Although most businesses are concerned with making a profit to fuel growth and innovation, the days are gone when that should be the only driver behind an organization's decisions. Today the public, governmental authorities, stockholders and employees themselves expect an organization to take into account how their actions impact the community that supports them commercially. In many ways, this recognition of social impact has become a business driver itself.
Recently, David Cameron, the Prime Minister of the United Kingdom, publicized the formation of a Social Stock Exchange. This organization helps people find companies to invest in that focus equally on social issues as well as generating income. A move such as this by one of the great economies of the world stands as a testament to the importance that social responsibility now plays in the corporate 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.
One part of your strategy should focus on creative giving, and while you can select any one of the following ideas, it is always best to implement two or more strategies that complement each other. Creative giving options include:
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.
Corporate Donations - Donating company products or services to worthy causes, including planned monetary donations through a corporate foundation.
Workplace Volunteering - Offering pre-approved volunteer opportunities to employees, including offering paid time off for volunteer activities on company time.
Donations From Employees - The key to employee donations programs is making them easy and giving them several options. Employees can donate just once or have donations deducted from payroll. You can also give them several different causes to choose to support.
A Gift Matching Option - When employees donate, the company can match those donations up to a set amount. This can be a great incentive.
If it makes no business sense or runs contrary with a company's established culture and goals, a CSR program will not be sustainable, and the social impact of the program will be less than optimum. To ensure that the program will thrive, set up the CSR program strategically in line with company business goals and the dominant business culture.
When thinking about strategic giving, it is important to consider the following questions:
Is a successful program addressing a particular cause viable financially?
Will we have enough of an impact to justify the effort and investment?
How do these charitable efforts benefit our business? (While supporting a charity is the top priority, there is no reason not to utilize your CSR plan as a platform for social media and public relations)
Is our business set up to fully help and support the charitable cause?
Is the culture of charity or philanthropy already in existence at the company or does this need to be improved?
Is the upper level of the management team clearly on board with these charitable goals?
Efficiency, however, must be a priority as well. Again, a CSR program - even with excellent intentions - will not make a significant social impact if it is run inefficiently and cannot be sustained over the long term. The financial, personnel, management and organizational considerations that play into a successful CSR program are many and complex. In many cases, the best way to ensure the entire process is being handled as efficiently as possible is to work with a trusted partner organization that can professionally manage many - if not all - of the administrative aspects of your CSR program. This allows you - as a CSR manager or executive - to concentrate more fully on participating personally in the CSR program and encouraging others to do so.
Recently, David Cameron, the Prime Minister of the United Kingdom, publicized the formation of a Social Stock Exchange. This organization helps people find companies to invest in that focus equally on social issues as well as generating income. A move such as this by one of the great economies of the world stands as a testament to the importance that social responsibility now plays in the corporate 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.
One part of your strategy should focus on creative giving, and while you can select any one of the following ideas, it is always best to implement two or more strategies that complement each other. Creative giving options include:
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.
Corporate Donations - Donating company products or services to worthy causes, including planned monetary donations through a corporate foundation.
Workplace Volunteering - Offering pre-approved volunteer opportunities to employees, including offering paid time off for volunteer activities on company time.
Donations From Employees - The key to employee donations programs is making them easy and giving them several options. Employees can donate just once or have donations deducted from payroll. You can also give them several different causes to choose to support.
A Gift Matching Option - When employees donate, the company can match those donations up to a set amount. This can be a great incentive.
If it makes no business sense or runs contrary with a company's established culture and goals, a CSR program will not be sustainable, and the social impact of the program will be less than optimum. To ensure that the program will thrive, set up the CSR program strategically in line with company business goals and the dominant business culture.
When thinking about strategic giving, it is important to consider the following questions:
Is a successful program addressing a particular cause viable financially?
Will we have enough of an impact to justify the effort and investment?
How do these charitable efforts benefit our business? (While supporting a charity is the top priority, there is no reason not to utilize your CSR plan as a platform for social media and public relations)
Is our business set up to fully help and support the charitable cause?
Is the culture of charity or philanthropy already in existence at the company or does this need to be improved?
Is the upper level of the management team clearly on board with these charitable goals?
Efficiency, however, must be a priority as well. Again, a CSR program - even with excellent intentions - will not make a significant social impact if it is run inefficiently and cannot be sustained over the long term. The financial, personnel, management and organizational considerations that play into a successful CSR program are many and complex. In many cases, the best way to ensure the entire process is being handled as efficiently as possible is to work with a trusted partner organization that can professionally manage many - if not all - of the administrative aspects of your CSR program. This allows you - as a CSR manager or executive - to concentrate more fully on participating personally in the CSR program and encouraging others to do so.
About the Author:
Sebastian Troup enjoys writing about philanthropic solutions for businesses and non profit organizations. For further information about the importance of business philanthropy, or to find some corporate giving programs, please go to the Truist website today.
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