Friday, 8 January 2016

Rise of Conscious Capitalism: Why Doing Good is Good Business

Corporate social responsibility (CSR) is no longer an obligation that corporations feel they need to take on, but has become central to the operations of many of the best companies today.

Cash giving, volunteer hours, employer-matching programs and in-kind services are just a few all are ways in which companies accelerate social impact.

In addition to strategic alignment with nonprofit and cause partners, a company must approach partnership holistically by offering financial contributions, product donations, extra hands volunteers, and skills-based volunteers to help the organization make budget, build capacity and leadership, and meet its mission.

Nielsen's 2014 Global Survey on Corporate Social Responsibility (Nielsen's 2014 Global Survey on Corporate Social Responsibility) "shows that 55 percent of global online consumers across 60 countries are willing to pay more for products and services from companies that are committed to positive social and environmental impact."

The key is that the benefits of CR will only redound to those companies that are managing these efforts well. It’s not enough to dabble; companies must approach CR seriously if they are to enjoy the significant benefits.

To stay relevant and attractive, brands must keep up with the pace of change without severing their roots.

When an organization  engages in CSR, it supports public value outcomes; being an employer of choice and encourages both professional and personal development.

A strong corporate social responsibility framework is essential to building and maintaining trust between the company and clients. It can strengthen ties, build alliances and foster strong working relationships with both existing and new clients. In essence, this helps deliver public value outcomes that may not have been delivered otherwise.

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