Corporate Social Responsibility Companies Impacting the Community
We talk about Corporate Social Responsibility all the time within business, but how good are companies at actually following through with it? According to a 2012 survey, only 3 in 10 employees in Fortune 500 companies gave an hour of their work hours towards volunteering. One reason why this is the case may be that companies do not believe that CSR can be profitable, and takes away from time spent on other things. The Advisory Board Company, a technology and consulting firm decided to take CSR to new levels, when every single employee was encouraged to spend significant time volunteering in their community. In one year, employees in the company logged 32,000 hours of service, nearly $1.7 million of their time. Not only did they make ripples throughout their community, but their employes are as engaged in the company as ever, and are even taking up pro bono projects in addition to their current work.
Find out more about this company’s drive to help others here:
Why Companies Can No Longer Afford to Ignore Their Social Responsibilities
The days of Milton Friedman’s beliefs that “the social responsibility of business is to increase profits” are long gone. Business has moved into a new era in which companies seek to find ways to implement Corporate Social Responsibility in all of their activities. However, at times, companies push CSR to the bottom as they try to increase profits and stay afloat in the temperamental market. This article from Time, originally published by Knowledge@Wharton, states that CSR is vital to the success of any business. They give two primary reasons why this is the case: your customers care about it, and your employees care about it. Customers factor the social responsibility of business into their purchasing decisions, and are not afraid to switch brands to one that cares about this more. Additionally, employees who feel as if they are working towards something greater will be more committed and will work harder.
The full article can be found at this link:
How Big Business Can Take the High Road
Christine Bader was a senior executive at BP. While she left before the oil spill catastrophe that took place a few years ago, she was what was known as a “human right specialist.” She was primarily concerned with ensuring the well-being of the community in all areas where BP had set foot. This included overseeing the proper relocation of 127 Indonesian villagers and their community to a different area, and urging Chinese officials to put smoke detectors and hot water in the worker dormitories, to the resistance of the Chinese officials. Bader argues that the face of Corporate Social Responsibility is changing throughout the world, as the globalization of information has urged a greater awareness of the need for social responsibility. She states that we live in a world of “changing expectations,” where companies are held responsible for actions that take place even when they occur in a minor branch of the business or occurs at one of their vendors. Companies must take ownership of CSR and incorporate it into their values, rather than just giving it lip-service.
The article as well as more lessons that Christine Bader learned can be found in this article: