No longer is the term ‘Corporate Social Responsibility’ a novel idea amongst businesses. A 2011 sustainability study by MIT showed that sustainability, in the US at least, now plays a permanent part in 70% of corporate agendas.
Organisations such as Unilever haven’t simply been championing sustainable business as a form of corporate philanthropy. Since implementing their Sustainable Living Plan, they have increased growth and profits. Quite simply, doing good is good for business.
How have Unilever achieved this growth? By being a responsible, sustainable business, they have saved money (energy, packaging etc.), won over consumers, fostered innovation and have managed to inspire and engage their people.
Benefits of corporate social responsibility
The Unilever success story is well publicised, but it can be hard to identify with a business of such size. However, the great news is that even the smallest of organisations benefit when putting Corporate Social Responsibility (CSR) at the heart of their business.
Whilst profit may be the end goal for any business, responsible businesses have managed to attract more investors, reduced their risks and addressed stakeholder concerns. With there barely being a day in the news where a business hasn’t made an embarrassing error of judgement, more interest is being show in business demonstrating Corporate Social Responsibility (CSR).
The benefits from adopting CSR can be less obvious than say, helping the environment. For example, a survey from Net Impact found that 53% of workers said that “a job where I can make an impact” was important to their happiness. Interestingly, 35% would take a pay cut to work for a company committed to CSR.
Examples of corporate social responsibility
CSR isn’t about giving money to charity, or just asking people not to print emails for the sake of Mother Earth! First and foremost, businesses exist to make profit, and this isn’t meant to change as a goal. The reality is that no