CSR is good for the soul and bottom line
Corporate Social Responsibility is becoming less of a buzzword and more of a business basic as companies increasingly focus on making their communities (and the planet) a better place.
That commitment couldn’t have come at a better time – a recent MacLeans article cited results from an Imagine Canada survey which polled 1,500 charity leaders between November 2009 and January 2010.
- 45% said the economic downturn had led to an increase in demand for their services
- 48% said they are having difficulty fulfilling their mission
- 22% say they could have to shut down operations altogether if their financial situation doesn’t improve
- 51% expect to have a hard time covering expenses between now and next year
(For the full story, go to: http://www2.macleans.ca/2010/06/14/a-conscience-choice/)
Consumers are more often choosing to do business with companies that look out for more than their bottom line. Outside of the ‘feel good’ aspect of philanthropy, there are many benefits to being socially conscious:
- Increased profitability and sustainability. A stronger community is resilient and leads to a stronger economy, and a stronger business for everyone.
- When done right, an innovative Corporate Social Responsibility program can differentiate you from your competitors and build a responsible, caring brand.
- You build trust (and loyalty) among your customers and therefore increase the likelihood they will stick with you and refer you to others.
- Community leadership can get you in front of a whole new audience and create valuable opportunities to tell your story.
- Studies prove people want to work for a responsible company, therefore employee retention and satisfaction increases with progressive Corporate Social Responsibility and volunteering policies.
- Build better connections with your community through engagement with your stakeholders.
What’s important to remember is that you don’t have to ‘go big or go home’ when it comes to Corporate Social Responsibility. Every little bit helps, and implementing a program that is manageable and in line with your business philosophy and ethics will ensure you deliver on your promises. And deliver on your promises you MUST. Consumers (and employees) are smart and will see right through your half-hearted attempt at jumping on the social bandwagon. Make a commitment and live up to it.
We’ll all be better for it.