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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.
Corporate social responsibility (CSR) can be defined as adhering to ethical and legal standards across a company's operations. That includes promoting and supporting local, national and global causes. That's typically achieved through corporate philanthropy, where businesses donate some of their profits or resources to charitable causes.
You can enjoy the competitive advantages through your giving program that is well-designed and executed well and these are:
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
Research shows more consumers are basing their buying decisions on corporate social responsibility. A study earlier this year by public relations and marketing firm Cone Communications and Echo Research revealed 90 percent of shoppers worldwide are likely to switch to brands that support a good cause, given similar price and quality. The study also shows businesses that aren't socially responsible run the risk of losing customers. Again, 90 percent of the shoppers surveyed would boycott companies if they found the firms engaged in irresponsible business practices.
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.
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.
Corporate social responsibility (CSR) can be defined as adhering to ethical and legal standards across a company's operations. That includes promoting and supporting local, national and global causes. That's typically achieved through corporate philanthropy, where businesses donate some of their profits or resources to charitable causes.
You can enjoy the competitive advantages through your giving program that is well-designed and executed well and these are:
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
Research shows more consumers are basing their buying decisions on corporate social responsibility. A study earlier this year by public relations and marketing firm Cone Communications and Echo Research revealed 90 percent of shoppers worldwide are likely to switch to brands that support a good cause, given similar price and quality. The study also shows businesses that aren't socially responsible run the risk of losing customers. Again, 90 percent of the shoppers surveyed would boycott companies if they found the firms engaged in irresponsible business practices.
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.
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 blogging about philanthropic solutions for businesses and non profit organizations. To get more info about corporate social responsibility benefits, or to get help setting up employee volunteer programs, please go to the Truist website now.
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