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.
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.
A well-designed and properly executed corporate giving program can give your business a competitive advantage by:
Improving Recollection of the Company's Name Improving Brand Recognition Garnering Higher Sales & Increasing Customer Feedback Increasing Retention of High Quality Employees Improving the Conditions in your Community
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.
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.
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.
A well-designed and properly executed corporate giving program can give your business a competitive advantage by:
Improving Recollection of the Company's Name Improving Brand Recognition Garnering Higher Sales & Increasing Customer Feedback Increasing Retention of High Quality Employees Improving the Conditions in your Community
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.
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.
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 writing 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 website now.
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