“Firms that embrace corporate social responsibility practices significantly outperform rivals that don’t embrace those practices, as measured by both financial and stock market returns.” – The Impact of Corporate Sustainability on Organizational Process and Performance study.
Corporate social responsibility programs can positively impact your business. More than 91% of 10,000 global consumers surveyed said they would switch to brands that support a social or environmental impact.
What Qualifies as Corporate Social Responsibility?
There are several ways corporations can practice corporate social responsibility and do good in the eyes of their consumers and employees. Here are just a few ways 21st-century companies are making an impact:
- Contributing time and money to charity
- Embracing green business practices; reducing carbon footprint
- Improving education and health & wellness
- Supporting events and causes by volunteering
As the passion and attention consumers place on global issues continues to grow, a company who is transparent and makes a positive impact will attract more business.
Social Responsibility Benefits Beyond the Bottom Line
Social responsibility initiatives support an organization’s moral compass. These programs can be a powerful recruiting tool to attract top talent. Research from Deloitte shows that employees who are encouraged to volunteer during the work day have more career satisfaction and are more likely to recommend the company to a friend.
Good Corporate Citizens
Along with global leaders such as Google, Microsoft, Intel, Hasbro, and The Walt Disney Company, who put their substantial influence and financial resources behind corporate social responsibility programs, smaller companies are also discovering the financial and reputational rewards for being good corporate citizens. EcoLogic launched in 2008 with one goal—to reduce America’s pile of discarded plastic. Today, Nestle, Purina, and Seventh Generation purchase EcoLogic’s eco-bottle. Seventh Generation reported a 19% increase in laundry detergent sales the year they switched to the greener packaging by EcoLogic. Another company doing good work and profiting is Firehouse Subs. Its foundation funds local firehouses with equipment, disaster relief support, and education. They have donated more than $20 million to public safety entities and just opened its 1,000th location, a milestone fewer than 40 limited-service brands have.
There is no doubt that in 21st-century business, social responsibility is paramount to attracting top talent and improving its brand. The Executives Unlimited team understands how to attract top talent in today’s reality and are committed to helping our clients develop their strategic executive workforce planning. Please call us at (866) 957-4466 or contact us online to tell us about your opportunity.
What is your company’s commitment to corporate social responsibility?