What is corporate social responsibility? CSRWire defines Corporate Social Responsibility as the integration of business operations and values, whereby the interests of all stakeholders including investors, customers, employees, the community and the environment are reflected in the company's policies and actions.
That’s a lot of people involved in the impact of corporate social responsibility. Therefore when a company does not implement a policy or doesn’t implement any plan of action around giving back, many groups both internally and externally are neglected.
Corporate Social Responsibility is easily boiled down into three large buckets. One is giving in-kind donations to local non-profits and charities. The second is through company sponsored hours for employees’ to volunteer. The third bucket is possibly the most well-known, creating fundraising events or providing monetary donations.
In-kind donations are at times more preferred by a charity or organization. There is a direct need that the charity has which can be immediately filled by the donating company. In-kind donations vary in type, such as specific items like office furniture or unused equipment. Other in-kind donations are professional skills such as website upkeep or legal advice.
The second largest bucket of CSR, employee volunteering, is usually engagement hours at local charities and non-profits. This can be a reoccurring engagement, monthly or quarterly at a local location, where employees and all levels of management donate their time to work on charitable projects. Companies might want to support one charity each year, continually visiting and getting to know that organization well. Or a company may choose to donate their time and energy to various organizations throughout the year. This decision varies per company depending on different reasons.
Thirdly, companies support the community through monetary donations. Most non-profit organizations and charities will benefit from new funding to launch new projects or provide continuous support for the charity. Donations can be contributed throughout the year or submitted once per year, sometimes after a fundraising event or activity.
With so many charities in need, the options are seemingly endless. Whether it is time, products, service or funding, your community needs the support. CSR is alive and well and needs all of us to help it thrive!
Some fun CSR Stats:
- 86% of employee engagement rises when employees are positive about their organization’s CSR commitment.
- 81% of employees say CSR is a significant consideration in where they work.
- 91% of consumers are likely to stay with brands, associated to a good cause.
- 93% of consumers said they would be loyal to a company engaged in CSR.
Company Pulse Check:
1. How would you describe the energy and culture of your company to a new employee?
2. Has your organization been impacted by employee turnover this year?
3. Do your employees know your corporate social responsibility plan and how it is implemented each year?
Radell Peischler is the Chief Strategy Officer at True Affects, www.true-affects.com. True Affects is a consulting firm dedicated to helping small businesses create and implement annual CSR plans. Interested in learning more? Check out True Affects on Twitter @True_Affects, Facebook and join their LinkedIn group.