What is A Corporate Social Responsibility Program and Why Does it Matter
CSR- it’s an acronym that I, as a career non-profit employee, know incredibly well. Do you know what it means? CSR stands for corporate social responsibility. How different corporations can demonstrate this responsibility can vary, but the idea behind any CSR initiative is to demonstrate that a business or corporation cares about social and environmental concerns and wants to demonstrate their commitment to such issues to their stakeholders, whether they be their own employees, their contributors and investors, or the public or general consumer of the company’s goods and/or services. According to the Harvard Business School, “firms that embrace corporate social responsibility are typically organized in a manner that empowers them to be and act in a socially responsible way to have a positive impact on the world. It’s a form of self-regulation that can be expressed in initiatives or strategies, depending on an organization’s goals.”
In exemplifying CSR, companies can choose different tactics to demonstrate their commitment to environmental, ethical, philanthropic, or economic responsibility by incorporating such activities into their business model, by offering funds to organizations that directly contribute to such causes, or by partnering with organizations to forward their mission towards a better future. Examples of such companies that have integrated CSR into their business models include Ben & Jerry’s ice cream, which established their foundation in 1985 and which, each year, awards approximately $2.5 million in grants to organizations working to end poverty and offer environmental health and justice to communities across the US to Starbucks, which verified that 99 percent of its coffee supply chain was ethically sourced as of 2015.
Some of the benefits to companies that engage in CSR include improved public relations, higher brand recognition, satisfied customers and stakeholders, successful financial performance, ability to attached and retain talent, lower costs, as well as the ability to create positive change. Following the COVID-19 pandemic and the resulting impacts that it had on the economy and employment, such as the Great Resignation and Quiet Quitting, contemporary companies are finding that CSR is particularly important in attracting and retaining talent. Additionally, as employees from Gen Z enter the workforce, companies find they are competing for talent from a generation that, according to a McKinsey survey of Gen Z respondents around the world, “more than other generation, [...] collectively demands purpose and accountability, the creation of more opportunities for people of diverse and underrepresented backgrounds, and rigorous sustainable and green practices.” Companies seeking to hire talent from younger generations of employees and following the social and economic upheaval of the last several years, are finding themselves required to demonstrate their commitment not only to CSR initiatives, but also to the company’s brand and culture, learning and growth, meaning and community, communication and feedback, and autonomy and flexibility.
At Wish for Wheels, we offer companies and their employees both a CSR and team building and/or employee engagement opportunity. We connect our company partners with Title I schools in their local communities and we work with company employees to build bikes. Once the bikes are built and the employees are engaged with one another, employees are able to literally get Title I second graders on their brand new bike, with their brand new helmet. Employees and companies that have partnered with us report having amazing experiences with their employees with “an immediate sense of accomplishment/satisfaction in working with the kids.” As a rule with our partners, they would “10/10 would recommend to anyone looking for a team building activity that pairs with giving back to the community.”
Check out other blog posts on How Our Team Build & Give Events Help Organizations Reach Their Goals and Beyond Team Building: How Philanthropy Transforms Companies within to learn more about the ways that Wish for Wheels can help you achieve your CSR and employee engagement goals.
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https://online.hbs.edu/blog/post/types-of-corporate-social-responsibility
https://online.hbs.edu/blog/post/corporate-social-responsibility-examples
https://www.indeed.com/hire/c/info/what-is-corporate-responsibility?gclid=Cj0KCQjwnrmlBhDHARIsADJ5b_kpJvDWY6u-O6qpV92ZWdmzTCb1nyi6DtF0oRNtChBr98A9sP93cwQaAngNEALw_wcB&hl=en&aceid=&co=US&gclsrc=aw.ds#1
https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z
https://www.indeed.com/lead/recruiting-generation-z?gclid=Cj0KCQjwk96lBhDHARIsAEKO4xabC78RVH8W0ABwHYq0aM-lhg_aGzmnBsmvyTi3Aefwx4uqJN_pl_oaAruGEALw_wcB&aceid=&gclsrc=aw.ds
