Not too long ago, a business’s consumers, shareholders and employees were most concerned with price, profits, or paychecks. But that just doesn’t cut it today. Modern stakeholders expect companies to go above and beyond to contribute to the greater good. According to a survey conducted by Forbes, 88 percent of consumers think companies should try to achieve their business goals while improving society and the environment.
Corporate Social Responsibility in a Nutshell
In its most basic form, corporate social responsibility (CSR) is the devotion of a company’s time, money and support to social, environmental or economic welfare efforts. The goal of CSR efforts is not to add more funds to the corporate coffers, but simply to foster positive change in the world or the community. When done well, however, not only will a company bring about meaningful change outside its walls, but it will also reap other benefits.
There are four primary kinds of corporate social responsibility where certain companies have stepped out as leaders:
Ford Motor Company’s Volunteer Corps is a group of 27,000 Ford employees in 41 countries who each year paint homeless shelters and orphanages, serve meals to seniors and veterans, build houses, tutor children, and plant trees among countless other activities.
Back in 2010, Bank of America announced a $1 million commitment to aid the victims of the earthquake in Haiti. The commitment included a $500,000 grant to the American Red Cross for the Haitian Relief and Development Fund.
4. Employee or Staff
Google has not only focused on external programs, but truly taken a look inward to better the lives of its employees through innovative workspaces that promote creative thinking and play.
When determining which efforts are best for your company, choose programs that make the most sense for your business, its personality and its purpose. At Moore Communications Group we let the individual passions of our employees drive the outreach we do through MCG Impact, our established community outreach program. Since 2010 we have had the opportunity to work with more than 35 non profits in a variety of ways including providing organizations with communications support, feeding the less fortunate, hosting a day full of activities for seniors, sending letters to WWII veterans returning from their Honor Flight event, and so much more. We are honored to say that since 2010, our in-kind work and staff time devoted to the community totals more than $500,000! Corporate social responsibility has become part of our culture but maintaining that commitment is only possible by finding out what works for your company.
Your Goodwill Will Be Rewarded
- Companies that support the greater good enjoy a variety of benefits, just a few of which include:
- Earning a reputation as a company that cares
- Gaining brand recognition
- Promoting your brand in a positive light
- Strengthening the business’s ties to the communities in which it operates
- Boosting employee morale and attracting more qualified applicants
- Generating more media attention and good PR
- Seeing increases in revenue — customers want to do business with companies that help the less fortunate
- Networking with and doing business with like-minded vendors
While it takes a bit of time to realize these benefits, a strong social responsibility policy is well worth the energy and expense. Having a strong and trustworthy reputation is worth more than almost anything else, and consumer, media and employee appreciation will naturally follow.