To make a shift to social and environmental responsibility companies are expected to implement changes in their business which causes quite a challenge to them given the "do more with less" reality of today. Even so, several businesses still opt to make that change - to do good and take pride of it in the workplace because return of investment becomes truly visible. With social responsibility comes an increase in the goal met by companies while at the same time making a difference.
When a company goes beyond the call for adhering to ethical and legal standards in its operations, then that is what you call corporate social responsibility or CSR. Causes are being promoted whether on the local, national or global level. It may be achieved via corporate philanthropy or donating some of the business profits or resources to charity.
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.
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.
CSR is not just a marketing move but a long-term investment as perceived by companies. An example is Coca-Cola with its company 5 x 20 program aiming to bring five million women into the business as local bottlers and distributors in the developing world come 2020. By investing on empowering young women entrepreneurs Coca-Cola's revenue will be increased as more bottlers will be added and so more products will be sold. On an additional positive note this investment will result in better-educated people and consequently more well-off communities particularly in areas in need of help.
CSR is being looked at by some companies as means to save money too. A good example is energy efficiency. On the social responsibility policy of Wal-Mart, it has three goals being - having a full supply of renewable energy, creating zero waste, and sales of products able to sustain people along with the environment. Maybe it appears that these goals are quite lofty, but when achieved, ultimately this translates into savings for the company.
When a company goes beyond the call for adhering to ethical and legal standards in its operations, then that is what you call corporate social responsibility or CSR. Causes are being promoted whether on the local, national or global level. It may be achieved via corporate philanthropy or donating some of the business profits or resources to charity.
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.
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.
CSR is not just a marketing move but a long-term investment as perceived by companies. An example is Coca-Cola with its company 5 x 20 program aiming to bring five million women into the business as local bottlers and distributors in the developing world come 2020. By investing on empowering young women entrepreneurs Coca-Cola's revenue will be increased as more bottlers will be added and so more products will be sold. On an additional positive note this investment will result in better-educated people and consequently more well-off communities particularly in areas in need of help.
CSR is being looked at by some companies as means to save money too. A good example is energy efficiency. On the social responsibility policy of Wal-Mart, it has three goals being - having a full supply of renewable energy, creating zero waste, and sales of products able to sustain people along with the environment. Maybe it appears that these goals are quite lofty, but when achieved, ultimately this translates into savings for the company.
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 find help setting up employee volunteer programs, please go to the Truist.com website today.
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