What Does Your Corporate Social Responsibility Look Like?

Corporate social responsibility has taken businesses to new heights. Do you see it in your company’s future?

Not long ago, full-scale, coordinated, organized corporate social responsibility programs were initiatives undertaken mainly by large corporations. Smaller and midsized corporations might have an employee volunteer day once or twice a year—but a full-on program for giving back to their communities? Rare.

Today, things have changed. Small and midsized corporations have taken on and benefitted from adding corporate social responsibility to their strategic plans.

CORPORATE SOCIAL RESPONSIBILITY DEFINED

First, let’s define it.

Corporate social responsibility (CSR) is a broad term for an organized, delineated program through which a company gives back to its community—and ensures that its good work garners goodwill through the right publicity.

In the past, companies with formal CSR programs had thousands of employees and, quite often, functioned in industries that don’t get much public attention or have much of a public profile naturally—behind-the-scenes companies that typically serve other businesses—and in industries that don’t often have positive perceptions in the public sphere due to the nature of their work (such as companies in the oil and gas industry). Companies like Iberdrola and ExxonMobil have had CSR programs for years.

Yet today, popular brands with much smaller profiles, like Patagonia and Warby Parker, are incorporating CSR programs into their businesses, and even smaller companies are looking for ways to more formally structure giving back and getting involved as well.

CSR BY THE NUMBERS

How prevalent and important is CSR, anyway?

• Of the world’s largest companies, 93 percent publish annual CSR reports.
• When evaluating employment options, 58 percent of employees take CSR into account.
• Of consumers, 55 percent are willing to pay more for products from socially responsible companies.

WOULD MY COMPANY BENEFIT FROM CSR?

If your company would benefit from any of the following CSR outcomes, you should consider incorporating a corporate social responsibility program:

1. Attracting and Retaining Investors: Internationally, there is an ongoing and intensifying push for corporations to focus beyond simply increasing near-term profits. BlackRock, one of the most influential business investors in the world, announced in early 2018 that companies need to contribute to society to gain its support.
2. Boosting Employee Engagement: Employees are happier when working for companies with a positive brand reputation. Better yet for any CEO, 60 percent of employees who are proud of their company’s social responsibility are engaged in their jobs.
3. Cultivating Positive Brand Reputation: A business’ good name and brand are some of its most valuable assets. The classic benefit of CSR—and a big driver for most companies when it comes to undertaking it—is the associated good-vibe glow it gives their brands.

CSR AND YOUR COMPANY

Does corporate social responsibility sound like an appealing addition to your business? Just like any good strategy, you need to map out your goals and your plan to achieve these goals. You can’t just launch CSR to achieve promising results.

Need expert advice to see if CSR makes sense for your company? Call FrogDog today!