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.
To adhere to the ethical and legal standards beyond the company's operations is what defines CSR or Corporate Social Responsibility. Herein you need to promote and support causes locally, nationally and even globally. Corporate philanthropy is a means by which this is achieved such as company donations to charitable causes.
If your company has a well-designed and accurately executed "giving program" you can have the competitive advantage through:
Better Recognition of Company Name Increase in Brand Recognition Higher Sales and Constructive Customer Response Talented Employees to be Gained and Retained to Work for the Company Positively Affects the Living Conditions of the Community
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.
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.
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.
To adhere to the ethical and legal standards beyond the company's operations is what defines CSR or Corporate Social Responsibility. Herein you need to promote and support causes locally, nationally and even globally. Corporate philanthropy is a means by which this is achieved such as company donations to charitable causes.
If your company has a well-designed and accurately executed "giving program" you can have the competitive advantage through:
Better Recognition of Company Name Increase in Brand Recognition Higher Sales and Constructive Customer Response Talented Employees to be Gained and Retained to Work for the Company Positively Affects the Living Conditions of the Community
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.
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.
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. To get more information about corporate social responsibility benefits, or to find help setting up employee volunteer programs, please check out the Truist website today.
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