Consumers and employees are dissecting a company’s values more than ever, which is why corporate social responsibility (CSR) has become a new standard for companies to increase revenue and attract talent.
The International Organization for Standardization (ISO) defines CSR as the responsibility of an organization for the impacts of its decisions and activities on society and the environment, through transparent and ethical behavior that:
Practicing CSR and corporate philanthropy helps a company be socially accountable to itself, its stakeholders and to the public. Many CSR companies aim to positively contribute to their communities, the economy and the environment.
CSR also has proven to be a great way for companies to benefit themselves and society in four primary ways:
Active CSR tends to result in positive public attention within your community, which can lead to media exposure. Promoting good in the community and your workplace can even result in awards and recognitions, which boosts brand value and awareness. CSR practices portray that your company is about more than making profits; it’s about making a difference.
55% of consumers are willing to pay more for products from socially responsible companies. And according to Cone Communications, nearly nine-in-10 (86%) Americans expect companies to do more than make a profit and feel they should also address social and environmental issues. Researching a brand’s philanthropic impact is becoming more commonplace when customers are evaluating companies.
Bringing employees together to participate in corporate philanthropy activities, such as volunteer events or matching gift programs, fosters a more positive work environment and a greater sense of community, leading to increased employee engagement and retention, positively impacting culture and the bottom line.
How a company treats its employees and community has a positive impact on attracting new talent to organizations. CSR practices can often result in a greater sense of pride among employees, which boosts the recruitment and development of new team members.
Many of the largest corporations in the U.S., such as TOMS, Starbucks and Google, are well-known for their corporate social responsibility practices. And they all approach CSR in a unique way that makes sense for their companies and brands.
Corporate philanthropy efforts, such as matching gifts, volunteer grants and corporate scholarships, remain the most common ways companies implement CSR practices.
A unique and simple way corporations can leverage this type of CSR is through a corporate-advised fund. With this kind of custom corporate giving, companies can give gifts of cash, stock, real estate or other assets to the fund, which is managed by a charitable sponsor organization like a community foundation.
As the charitable assets grow under the stewardship of advisors and investment managers, companies grant the funds and return on investment to nonprofits.
If your company is just beginning to consider how to adopt or expand your CSR strategy, The San Diego Foundation team is here to help you further your goals.
Contact Director of Development & Stewardship Cami Mattson at cami@sdfoundation.org or (619) 814-1385 to learn more.
On August 9, 2022, we awarded $838,704 in Opening the Outdoors grants to 24 nonprofit organizations that offer equitable access to outdoor spaces in San Diego County.
“San Diego Foundation is proud to once again support its partners committed to increasing community-driven efforts to enhance accessible outdoor space, encourage youth to learn more through hands-on education and create the next generation of environmental stewards in the San Diego region,” said Christiana DeBenedict, SDF Director of Environment Initiatives.
This year’s grantees will help address these inequities and enhance access to the outdoors throughout San Diego County.
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