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
Most consumers buy according to the corporate social responsibilities as indicated by studies. Early this year Cone Communications and Echo Research being public relations and marketing firms conducted a study which resulted to 90% of surveyed consumers likely to change brands given similar price and quality to the one with a good cause. Businesses without social responsibility responses therefore lose customers. About 90% of the customers would boycott those businesses found practicing irresponsibly.
It is but the latest reminder that companies should get involved in social responsibility because customers look this from them. Mere selling products or services are now insufficient. Consumers look for business with real meaningful impact. And so, several business owners are starting to heed this. Social responsibility no longer remains confined within the public relations department because now companies are trying to integrate it into its whole operations. This commitment is now more evident in terms of the kind of jobs offered, kind of products manufactured and how resources are utilized.
Companies are no longer looking at CSR as a marketing move, but rather as a long-term investment. For example, the Coca-Cola Company's 520 program aims to bring five million women in the developing world into its business as local bottlers and distributors of Coca-Cola products by 2020. This investment to empower young women entrepreneurs will obviously generate more revenue for Coca-Cola because they will have more bottlers and can sell more products. But at the same time, this type of investment will undoubtedly lead to better-educated people and eventually, more prosperous communities in areas that need help.
Some companies view CSR as their passport to savings. Take energy efficiency as a good illustration. With Wal-Mart's social responsibility policy, they aim to achieve three goals: that ability to gain a good supply of renewable energy, to establish zero waste, and to market no less than products which are sustaining to people and the environment. Though quite lofty, these goals will definitely help the company save 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
Most consumers buy according to the corporate social responsibilities as indicated by studies. Early this year Cone Communications and Echo Research being public relations and marketing firms conducted a study which resulted to 90% of surveyed consumers likely to change brands given similar price and quality to the one with a good cause. Businesses without social responsibility responses therefore lose customers. About 90% of the customers would boycott those businesses found practicing irresponsibly.
It is but the latest reminder that companies should get involved in social responsibility because customers look this from them. Mere selling products or services are now insufficient. Consumers look for business with real meaningful impact. And so, several business owners are starting to heed this. Social responsibility no longer remains confined within the public relations department because now companies are trying to integrate it into its whole operations. This commitment is now more evident in terms of the kind of jobs offered, kind of products manufactured and how resources are utilized.
Companies are no longer looking at CSR as a marketing move, but rather as a long-term investment. For example, the Coca-Cola Company's 520 program aims to bring five million women in the developing world into its business as local bottlers and distributors of Coca-Cola products by 2020. This investment to empower young women entrepreneurs will obviously generate more revenue for Coca-Cola because they will have more bottlers and can sell more products. But at the same time, this type of investment will undoubtedly lead to better-educated people and eventually, more prosperous communities in areas that need help.
Some companies view CSR as their passport to savings. Take energy efficiency as a good illustration. With Wal-Mart's social responsibility policy, they aim to achieve three goals: that ability to gain a good supply of renewable energy, to establish zero waste, and to market no less than products which are sustaining to people and the environment. Though quite lofty, these goals will definitely help the company save money.
About the Author:
Sebastian Troup loves 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 go to the Truist.com website now.
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