same way, sustainability is not conceived by adding costs to mitigate the negative impact on the environment, but rather it is one more element that must accompany the entire production chain to minimize the environmental impact.
With this idea began the presentation of the last report of the I Observatory of Trends in CSR and Sustainability in Ibero-America that EAE Business School has presented in collaboration with the Business Council Alianza por Iberoamérica ( CEAPI ).
And as Clara Arpa, president of the Spanish Global Compact Network, underlined, “sustainability is not about what you do with your income, but about how you obtain that income”, to which she added that “this paradigm replaces the idea that companies they have to give something back to society ”.
The report provides details of the evolution of CSR within companies. Thus, it allows us to see how independence in the organization chart increases as the size of the company increases:
90% of the companies that are among the 50 largest in Latin America have a specific department dedicated to CSR, whose most common name is “Sustainability department”, which corresponds to 54% of those surveyed.
However, Pilar Llácer, head of research at EAE Business School , pointed out the need, not only for the existence of a specific department, but also for the involvement of all workers, “it must be transversal,” he said.
The authors of the study point out that in the same way the relationship between competing companies has changed. Sustainability has opened up as a field of collaboration. Among those surveyed, 99% of companies would enroll in initiatives of smaller suppliers and stakeholders , and 95% would collaborate with the competition in a framework of common action.
Finally, the report also highlights the vision of the future implicit in the idea of sustainability and CSR. As Pilar Llácer stressed, the Covid is presented as a black swan, an unpredictable actor that generated a global crisis, but the same does not happen with climate change , which has been predicted for many years.
On the other hand, again quoting Llácer, “companies are beginning to understand that investing in sustainability is attracting talent” and in this way they are betting more on competitiveness. In addition to this vision of the future, new generations increasingly demand this type of responsibility from companies.
For generations that come from millennials, which according to the authors currently represent up to 30% of the population, are intrinsic values that should accompany any corporation.