Can corporate responsibility work for a startup?

For many startups, the concept of corporate responsibility can seem like one that belongs solely to big corporations. However, things are changing and many are starting to realise that this is a core part of integrated business planning and no longer an optional extra. As said by John Morrison, Executive Director at the Institute for Human Rights and Business, “The age of responsibility is upon us – if not in terms of practice then definitely in terms of public expectations.” Is this something that can work for startups, though? Today, we’re going to take a closer look.

What does corporate responsibility cover?

When you hear the term ‘corporate responsibility’ you probably think of a business doing some charity events and certain aspects of employee wellbeing. However, once you step back and take into account all that this umbrella term covers, you begin to realise just how important it is for present and future business endeavours. It is simply the result of a well-run business, which can then provide value for all its constituents, including employees, customers, suppliers and the wider community.

 

 

The five broad of corporate responsibility are included below:

• Workplace: Includes human rights, employee engagement, and health and safety legislation.
• Environment: Includes environmental legislation and reducing energy wastage.
• Community: Includes local awareness and supporting the community.
• Marketplace: Includes the supply chain and stakeholders.
• Customer wellbeing: Includes wellbeing of the customer and a wider perspective of their needs and expectations.

Yes, certain aspects of these areas can seem like a bit of a stretch for startups, but there are still aspects of this that you can begin to gain opportunities from. That is why we are going to look at five ways startups can utilise corporate responsibility.

1. Value your people

This is a simple step and it is a wonder that so many startups get it wrong. Every boss will tell you that people are their greatest asset, but how many of them actually mean this? No matter how small your startup business may be, people need to be valued and will require training and development opportunities if they are going to grow and help your business grow too. Speak to your employees, help them aspire to and achieve personal goals, and listen to any worries they may have. Having driven, engaged and productive personnel will benefit your business.

2. Being green doesn’t have to be hard

• Tech Startup dedicated to custom jeans – OriJeans (thestartupmag.com)
• Responding to rapid growth (thestartupmag.com)
• The risks and benefit of outsourcing manufacturing to China (thestartupmag.com)