Effect of Covid-19 on CSR programs
Covid-19 has hit the world by storm and it has made a big difference to the way we view some of the basic things in life. The post-Covid-19 world will have a huge impact on Corporate Social Responsibility, which means we will have to create new avenues of income and play a large role in the community as a company.
In the following article, we will have a look at how CSR programs can operate post-Covid-19. The article will tackle some of the basic issues of CSR and how they need to be dealt with going forward. It is worth noting that it will take some time to develop a Covid-19 vaccine, which is one of the focal points for CSR going forward.
Most companies and NGOs already have a large role to play when it comes to CSR programs and helping the community. However, new challenges have arisen during the last couple of months. The priorities of companies have changed and the economic crash we are experiencing does not make it easier. Here is how we think CSR will change post-Covid.
The Shift Of Needs
At first, needy people were poverty-stricken, which means that food and water were one of the biggest things for organizations to focus on. However, recent months have added the Covid-19 virus to the mix, which means that there is a much stronger focus on health & the provision of medication. Field hospitals and other means of medication will need to form part of modern Covid-19 CSR programs.
CSR programs only make up a small part of the overall programs that a company runs. It is a great way to connect with the community and to give back. However, the programs are now becoming more important and people will rely on them evermore. Larger percentages of funding might need to be diverted to these programs if the organization is to make a real difference.
Keep in mind that the net income of individuals around the world has also decreased significantly, which means that funding streams will also dry up. Companies might need to move to innovative methods of generating funds to fund these CSR programs.
Rethink Overall Funding
This point closely links to the previous point, but there should be a few meetings with the finance department to think about the spending going forward. If more funds are to be diverted to CSR programs, you might need to cut a few other programs. It can be hard to imagine cutting some of your programs, but if one is not lucrative, it might be a necessary evil.
More Community Education Programs
Education makes up a big part of many CSR programs. While most of these programs are designed to help people lift themselves from poverty, many organizations are also taking a medical narrative. Covid-19 is arguably a deadly illness, and one also needs to stay alive if you are to get out of poverty. Medical programs are needed to educate those without access to this information.
Overcome The Economic Recession
Due to Covid-19, many countries around the world have been plunged into recession. The recession has targeted each business individually, leading to reduced capital for CSR programs. CSR programs will be adversely affected as funding is redirected to other avenues. Organizations will need to establish viable CSR programs that can help the communities escape the recession while helping them become more independent.
Being More Goal-Oriented (Healthcare)
One of the main goals of CSR is to help the community achieve a level of independence while allowing them to grow. However, financial support might be redirected to health-related support. In the post-Covid-19 world, it is expected that more Corporate Social Responsibility projects will be centered around the healthcare systems and to strengthen these in local communities.
Measuring & Communicating clear Impact of CSR programs
Effect of economic recession, the pressure to create real impact, attention from the rest of the world has created immense pressure on CSR departments to show the clear impact created by all social projects. Artemis enterprise solution can help companies learn and measure the impact created by their programs using impact expertise and proprietary measuring technology
Much like CSR has always been one of the most important parts of our lives, Covid-19 will also remain a large part of our daily lives. CSR programs will need to be adapted to accommodate our new reality. The above-mentioned are some of the most important aspects that you will need to keep in mind when adapting your CSR programs
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