It may truly be challenging for companies these days to make changes in the business in order to shift to a more socially and environmentally responsible kind when doing more with less is often expected. However still many resolve to do "good" and be proud of it in the workplace as return on the investment becomes visible. In truth, social responsibility adds to the company's result thus cause the difference in the 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 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
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.
This study is just the latest that shows companies should care about social responsibility because their customers do. It's no longer enough just to sell a good product or service. Consumers are expecting more from businesses, including real, meaningful social impact. It appears business owners are listening to these demands. Rather than tacking philanthropy onto the Public Relations department as an afterthought, more companies are trying to integrate corporate social responsibility throughout all of their operations. That commitment is showing through in the kind of jobs provided, kinds of products made, and the ways in which resources are used.
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 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
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.
This study is just the latest that shows companies should care about social responsibility because their customers do. It's no longer enough just to sell a good product or service. Consumers are expecting more from businesses, including real, meaningful social impact. It appears business owners are listening to these demands. Rather than tacking philanthropy onto the Public Relations department as an afterthought, more companies are trying to integrate corporate social responsibility throughout all of their operations. That commitment is showing through in the kind of jobs provided, kinds of products made, and the ways in which resources are used.
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 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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