Although most businesses are concerned with making a profit to fuel growth and innovation, the days are gone when that should be the only driver behind an organization's decisions. Today the public, governmental authorities, stockholders and employees themselves expect an organization to take into account how their actions impact the community that supports them commercially. In many ways, this recognition of social impact has become a business driver itself.
In June 2013, the UK Prime Minister, David Cameron, announced the creation of the Social Stock Exchange: a vehicle for investing in companies based primarily on their social impact in addition to their financial forecasts. This is a great example of a trend in modern society where more emphasis than ever before is placed on the legacy an organization leaves behind and the reputation it creates while going about the business of business.
How do you identify ways to enhance your company's positive impact on society while still striving to grow and be profitable? Creating a corporate responsibility plan is a way, but this plan must not be implemented until you have developed a strong strategy that emphasizes efficiency and clear goals.
One part of your strategy should focus on creative giving, and while you can select any one of the following ideas, it is always best to implement two or more strategies that complement each other. Creative giving options include:
Sustainable/Eco-Friendly Practices - Part of your mission statement should include your company's commitment to using materials that are environmentally responsible, as well as doing your part to ensure maximum energy efficiency and the mitigation of pollution. A company-wide recycling effort also should be included in this plan which gives back to our environment.
Donate To The Cause -Corporate donations can include monetary contributions as well as the donations of products and services. You can set up a corporate foundation for this purpose.
Encourage Volunteerism - Employees often want to help but don't know what to do or where to find the time. Pay employees for certain volunteering tasks during non-working hours or allow them to volunteer (and still get paid) during the workday.
Staff Donations - If donations are complicated and many forms must be filled out, this is a huge deterrent so make the process easy. Automatic payroll deductions each month are one option or you can provide an easy one-time donation option.
Corporate Gift Matching - Offering a match for qualified charitable contributions.
If it makes no business sense or runs contrary with a company's established culture and goals, a CSR program will not be sustainable, and the social impact of the program will be less than optimum. To ensure that the program will thrive, set up the CSR program strategically in line with company business goals and the dominant business culture.
You need to have a balanced and well-planned approach to a strategic charitable giving program, so ask yourself these types of questions:
Will this program successfully support a cause while staying financially viable?
Will we have enough of an impact to justify the effort and investment?
How can we effectively mine business benefits out of charitable efforts? (Do not be ashamed to use your CSR program as a source of positive media, talent recruitment or savvy accounting.)
Is the company set up to support this charity fully?
Is a philanthropic culture already in place or does that need to be further established?
Is the upper level of the management team clearly on board with these charitable goals?
Efficiency, however, must be a priority as well. Again, a CSR program - even with excellent intentions - will not make a significant social impact if it is run inefficiently and cannot be sustained over the long term. The financial, personnel, management and organizational considerations that play into a successful CSR program are many and complex. In many cases, the best way to ensure the entire process is being handled as efficiently as possible is to work with a trusted partner organization that can professionally manage many - if not all - of the administrative aspects of your CSR program. This allows you - as a CSR manager or executive - to concentrate more fully on participating personally in the CSR program and encouraging others to do so.
In June 2013, the UK Prime Minister, David Cameron, announced the creation of the Social Stock Exchange: a vehicle for investing in companies based primarily on their social impact in addition to their financial forecasts. This is a great example of a trend in modern society where more emphasis than ever before is placed on the legacy an organization leaves behind and the reputation it creates while going about the business of business.
How do you identify ways to enhance your company's positive impact on society while still striving to grow and be profitable? Creating a corporate responsibility plan is a way, but this plan must not be implemented until you have developed a strong strategy that emphasizes efficiency and clear goals.
One part of your strategy should focus on creative giving, and while you can select any one of the following ideas, it is always best to implement two or more strategies that complement each other. Creative giving options include:
Sustainable/Eco-Friendly Practices - Part of your mission statement should include your company's commitment to using materials that are environmentally responsible, as well as doing your part to ensure maximum energy efficiency and the mitigation of pollution. A company-wide recycling effort also should be included in this plan which gives back to our environment.
Donate To The Cause -Corporate donations can include monetary contributions as well as the donations of products and services. You can set up a corporate foundation for this purpose.
Encourage Volunteerism - Employees often want to help but don't know what to do or where to find the time. Pay employees for certain volunteering tasks during non-working hours or allow them to volunteer (and still get paid) during the workday.
Staff Donations - If donations are complicated and many forms must be filled out, this is a huge deterrent so make the process easy. Automatic payroll deductions each month are one option or you can provide an easy one-time donation option.
Corporate Gift Matching - Offering a match for qualified charitable contributions.
If it makes no business sense or runs contrary with a company's established culture and goals, a CSR program will not be sustainable, and the social impact of the program will be less than optimum. To ensure that the program will thrive, set up the CSR program strategically in line with company business goals and the dominant business culture.
You need to have a balanced and well-planned approach to a strategic charitable giving program, so ask yourself these types of questions:
Will this program successfully support a cause while staying financially viable?
Will we have enough of an impact to justify the effort and investment?
How can we effectively mine business benefits out of charitable efforts? (Do not be ashamed to use your CSR program as a source of positive media, talent recruitment or savvy accounting.)
Is the company set up to support this charity fully?
Is a philanthropic culture already in place or does that need to be further established?
Is the upper level of the management team clearly on board with these charitable goals?
Efficiency, however, must be a priority as well. Again, a CSR program - even with excellent intentions - will not make a significant social impact if it is run inefficiently and cannot be sustained over the long term. The financial, personnel, management and organizational considerations that play into a successful CSR program are many and complex. In many cases, the best way to ensure the entire process is being handled as efficiently as possible is to work with a trusted partner organization that can professionally manage many - if not all - of the administrative aspects of your CSR program. This allows you - as a CSR manager or executive - to concentrate more fully on participating personally in the CSR program and encouraging others to do so.
About the Author:
Sebastian Troup enjoys writing about philanthropic solutions for businesses and non profit organizations. For additional information about the importance of business philanthropy, or to find some corporate giving programs, please go to the Truist website now.
No comments:
Post a Comment