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Corporate Social Responsibility

Why businesses should be socially responsible. Corporate Social Responsibility. What is Corporate Social Responsibility?. Corporate Social Responsibility (CSR):. Transparent business practices based on ethical values Compliance with legal requirements

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Corporate Social Responsibility

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  1. Why businesses should be socially responsible Corporate Social Responsibility

  2. What is Corporate Social Responsibility?

  3. Corporate Social Responsibility (CSR): • Transparent business practices based on ethical values • Compliance with legal requirements • Respect for people, communities, and the environment • Thinking beyond pure profit: socially responsible companies consider the totality of their impact on people and the planet.

  4. Corporate Social Responsibility Includes: • Environmental awareness – seeking environmentally friendly solutions • Philanthropy – donating to charities; funding social projects • Ethical employment practices – treating employers fairly

  5. What about the shareholders? Why should for-profit businesses be concerned about Corporate Social Responsibility?

  6. Investing in communities is good for business • Today more and more economic analysts believe that CSR plays important role for business competitiveness. • In today’s globalized business climate, consumer concern forsocial issues is at an all-time high, as is the importance these customers place on CSR when choosing where to shop.

  7. According to a 2011 study conducted by the ad agency network TBWA/Worldwide and TakePart: • 7 in 10 young adults consider themselves social activists. • 1 in 3 support or boycott businesses based on the causes they care/don’t care about. • 4 in 5 say they'd be more likely to purchase from a company that supports a cause they care about (if price and quality are equal) and 3 in 4 would think more highly of a company that supports a social cause. • A stunning 3 in 4 believe that corporations should create economic value for society by addressing its needs.

  8. Consumers care more about who you are rather than what you do – Global RepTrack100 The Global RepTrack 100 Study is conducted annually by the Reputation Institute, a global consulting company, and analyzes feedback from up to 60,000 consumers across 15 countries. The study concludes that a person’s willingness to buy, recommend, work for, and invest in a company is 60% driven by their perceptions of the company. 42% of how these perceptions are formed is based on their understanding of the firm’s corporate social responsibility practices.

  9. How does corporate giving effect profit? CECP Giving in Numbers Brief findings: • The most generous companies in 2010 realized strong business returns from 2010 to 2013 • Companies that increased their corporate giving by more than 10% in 2010 also increased median revenues by 11% from 2010 to 2013

  10. Well-Known Companies Regularly Engaged in CSR Practices The top 10 companies with the Best CSR Reputation, as identified by the Reputation Institute: • Microsoft • Google • Disney • BMW • Apple • Daimler • Volkswagen • Sony • Colgate • Lego

  11. Where do contributions go? CECP Giving in Numbers Brief

  12. Key Takeaways: • In the era of globalization, consumers place more and more importance on CSR when choosing where to shop • The number of businesses that have increased their corporate giving has grown and a number of these experienced an increase of profit as a direct result • Be socially responsible, help to make world a better place to live and make your business more sustainable!

  13. Sources: • Corporate Social Responsibility is Millenial’s New Religion by Andrew Swinard, Crains Chicago Business, March 25, 2014, retrieved from http://www.chicagobusiness.com/article/20140325/OPINION/140329895/corporate-social-responsibility-is-millennials-new-religion • What is Corporate Social Responsibility? by Nicole Fallon, Business News Daily, Feb. 27, 2014, retrieved from http://www.businessnewsdaily.com/4679-corporate-social-responsibility.html • The Companies With the Best CSR Reputations, by Jacquelyn Smith, Forbes magazine, Dec. 10, 2012, retrieved from http://www.forbes.com/sites/jacquelynsmith/2012/12/10/the-companies-with-the-best-csr-reputations/3/ • CECP Giving in Numbers Brief, retrieved from http://cecp.co/research/benchmarking-reports/giving-in-numbers-index.html#.U8GM2bflqzc • Global RapTrack Report 2014, Reputation Institute

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