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The Importance of Partnerships In CSR Today

By Whitley Washington On 10 June 2017
The Importance of Partnerships In CSR Today

Working alone as a single entity yields lesser benefits than when working together as a team. This is a concept that business people have come to understand only too well in the last couple of decades. To fulfil their Corporate Social Responsibility goals much more efficiently and effectively, organizations and businesses alike have realized that partnering with others is the only sure way of achieving this. This has proven true because the formation of partnerships has played a very significant role in CSR. Such partnerships bring businesses, people and organization together and then pool their resources together in order to achieve the set goals. Explained below are some of the important roles that partnerships have played in CSR today.

Poverty eradication.

Eradicating poverty is one of the social responsibilities that a business is expected to shoulder. This is done by creating job opportunities for the members of the community in which the organization is located in. Unfortunately, not many organizations can live up to this, especially the ones with unstable financial footings. By forming partnerships with other financially stable businesses, such organizations receive financial boosts which are then used to give the locals jobs. This improves the standards of living of the community members and also serves to improve the public image of the involved businesses.

Fighting climate change.

98% of scientists worldwide agree that climate change is a real threat that needs serious consideration if we want to make the world safely habitable for our descendants. The signing of the Paris Accord is one example of how countries and businesses alike have formed a partnership aimed at preventing global warming. This partnership is very beneficial because poor countries can benefit from developed nations in terms of finances and information on how to fight practices which accelerate global warming. As of now, there are a lot of ongoing CSR Projects in India which are specifically in place to help fight global warming.

Access to affordable health care.

Health care providers such as hospitals and dispensaries have been working in partnerships with insurance providers and drug making companies in order to ensure that the general public can access easily affordable health care plans. This is one of the main benefits that partnerships plays in Corporate Social Responsibility of these companies and organizations. If these organizations do not come together, the general public, especially the disadvantaged members of the society, would greatly suffer.

Rise in philanthropic actions.

Philanthropy is one major pillar of CSR. By joining hands, organizations can come together and raise funds for certain social projects. These projects may include raising funds to support orphans and the sick, providing food and basic needs to hunger stricken people among others.

Infrastructural renovations and improvements.

Corporate Social Responsibility is all about giving back to the people. One sure way of doing this is by starting new infrastructural projects such as construction of roads to make some areas accessible. How does partnership help in CSR in regards to infrastructural improvements? It is very simple, really. By coming together, organizations and businesses are able to pool their resources together which can be used to finance infrastructural projects.

Although the above list is not exhaustive, one thing is irrefutable: Partnerships play a very important role in CSR.

(Whitley Washington is a freelance writer and has a deep interest in sustainable business, nature conservation and innovations.)

Tag : CSR Partnerships Community Engagement Sustainability

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