The key ingredients for driving business growth while creating authentic impact.
While Corporate Social Responsibility (CSR) first got its roots in the 1960s, the practice has evolved throughout history alongside new opportunities for conscious capitalism.
Though corporate philanthropy—the act of empowering employees to volunteer by donating money, goods or time—still merits a large part of CSR culture in 2016, businesses are increasingly innovative in the ways in which they bake purpose-driven efforts into their company’s core mission.
Consumers today are interested in investing in brands with an ethos, as we’ve seen hold true with companies like premium food supplier Whole Foods and one-for-one shoe brand TOMs, which are able to capture the attention and wallets of everyday consumers. According to a Global CSR Study conducted by Cone Communications/Ebiquity, 91 percent of global consumers expect companies to do more than make a profit but also operate responsibly to address social and environmental issues. From integrating a social mission into cross-departmental activities to engaging in sustainability practices, there are myriad ways in which organizations can adopt both a good business and commerce-driven model.
The Impact Debrief, a new report from PSFK Labs, explores how brands can innovate around this decades-old concept of CSR to elevate their social impact and influence. Our study breaks down key ingredients for creating social innovation as applicable takeaways for corporations aiming to achieve business goals while delivering systematic and authentic impact.
Identify And Unite Around A Relevant Social Problem: Taking ownership to help solve a specific issue makes it easier for a business to develop a comprehensive CSR strategy, creates a sense of unity among its employees and helps the organization gain credibility with consumers.
Promote Cross-Functional Integration: Encouraging departments to find new ways to work together to achieve impact goals unifies an organization behind a common social mission.
Incentivize And Empower Employees: Supporting employees’ efforts to connect with the company’s mission and innovate around solving social problems improves employee satisfaction and helps companies attract and retain talent.
Create Value By Maximizing Sustainability Efforts: Engaging in sustainable business practices not only reduces a company’s climate impact and mitigates regulatory and reputational risk, but also creates value by cutting energy costs associated with operational inefficiency, waste and outdated equipment.
Deliver Transparency: Openly sharing information with consumers allows companies to position themselves as trustworthy, credible and reputable, differentiating themselves from competitors in the marketplace.
This article was taken from here.