Many companies are preparing to spend more on Corporate Social Responsibility (CSR), with more than half (55%) reporting increasing CSR budgets for the second year in a row, new research has claimed.
A report from Skillsoft found two-fifths of investment (41%) is set to be dedicated to training and education, representing a key area that can benefit from an injection of artificial intelligence.
The study, which directly investigated the key role that generative AI might play in organizations’ CSR agendas, found that more than four in five (84%) respondents believe that GenAI will impact their environmental, social, and governance (ESG) reporting and decision-making.
Companies are preparing for a shift in CSR
Last year, Skillsoft reported that 40% said they had based CSR commitment on “doing the right thing,” however this year, that number stands at a substantially lower 13%. Now, half of the organizations questioned say their CSR efforts are being driven by external factors like customer feedback, government mandates, and public perception.
Companies are now looking to improve brand recognition, business reputation, and sales and customer loyalty.
Other studies have shown that workers understand the benefits of AI disproportionately, with executives and board members, who hold the highest responsibility for CSR efforts, most likely to benefit from the technology.
AI tools have proven valuable resources in the decision-making process, and they are poised to play a considerable role in shifting CSR trends in the future.
With an evolving CSR landscape and a heightened focus on ESG, companies looking to adapt more quickly may wish to employ AI tools to plug gaps in both decision-making to improve efficiency and training and education to unlock new worker skillsets.
Providing workers with better tools to carry out their roles is also expected to improve productivity and mood, in turn having a positive effect on worker health and security, which ranked number one for CSR success measurement for the second year in a row.
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With several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!