What is Corporate Social Responsibility?
“Corporate social responsibility is a type of international private business self-regulation that aims to contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in or supporting volunteering or ethically-oriented practices” Wikipedia. In short, it’s a great way for businesses of all sizes to give something back to the communities they are part of.
According to the Reputation Institute’s RepTrak 100 [ https://www.reptrak.com/global-reptrak-100/ ] the top 10 most reputable companies in the world are
- Lego
- Walt Disney
- Rolex
- Ferrari
- Microsoft
- Levi’s
- Netflix
- Adidas
- Bosch
- Intel
A CSR strategy not only generates positive social impact but could give your business the edge over competitors
A big part of what makes the reputations of these companies so great is their CSR commitments – a whopping 41% of a company’s reputation score is attributed to CSR! This means that in 2020 your company’s CSR programme is growing ever more important not only as a tool for increasing reputation in your area of business – however big or small – but for also attracting and keeping the best talent.
- Having a great reputation for CSR sets companies apart
- Gives companies the edge in recruitment and retention of talent
- CSR focused activities can help improve bonds between employers and employees
Companies that are successful in their CSR roles choose charities and non-profit partners and other causes that are aligned in some way to their brand – they also make commitments to ethical business practices. A CSR strategy can also include volunteering, commitments to ethical working and environmental practices and working with charities and other non profit organisations. Lego has earned their top ranking scored by making commitments to reduce the carbon footprint in their manufacturing and teaming up with charities such as UNICEF (for their links with children) and WWF (for environmental) as well as a range of community focused initiatives. This all gives a huge boost to their standing worldwide.
How to choose a charity partner for your charity
- 1. Choose a charity that matches your business’s size and values – If you are a small business you could try looking for a local charity that your customers already know and have a connection with. For example, if you are an estate agent you could team up with a local foodbank charity – you could collect food from the community as well as help promote the charity to your customers and include your staff in the initiative building local relationships and an authentic link to the cause. If your company is bigger you could look to align yourself with a wider reaching charity and perhaps be part of a global / international movement – if that resonates with your employees, customers, and other stakeholders. At Charity Choice we list over 180,000 charities so you are spoilt for choice when it comes to finding the perfect charity partnership for your business.
- 2. Transparency is important – Consumers are ever more questioning about transparency when it comes to charities. Ensure that you can demonstrate how you are working with your chosen charity and that they are also clear and transparent about their fundraising. Charity Choice has made this easier for you by setting up handy reports which give you an insight into a charity’s finances – simply use our find a charity search then click on FREE REPORT next to the charity name. We can also provide a more detailed report if you need to report to board members or other stakeholders.
- 3. Get your stakeholders involved in choosing – it’s not always clear which charities your people will be more receptive to so why not either choose more than one cause or research a small list then have a poll to choose the most popular – once you have your team, customers or community behind your chosen cause there is much more likelihood of success and engagement!
An Excerpt from – https://www.charitychoice.co.uk/blog/corporate-social-responsibility-and-how-your-business-can-be/355
