2020: The Year of Changes. CSR Edition.

2020 was not "business as usual". This year has brought with it many challenges: a global pandemic, economic recession, and numerous examples of prominent systematic racism. All of these and more, affect the way companies adhere to, adapt, and implement their corporate social responsibilities and programs. The COVID-19 pandemic has sparked changed. It has prompted professionals to ask themselves if their current CSR and business ethics can withstand the lasting effects that 2020 will have on years to come. These professionals could be asking themselves questions such as: 

1. Do we maintain our current strategies or change them in anticipation of what is to come?
2. Do we create new employee initiatives or maintain those we have already established?
3. What can we do for our partner organizations/community

All of these questions can only be answered by reflecting on a company's CSR pre-COVID. Globally, a massive change was already imminent long before the pandemic struck. More and more companies were beginning to adapt their programs and policies to be more effective, strategic and sustainable. But as of late, the world's economic, environmental, and civic crises have transformed the way companies view and value their corporate social impact strategies. They now have to make the decision prompted in question number one above: Do we maintain our current strategies or change them in anticipation of what is to come? CSR has now become a top priority. It is no longer a feasible option to opt out of driving internal changes within a company if that company wishes to prosper in modern society. The "new normal" would bring about corporations ditching their tried-and-trued profit maximizing strategies for stakeholder capitalist strategies. In doing so, the company would change its relationship between the business and society. 

In order to answer questions two and three, companies must realize that the "new normal" is within reach. The new year is upon us and will bring with it a whole year's worth of challenges for businesses. Whether they are ready to take on these challenges depends solely on their level of preparation and awareness of current issues. As of 2020, not modernizing your CSR could mean the downfall of your business. Now that more and more members of the public, consumers, and stakeholders are shifting their attention to socio-political issues, companies need to ensure they are on the right side of history. Remaining stagnant may be seen as a refusal of action and denial of the need for change. 

Even though current efforts must be commended, the challenges 2020 brought continue to reveal where CSR is needed and is lacking reinforcement. The anti-racism movement of 2020 has proven that companies have the ability to quickly respond to instances of discrimination and injustice; verbally. However, their dedication towards sustaining long-term equity and inclusion programs are lacking. Ultimately, the underlying systems are what need to change and companies must do their part in establishing and reinforcing those changes. Many large companies talk about having a social and environmental purpose, ethical standards, and how valuable they deem their employees and stakeholders to be. Now is the time for them to prove it.