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
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.
CSR is not just a marketing move but a long-term investment as perceived by companies. An example is Coca-Cola with its company 5 x 20 program aiming to bring five million women into the business as local bottlers and distributors in the developing world come 2020. By investing on empowering young women entrepreneurs Coca-Cola's revenue will be increased as more bottlers will be added and so more products will be sold. On an additional positive note this investment will result in better-educated people and consequently more well-off communities particularly in areas in need of 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
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.
CSR is not just a marketing move but a long-term investment as perceived by companies. An example is Coca-Cola with its company 5 x 20 program aiming to bring five million women into the business as local bottlers and distributors in the developing world come 2020. By investing on empowering young women entrepreneurs Coca-Cola's revenue will be increased as more bottlers will be added and so more products will be sold. On an additional positive note this investment will result in better-educated people and consequently more well-off communities particularly in areas in need of 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. For more info about corporate social responsibility benefits, or to get help setting up employee volunteer programs, please check out the Truist.com website today.
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