{"id":217,"date":"2023-03-20T12:00:54","date_gmt":"2023-03-20T04:00:54","guid":{"rendered":"https:\/\/foundingbird.com\/?p=217"},"modified":"2023-04-11T21:04:09","modified_gmt":"2023-04-11T13:04:09","slug":"corporate-social-responsibility-malaysia-for-businesses","status":"publish","type":"post","link":"https:\/\/foundingbird.com\/my\/blog\/corporate-social-responsibility-malaysia-for-businesses","title":{"rendered":"CSR in Malaysia: 6 ways for businesses to make a difference"},"content":{"rendered":"

The \"do good, feel good\" phenomenon \u2014 we've all experienced that warm feeling from acts of altruism and charity at some point in our lives. Successful business leaders not only realise the importance of giving back to society, but they also consider the social and environmental responsibilities of their business with the ultimate goal of sustainable global development. This concept of business operations grounded in economic performance with a simultaneous consideration for the bigger picture is stylised as Corporate Social Responsibility (CSR), an idea which has been gaining traction and recognition in Malaysia. There have been more Malaysian businesses adopting a socially conscious approach<\/a> in the form of CSR initiatives and philanthropic efforts in recent years. Clearly, CSR is not a passing fad and is here to stay.<\/p>\n

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Perks of Implementing CSR<\/h2>\n

A properly executed CSR strategy offers a plethora of benefits to businesses:<\/p>\n

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Offers a competitive advantage in sales<\/h3>\n

Thanks to the era of information technology, the modern consumer is plenty capable of well-informed decisions when it comes to making a purchase. Unsurprisingly, a business' personal mission statement and ethical stance are factored into their final decision when choosing. According to a study done by Cone Communications in 2017, 87% of consumers said they would be willing to buy a product or service based on a business\u2019s advocacy<\/a> concerning a social matter.<\/p>\n

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Aids in talent recruitment<\/h3>\n

By implementing CSR, your business stands a chance of attracting like-minded talent. Employees are much more likely to work for a socially responsible business that aligns with their personal beliefs. Moreover, CSR reduces the employee turnover rate<\/a> by a staggering 50%.<\/p>\n

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Results in tax deductions<\/h3>\n

Businesses can benefit from tax deductions by donating to recognised organisations<\/a> or by making contributions to Digital Social Responsibility (DSR). As per the recently announced National Budget 2020<\/a>, efforts towards the efficient use of digital resources by Malaysian businesses also yields tax deductions and\/or exemptions.<\/p>\n

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Improves overall workplace performance<\/h3>\n

Last but not least, a well-thought-out CSR program can give your business a sense of purpose, serving as the driving force that keeps your employees motivated. Businesses actively engaging in CSR have seen spikes in productivity and employee engagement.<\/p>\n

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Sounds great. How can my business make a difference?<\/h2>\n

There are a vast array of causes to support as a business, ranging from human rights to eco-efficiency; the challenge lies in finding one that matches your business's purpose and values. Finding a cause that aligns with your passion is a great place to start. Here are some ideas for SMEs and startups to kickstart their CSR program, as exemplified by selected socially responsible Malaysian businesses.<\/p>\n

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1) Volunteering<\/h3>\n

Contrary to popular belief, CSR does not always come at the expense of taking a hefty chunk out of your business\u2019s budget. Volunteering at your local old folks home or soup kitchen is an amazing way to give back at virtually no cost. You'll find that volunteering is one of the most rewarding things you can do as a team, cultivating a sense of teamwork and solidarity amongst your colleagues. How's that for establishing good working culture?<\/p>\n

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Example of volunteering activity as CSR<\/h4>\n

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Yayasan Sime Darby (YSD)<\/a> \u2013 Huluran Kasih Volunteer Programme<\/a><\/p>\n