While it is imperative that your business focuses on profitability and growth, simply focusing only on the money should no longer be the only driving force behind your business model. Today, people expect that a company cares and has a heart, rather than just a bottom line. These people include representatives in the state, local and federal government, as well as your customer, the public at large, stockholders and even your employees.
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.
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.
Encourage Volunteerism - Employees often want to help but don't know what to do or where to find the time. Pay employees for certain volunteering tasks during non-working hours or allow them to volunteer (and still get paid) during the workday.
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.
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 our efforts make a large enough impact to substantiate the investment and effort?
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 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.
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.
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.
Encourage Volunteerism - Employees often want to help but don't know what to do or where to find the time. Pay employees for certain volunteering tasks during non-working hours or allow them to volunteer (and still get paid) during the workday.
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.
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 our efforts make a large enough impact to substantiate the investment and effort?
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 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 likes blogging about philanthropic solutions for businesses and non profit organizations. For additional information about the importance of business philanthropy, or to find some corporate giving programs, please go to the Truist.com site today.
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