While most companies certainly strive to continuously expand, grow and increase their profits, a cutthroat approach to making money is simply no longer advisable. These days, your clients, employees, stockholders and even governmental authorities expect that companies will consider the impact that they make on the community at large.
This caring about corporate social impact is a trend that gaining momentum. In the United Kingdom, for example, a Social Stock Exchange has been created. This allows investors to find companies with strong financial forecasts but also companies that focus heavily on their social impact. These days, social responsibility is one of the key building blocks for creating a positive reputation and legacy in our world.
How do you identify ways to enhance your company's positive impact on society while still striving to grow and be profitable? Creating a corporate responsibility plan is a way, but this plan must not be implemented until you have developed a strong strategy that emphasizes efficiency and clear goals.
You can certainly begin with some creative giving, and there are many different options. The best CSR programs will incorporate at least two, if not more, of the following creative giving options:
Sustainable/Eco-Friendly Practices - Part of your mission statement should include your company's commitment to using materials that are environmentally responsible, as well as doing your part to ensure maximum energy efficiency and the mitigation of pollution. A company-wide recycling effort also should be included in this plan which gives back to our environment.
Donations - This can be a very easy and effective strategy. Your company can commit an amount of monetary donations, services or products to help a cause.
Employee Volunteering - Create opportunities that allow employees to participate in volunteer activities, such as paid time off for their work or even organizing a charitable activity during work hours.
Staff Donations - If donations are complicated and many forms must be filled out, this is a huge deterrent so make the process easy. Automatic payroll deductions each month are one option or you can provide an easy one-time donation option.
A Gift Matching Option - When employees donate, the company can match those donations up to a set amount. This can be a great incentive.
In addition to these creative giving suggestions, you need to think about strategic giving. We all want to do some good, but your program of corporate responsibility won't help anyone if runs counter to the goals and culture already established in your business model. You need to ensure that your giving program aligns with the mission and goals of your business in order for it to succeed.
When thinking about strategic giving, it is important to consider the following questions:
Will this program successfully support a cause while staying financially viable?
Will the company's involvement have enough of a positive impact to justify the cost of the project and the investment of time and resources?
How will these efforts be used to improve our business in general? (There is no reason not to publicize your charitable efforts and use these endeavors as a source of public relations or for the recruitment of new talent.)
Is our business set up to fully help and support the charitable cause?
Is there already a culture of philanthropy present at our company or does this need to be established?
Is the upper level of the management team clearly on board with these charitable goals?
Another priority needs to be the efficiency of your program. Without efficiency, the social impact will be lessened or will not be able to continue for a long term. Just like any part of your business, the personnel, organizational, financial and managerial aspects of a successful corporate social plan are highly complex. It is often highly advantageous to partner with an organization that offers professional management for many components of your CSR program. As the CSR executive of your company, this will allow you to focus more energy on getting employees excited about your program and also allows you more freedom to get personally involved.
This caring about corporate social impact is a trend that gaining momentum. In the United Kingdom, for example, a Social Stock Exchange has been created. This allows investors to find companies with strong financial forecasts but also companies that focus heavily on their social impact. These days, social responsibility is one of the key building blocks for creating a positive reputation and legacy in our world.
How do you identify ways to enhance your company's positive impact on society while still striving to grow and be profitable? Creating a corporate responsibility plan is a way, but this plan must not be implemented until you have developed a strong strategy that emphasizes efficiency and clear goals.
You can certainly begin with some creative giving, and there are many different options. The best CSR programs will incorporate at least two, if not more, of the following creative giving options:
Sustainable/Eco-Friendly Practices - Part of your mission statement should include your company's commitment to using materials that are environmentally responsible, as well as doing your part to ensure maximum energy efficiency and the mitigation of pollution. A company-wide recycling effort also should be included in this plan which gives back to our environment.
Donations - This can be a very easy and effective strategy. Your company can commit an amount of monetary donations, services or products to help a cause.
Employee Volunteering - Create opportunities that allow employees to participate in volunteer activities, such as paid time off for their work or even organizing a charitable activity during work hours.
Staff Donations - If donations are complicated and many forms must be filled out, this is a huge deterrent so make the process easy. Automatic payroll deductions each month are one option or you can provide an easy one-time donation option.
A Gift Matching Option - When employees donate, the company can match those donations up to a set amount. This can be a great incentive.
In addition to these creative giving suggestions, you need to think about strategic giving. We all want to do some good, but your program of corporate responsibility won't help anyone if runs counter to the goals and culture already established in your business model. You need to ensure that your giving program aligns with the mission and goals of your business in order for it to succeed.
When thinking about strategic giving, it is important to consider the following questions:
Will this program successfully support a cause while staying financially viable?
Will the company's involvement have enough of a positive impact to justify the cost of the project and the investment of time and resources?
How will these efforts be used to improve our business in general? (There is no reason not to publicize your charitable efforts and use these endeavors as a source of public relations or for the recruitment of new talent.)
Is our business set up to fully help and support the charitable cause?
Is there already a culture of philanthropy present at our company or does this need to be established?
Is the upper level of the management team clearly on board with these charitable goals?
Another priority needs to be the efficiency of your program. Without efficiency, the social impact will be lessened or will not be able to continue for a long term. Just like any part of your business, the personnel, organizational, financial and managerial aspects of a successful corporate social plan are highly complex. It is often highly advantageous to partner with an organization that offers professional management for many components of your CSR program. As the CSR executive of your company, this will allow you to focus more energy on getting employees excited about your program and also allows you more freedom to get personally involved.
About the Author:
Sebastian Troup enjoys writing about philanthropic solutions for businesses and non profit organizations. For additional info about the importance of business philanthropy, or to find some corporate giving programs, please check out the Truist website now.
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