Corporate Social Responsibility Strategies with Mia Mahaney
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Summary:
What does Corporate Social Responsibility (CSR) mean?
Why does it matter?
When you think about any large corporation, chances are they have incorporated some type of CSR strategy - now of course, some of those companies are better at implementing
What it looks like on a smaller-scale
5 steps to begin building a CSR strategy for your business
To sum it all up:
- Why does it matter? Why is it good for companies?
- And, to begin building a CSR strategy you need to:
What does Corporate Social Responsibility (CSR) mean?
- Corporate Social Responsibility (CSR) refers to the ways in which businesses give back to the community.
- It is a type of voluntary self-regulation that promotes the company’s ethics and values while furthering social good.
Why does it matter?
- Studies show that CSR is not only good for workplace culture, employee performance, engagement, and retention, but also, that nearly 80% of Americans are more loyal to purpose-driven brands.
- BUT The thing is, CSR isn’t the same thing as philanthropy. Strategic CSR benefits the company in many ways
- Strengthened corporate and brand reputations
- Enhanced trust with key stakeholders - customers, employees, regulatory agencies, suppliers, and investors
- Increased revenues
- This means that strategic CSR is good for a business’ bottom line.
When you think about any large corporation, chances are they have incorporated some type of CSR strategy - now of course, some of those companies are better at implementing
Examples
- Walmart Community Grant Program $250 - $5000
- I’m from the Midwest, so we have Meijer here which also supports their local community through donation requests and volunteering
- Target - volunteer matching
- Capital One - company sponsored foundation that supports programs designed to promote education
What it looks like on a smaller-scale
On a smaller scale companies that implement CSR strategies include
- the locally owned restaurants that give gift cards to support local causes
- Small businesses that give sponsorships in support of local events
- For example, there’s a Young Professionals networking group in my city that hosts different events. These events are sponsored by local businesses who donate the food, the venue, or even a speaker or expert in a particular field
How do you begin building a CSR strategy for your business?
- Begin by realizing that there’s a difference between personal charitable contributions and corporate engagement.
- The difference is the goal.
- When you contribute to your community for personal reasons, you do it with the goal of feeliing charitable, but just like any other business decision → when you engage your business in charitable contributions, your goal needs ot be your bottom line.
- For example:
- In my city, a lot of small shops give donations. As a parent who goes door-to-door soliciting for athletic clubs, school PTO, this is great.
- But for businesses that don’t have a clear strategy, it doesn’t help them.
- Determine your business’ values.
- Some of these may jump out immediately, others may take a bit longer
- An example could be a homemade greeting card company who values environmental sustainability
- Determine your business’ goals
- While everyone wants to make more money, get more clients, or sell more products, remember, that the goals of a CSR strategy fall under marketing goals and your return on your investment will be measured in that way.
- For example,
- Do you want to reach a new audience?
- Are you trying to increase your social media engagement?
- Determine your business’ capacity
- Are you looking to contribute time or money or both?
- How much time or money arey ou willing to commit?
- To figure this out you need to determien what makes the most sense based on your goals.
- Begin your search for opportunities in the marketplace that align
- Research is KEY to determining the causes and organizations to give to and align those causes with your business
To sum it all up:
Why does it matter? Why is it good for companies?
- Cone Communications released a study with data showing that:
- nearly 9 in 10 consumers would switch brands to one associated with a cause
- 87% of Americans will purchase a product because a company advocated for an issue they cared about
- 70% of consumers will spend more on brands that support causes
And, to begin building a CSR strategy you need to:
- Begin by realizing that there’s a difference between personal charitable contributions and corporate engagement.
- Determine your business’ values.
- Determine your business’ goals
- Determine your business’ capacity
- Begin your search for opportunities in the marketplace that align
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About our guest -
Mia Mahaney is the founder of West Michigan Consulting Services, Mia is a cause-driven individual. She believes that nonprofits and businesses have the power to solve the world’s most challenging problems and is committed to helping them increase their impact. She’s an advocate, a volunteer, and a mother, dedicated to raising a caring and socially conscious son who sees the world through a lens of possibility and opportunity.
