{"id":21041,"date":"2019-11-28T11:01:59","date_gmt":"2019-11-28T11:01:59","guid":{"rendered":"https:\/\/strammer.com\/?p=21041"},"modified":"2019-11-28T11:01:59","modified_gmt":"2019-11-28T11:01:59","slug":"corporate-social-responsibility","status":"publish","type":"post","link":"https:\/\/strammer.com\/en\/corporate-social-responsibility\/","title":{"rendered":"Corporate Social Responsibility: The Life Sciences Industry"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-fullwidth-1  fusion-parallax-none nonhundred-percent-fullwidth\" style=\"border-bottom-width: 0px;border-top-width: 0px;border-bottom-style: solid;border-top-style: solid;padding-bottom:20px;padding-top:20px;padding-left:;padding-right:;\"><style type=\"text\/css\" scoped=\"scoped\">.fusion-fullwidth-1 {\r\n                            padding-left: px !important;\r\n                            padding-right: px !important;\r\n                        }<\/style><div class=\"fusion-row\"><div class=\"fusion-title title fusion-title-center fusion-title-size-one\"><div class=\"title-sep-container title-sep-container-left\"><div class=\"title-sep sep-double sep-solid\" style=\"border-color:#5f80a0;\"><\/div><\/div><h1 class=\"title-heading-center\"><span style=\"color: #5f80a0;\">Corporate Social Responsibility<\/span><\/h1><div class=\"title-sep-container title-sep-container-right\"><div class=\"title-sep sep-double sep-solid\" style=\"border-color:#5f80a0;\"><\/div><\/div><\/div><p style=\"text-align: justify;\">Nowadays, the <strong>dynamics between\u00a0companies and consumers\u00a0have changed<\/strong>. When people buy, they are not only interested in the product. They are concerned about how the product was created, where, the company\u2019s values and positions on social and environmental issues, etc.<\/p>\n<p style=\"text-align: justify;\">Thus, <strong>organisations have become more aware of their\u00a0corporate social responsibility, <\/strong>also known as<strong> CRS<\/strong>. The European Commission has defined it as\u00a0<em><strong>the responsibility of enterprises for their impact on society<\/strong>.\u00a0<\/em>CSR strategies\u00a0influence employees, shareholders, customers, and the workforce in general.<\/p>\n<p style=\"text-align: justify;\">A 2017 Cone study showed that nearly\u00a0<strong>90%\u00a0of consumers would buy a product because a company took a stand on an issue they care about<\/strong>. So, it is easy to understand how <strong>important CSR is to\u00a0attract and retain consumers<\/strong>. Reputation is key in today\u2019s market. When consumers are not satisfied with a company or its products, they turn not only their backs on them. They use the Internet and social media to explain why they did it, to spread the message and influence, other consumers. It is easy to understand how damaging this can be.<\/p>\n<p style=\"text-align: justify;\">On the other hand, <strong>CSR plans<\/strong>\u00a0<strong>strengthen relationships<\/strong>\u00a0<strong>between employees and employers<\/strong>. Corporate social responsibility is <strong>crucial to\u00a0retain\u00a0employees and\u00a0attract\u00a0candidates<\/strong>. Nowadays, workers are looking for more than a salary. So, a good CSR strategy can be fundamental. Employees know they can use their work to make a difference in society and the world.<\/p>\n<p style=\"text-align: justify;\">That is exactly what a 2018 Glassdoor statistic showed:\u00a0<strong>93%\u00a0of job seekers and workers said that when applying for a job they are aware of the company\u2019s missions, values, culture<\/strong>, etc. So, it is not a surprise that employees who identify with the company, its mission, and its CSR strategies are more\u00a0engaged\u00a0and\u00a0satisfied\u00a0with their work. Consequently, this leads to a decrease in employee\u00a0<strong>turnover\u00a0<\/strong>rates.<\/p>\n<p style=\"text-align: justify;\">Also,<strong> CSR strategies are helping to cope with the lack of\u00a0diversity<\/strong>\u00a0in the workforce. It is a way to include people of different ages, races, genders, etc. Diversity helps build a sustainable future and companies know it.<\/p>\n<p style=\"text-align: justify;\"><strong>CSR plans are a way for companies to<\/strong>\u00a0<strong>stand out<\/strong>\u00a0<strong>from their competitors<\/strong>. They improve the brand image. Which can influence investors, who typically want to invest in organisations that have the same values as them.<\/p>\n<p style=\"text-align: justify;\">In a more specific case and given the substantial importance that the <strong>Life Sciences Industry<\/strong> has in our lives, CSR plans in this sector can make a real difference. This industry has been a helping hand in social issues, environmental protection, and human rights promotion.<\/p>\n<p style=\"text-align: justify;\">The<strong> impact of this industry on the environment is significant<\/strong>. And as we know, climate change is affecting our planet in every way, and the consequences are becoming increasingly drastic. Therefore, the <strong>industry needs to develop CSR plans related to this subject<\/strong>. For example, by improving the recycling system and creating greener medicines.<\/p>\n<p style=\"text-align: justify;\">In addition, it is common that, in <strong>situations of natural disasters or in developing areas, Life Sciences Industries help communities<\/strong>, not only with money, drugs, machines but also with employees, experts. These are examples of CSR strategies that prove to have a major positive impact on society.<\/p>\n<p style=\"text-align: justify;\">Some <strong>life sciences companies are partnering with different\u00a0organisations<\/strong>,\u00a0<strong>ONGs<\/strong>, and even\u00a0<strong>governments\u00a0<\/strong>to work together on sustainable solutions to social issues.<\/p>\n<p style=\"text-align: justify;\">For\u00a0<strong>example<\/strong>, the Medtronic Foundation and Medtronic PLC have teamed up to promote health care. This foundation works closely with local health policymakers and workers to strengthen health policies and services in unserved places.<\/p>\n<p style=\"text-align: justify;\">In\u00a0<strong>another case<\/strong>, MedTech Europe also created a\u00a0Code of Ethical Business Practice. This code regulates the relationships between this company and other organisations in relation to development, research, and education. It includes \u201ctransparency obligations\u201d. This is a way to protect a company\u2019s reputation. It also ensures that the company\u2019s performances are clear and transparent.<\/p>\n<p><span style=\"font-size: 10pt;\"><u>References:<\/u><\/span><\/p>\n<ol>\n<li><span style=\"font-size: 10pt;\">Why Social Responsibility Matters to Businesses, September 2019, <a href=\"https:\/\/www.investopedia.com\/ask\/answers\/041015\/why-social-responsibility-important-business.asp\" target=\"_blank\" rel=\"noopener\">Investopedia<\/a><\/span><\/li>\n<li><span style=\"font-size: 10pt;\">The 5 Benefits of Increasing Your Corporate Social Responsibility, July 2019, <a href=\"https:\/\/real-leaders.com\/the-5-benefits-of-increasing-your-corporate-social-responsibility\/\" target=\"_blank\" rel=\"noopener\">RealLeaders<\/a><\/span><\/li>\n<li><span style=\"font-size: 10pt;\">Five CSR Trends Every Company Can Get Behind, February 2019, <a href=\"https:\/\/www.forbes.com\/sites\/forbescommunicationscouncil\/2019\/02\/21\/five-csr-trends-every-company-can-get-behind\/#2b381d433718\" target=\"_blank\" rel=\"noopener\">Forbes<\/a><\/span><\/li>\n<li><span style=\"font-size: 10pt;\">Corporate social responsibility in health sector: A case study in the government hospitals in Medan, Indonesia, March 2018, <a href=\"https:\/\/www.researchgate.net\/publication\/324075737_Corporate_social_responsibility_in_health_sector_A_case_study_in_the_government_hospitals_in_Medan_Indonesia\" target=\"_blank\" rel=\"noopener\">ResearchGate<\/a><\/span><\/li>\n<li><span style=\"font-size: 10pt;\">Foundations in life sciences and health care, 2018, <a href=\"https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/us\/Documents\/about-deloitte\/us-about-deloitte-foundations-in-life-sciences-and-health-care.pdf\" target=\"_blank\" rel=\"noopener\">Deloitte<\/a><\/span><\/li>\n<\/ol>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":7,"featured_media":21042,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","myguten_meta_block_field":"","footnotes":""},"categories":[98],"tags":[],"class_list":["post-21041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/strammer.com\/en\/wp-json\/wp\/v2\/posts\/21041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/strammer.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/strammer.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/strammer.com\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/strammer.com\/en\/wp-json\/wp\/v2\/comments?post=21041"}],"version-history":[{"count":0,"href":"https:\/\/strammer.com\/en\/wp-json\/wp\/v2\/posts\/21041\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/strammer.com\/en\/wp-json\/wp\/v2\/media\/21042"}],"wp:attachment":[{"href":"https:\/\/strammer.com\/en\/wp-json\/wp\/v2\/media?parent=21041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/strammer.com\/en\/wp-json\/wp\/v2\/categories?post=21041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/strammer.com\/en\/wp-json\/wp\/v2\/tags?post=21041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}