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.
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.
So how can a company make a positive social impact while thriving financially? The answer comes down to creatively building and implementing a broad corporate social responsibility program that focuses on the doing of good, but does so in a strategic and efficient way.
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 Business Practices - A commitment to environmentally responsible materials, recycling, energy efficiency, or pollution mitigation.
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.
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.
Match Employee Gifts - When the company matches the monetary donations from employees, even to a set amount, this doubles the impact and inspires employees to give.
Strategic giving is another component to consider. While few can argue with the doing of good, a CSR program will not be sustainable if it makes no business sense or runs contrary with a company's established culture and goals. And if it is not sustainable, it's not going to have the social impact the organization desires. Instead, setting up the CSR program strategically in line with business goals and the dominant business culture ensures the program will have the support it needs to thrive.
You need to have a balanced and well-planned approach to a strategic charitable giving program, so ask yourself these types of questions:
Will this program successfully support a cause while staying financially viable?
Will the company's involvement have enough of a positive impact to justify the cost of the project and the investment of time and resources?
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 the company set up to support this charity fully?
Is there already a culture of philanthropy present at our company or does this need to be established?
Are the top-level managers visibly supporting these efforts?
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.
So how can a company make a positive social impact while thriving financially? The answer comes down to creatively building and implementing a broad corporate social responsibility program that focuses on the doing of good, but does so in a strategic and efficient way.
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 Business Practices - A commitment to environmentally responsible materials, recycling, energy efficiency, or pollution mitigation.
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.
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.
Match Employee Gifts - When the company matches the monetary donations from employees, even to a set amount, this doubles the impact and inspires employees to give.
Strategic giving is another component to consider. While few can argue with the doing of good, a CSR program will not be sustainable if it makes no business sense or runs contrary with a company's established culture and goals. And if it is not sustainable, it's not going to have the social impact the organization desires. Instead, setting up the CSR program strategically in line with business goals and the dominant business culture ensures the program will have the support it needs to thrive.
You need to have a balanced and well-planned approach to a strategic charitable giving program, so ask yourself these types of questions:
Will this program successfully support a cause while staying financially viable?
Will the company's involvement have enough of a positive impact to justify the cost of the project and the investment of time and resources?
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 the company set up to support this charity fully?
Is there already a culture of philanthropy present at our company or does this need to be established?
Are the top-level managers visibly supporting these efforts?
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 further info about the importance of business philanthropy, or to find some corporate giving programs, please check out the Truist website now.
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