In a time where companies are being asked to do more with less, it can be challenging to implement changes in your business that make the shift to social and environmental responsibility. But more businesses are making those changes to do good and take pride in their workplaces, and they are seeing the return on their investment as a result. The bottom line is that social responsibility can increase your company's bottom line while making a difference in your community.
Corporate social responsibility (CSR) can be defined as adhering to ethical and legal standards across a company's operations. That includes promoting and supporting local, national and global causes. That's typically achieved through corporate philanthropy, where businesses donate some of their profits or resources to charitable causes.
If your company has a well-designed and accurately executed "giving program" you can have the competitive advantage through:
Improving name recognition Boosting brand reputation among consumers Increasing sales and positive consumer sentiment Assisting in efforts to recruit and retain talented employees for your company Improving the quality of life in communities where you do business
Consumers basically choose to buy from businesses with social responsibility as revealed by research. Public relations and marketing firm Cone Communications and Echo Research in their study early this year revealed that about 90% of the shoppers are inclined to shift brands in support of a good cause even when price and quality is similar. If your business is not socially responsible you are more likely to lose customers. Still 90% of the surveyed customers are willing to stop supporting businesses with irresponsible practices.
What this study is about is the latest rousing of social responsibility within companies as customers care about it. It won't be enough to just sell products or services. Businesses making social impact attract more customers. It is no longer up to the Public Relations department to act upon but social responsibility has now been integrated fully into the operations. Proof of this is in the way jobs are being offered, how products are being made and the use of the resources.
You see, CSR these days are looked at by companies as long-term investment rather than mere marketing moves. Coca-Cola in its 5 x 20 program presents a clear example where it aims to give opportunities to five million women in the developing world to become local bottlers and distributors of Coca-Cola products by 2020. These young women entrepreneurs are being empowered to act as investments as they can generate more sales after gaining them as additional bottlers capable of selling more products. This move will also cause better-educated people to become apparent and eventually turn communities in need of help into more prosperous ones.
Other companies look at CSR as a way to save money. Energy efficiency is a good example. Wal-Mart has three goals of its social responsibility policy: to be fully supplied by renewable energy, to create zero waste, and to sell products that sustain people and the environment. These are lofty goals, but if achieved, they will ultimately save the company a great deal of money.
Corporate social responsibility (CSR) can be defined as adhering to ethical and legal standards across a company's operations. That includes promoting and supporting local, national and global causes. That's typically achieved through corporate philanthropy, where businesses donate some of their profits or resources to charitable causes.
If your company has a well-designed and accurately executed "giving program" you can have the competitive advantage through:
Improving name recognition Boosting brand reputation among consumers Increasing sales and positive consumer sentiment Assisting in efforts to recruit and retain talented employees for your company Improving the quality of life in communities where you do business
Consumers basically choose to buy from businesses with social responsibility as revealed by research. Public relations and marketing firm Cone Communications and Echo Research in their study early this year revealed that about 90% of the shoppers are inclined to shift brands in support of a good cause even when price and quality is similar. If your business is not socially responsible you are more likely to lose customers. Still 90% of the surveyed customers are willing to stop supporting businesses with irresponsible practices.
What this study is about is the latest rousing of social responsibility within companies as customers care about it. It won't be enough to just sell products or services. Businesses making social impact attract more customers. It is no longer up to the Public Relations department to act upon but social responsibility has now been integrated fully into the operations. Proof of this is in the way jobs are being offered, how products are being made and the use of the resources.
You see, CSR these days are looked at by companies as long-term investment rather than mere marketing moves. Coca-Cola in its 5 x 20 program presents a clear example where it aims to give opportunities to five million women in the developing world to become local bottlers and distributors of Coca-Cola products by 2020. These young women entrepreneurs are being empowered to act as investments as they can generate more sales after gaining them as additional bottlers capable of selling more products. This move will also cause better-educated people to become apparent and eventually turn communities in need of help into more prosperous ones.
Other companies look at CSR as a way to save money. Energy efficiency is a good example. Wal-Mart has three goals of its social responsibility policy: to be fully supplied by renewable energy, to create zero waste, and to sell products that sustain people and the environment. These are lofty goals, but if achieved, they will ultimately save the company a great deal of money.
About the Author:
Sebastian Troup likes blogging about philanthropic solutions for businesses and non profit organizations. For more information about corporate social responsibility benefits, or to get help setting up employee volunteer programs, please check out the Truist.com website today.
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