2023 will be a test of corporate America — the year we find out if corporate social responsibility (CSR) commitments and environmental, social, and governance (ESG) principles are deeply ingrained values or in fact only hobbies to be enjoyed in economic fair weather.
2023 Will Test Companies’ Commitment to Social Responsibility
Four reasons why upholding ESG and CSR is critical to long-term success.
December 19, 2022
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Summary.
The months and year ahead will test whether American companies will uphold commitments to ESG and corporate social responsibility as we near a recession. The authors, members of three organizations that work with leaders engaged in social impact across sectors and regions, caution against stepping back from these commitments and and cutting costs. They provide four reasons why upholding ESG and CSR are critical to long-term success: 1) Your workforce is making employment decisions based on corporate purpose commitments and actions; 2) your customers make purchase decisions based on corporate purpose commitments and actions; 3) your investors make decisions based on corporate purpose and action; and 4) your company’s reputation is intrinsically linked to corporate purpose and actions.