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.
In June 2013, the UK Prime Minister, David Cameron, announced the creation of the Social Stock Exchange: a vehicle for investing in companies based primarily on their social impact in addition to their financial forecasts. This is a great example of a trend in modern society where more emphasis than ever before is placed on the legacy an organization leaves behind and the reputation it creates while going about the business of business.
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.
You can certainly begin with some creative giving, and there are many different options. The best CSR programs will incorporate at least two, if not more, of the following creative giving options:
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.
Donations - This can be a very easy and effective strategy. Your company can commit an amount of monetary donations, services or products to help a cause.
Workplace Volunteering - Offering pre-approved volunteer opportunities to employees, including offering paid time off for volunteer activities on company time.
Employee Donations - Making it easy for employees to donate financially to various causes, either on a one-time basis, or on an ongoing basis via automatic payroll deductions.
A Gift Matching Option - When employees donate, the company can match those donations up to a set amount. This can be a great incentive.
In addition to these creative giving suggestions, you need to think about strategic giving. We all want to do some good, but your program of corporate responsibility won't help anyone if runs counter to the goals and culture already established in your business model. You need to ensure that your giving program aligns with the mission and goals of your business in order for it to succeed.
When thinking about strategic giving, it is important to consider the following questions:
Will this program successfully support a cause while staying financially viable?
Will we have enough of an impact to justify the effort and investment?
How can we effectively mine business benefits out of charitable efforts? (Do not be ashamed to use your CSR program as a source of positive media, talent recruitment or savvy accounting.)
Is our business set up to fully help and support the charitable cause?
Is there already a culture of philanthropy present at our company or does this need to be established?
Is the upper level of the management team clearly on board with these charitable goals?
Another priority needs to be the efficiency of your program. Without efficiency, the social impact will be lessened or will not be able to continue for a long term. Just like any part of your business, the personnel, organizational, financial and managerial aspects of a successful corporate social plan are highly complex. It is often highly advantageous to partner with an organization that offers professional management for many components of your CSR program. As the CSR executive of your company, this will allow you to focus more energy on getting employees excited about your program and also allows you more freedom to get personally involved.
In June 2013, the UK Prime Minister, David Cameron, announced the creation of the Social Stock Exchange: a vehicle for investing in companies based primarily on their social impact in addition to their financial forecasts. This is a great example of a trend in modern society where more emphasis than ever before is placed on the legacy an organization leaves behind and the reputation it creates while going about the business of business.
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.
You can certainly begin with some creative giving, and there are many different options. The best CSR programs will incorporate at least two, if not more, of the following creative giving options:
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.
Donations - This can be a very easy and effective strategy. Your company can commit an amount of monetary donations, services or products to help a cause.
Workplace Volunteering - Offering pre-approved volunteer opportunities to employees, including offering paid time off for volunteer activities on company time.
Employee Donations - Making it easy for employees to donate financially to various causes, either on a one-time basis, or on an ongoing basis via automatic payroll deductions.
A Gift Matching Option - When employees donate, the company can match those donations up to a set amount. This can be a great incentive.
In addition to these creative giving suggestions, you need to think about strategic giving. We all want to do some good, but your program of corporate responsibility won't help anyone if runs counter to the goals and culture already established in your business model. You need to ensure that your giving program aligns with the mission and goals of your business in order for it to succeed.
When thinking about strategic giving, it is important to consider the following questions:
Will this program successfully support a cause while staying financially viable?
Will we have enough of an impact to justify the effort and investment?
How can we effectively mine business benefits out of charitable efforts? (Do not be ashamed to use your CSR program as a source of positive media, talent recruitment or savvy accounting.)
Is our business set up to fully help and support the charitable cause?
Is there already a culture of philanthropy present at our company or does this need to be established?
Is the upper level of the management team clearly on board with these charitable goals?
Another priority needs to be the efficiency of your program. Without efficiency, the social impact will be lessened or will not be able to continue for a long term. Just like any part of your business, the personnel, organizational, financial and managerial aspects of a successful corporate social plan are highly complex. It is often highly advantageous to partner with an organization that offers professional management for many components of your CSR program. As the CSR executive of your company, this will allow you to focus more energy on getting employees excited about your program and also allows you more freedom to get personally involved.
About the Author:
Sebastian Troup enjoys blogging about philanthropic solutions for businesses and non profit organizations. For additional info about the importance of business philanthropy, or to find some corporate giving programs, please check out the Truist.com website today.
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