Implementing CSR policies can create big opportunities for companies that have the right vision
CORPORATE SOCIAL responsibility can be a way to generate cash rather than leak it if companies follow a few necessary steps, according to Ashley Hegland, a specialist in CSR and sustainability at public relations agency Edelman.
'CSR is not a cost but a worthy investment; it is not an add-on but the key to successful reputation management. CSR can bring incredible benefits but many Hong Kong companies are not taking advantage of it. They are reacting to the trend but not really seeing CSR as their opportunity,' he said.
Mr Hegland said CSR saved money by giving a company a different angle, a connection with the community and creating better brand value.
'CSR has evolved beyond philanthropy and community services. Companies have to comply with the changing laws and regulations, and develop good risk management. In this age of democratisation of information, people want to go beyond the products and learn more about companies.'
Mr Hegland said companies could initiate CSR by generating a value statement and asking what CSR meant to their businesses.