Csr why is it important today

While consumers may rely on corporations for goods and services, the level of competition allows customers to make decisions based on how much good a corporation is doing outside of the workplace and how they are positively impacting their community.

According to a study by Cone Communications, 9 out of 10 consumers would refrain from doing business with a corporation if there existed no corporate social responsibility plan.

For example, if a company is heavily involved in the practice of donating funds or goods to local nonprofit organizations and schools, consumers are more likely to use their product. Or if a corporation takes great care to ensure the materials used in its products are environmentally safe and the process is sustainable, this goes a long way in the eye of the public.

Remember, consumers feel good shopping at institutions that help the community. How much good a company does in its community or beyond reflects its corporate social responsibility values. And the more positive the benefits to the community, the more media coverage a company will likely receive. On the other hand, the media will often also cover corporations that participate in production or activities resulting in negative community impact.

Media visibility is only useful when it sheds a positive light on your organization. Happy employees almost always equals positive output. How corporations embrace corporate social responsibility is of great importance to nonprofit organizations.

Corporate giving programs include matching gifts and volunteer grants. These programs, which vastly increase the positive impact corporations can have, are vital to nonprofit organizations because they are the ones receiving the monetary donations and volunteer time.

Corporations that offer matching gift programs are essentially doubling donations that its employees might give to eligible nonprofits. Corporations that offer volunteer grants, or even offer paid time off to volunteer at nonprofit organizations, are bringing in helping hands to eligible nonprofit organizations.

These corporate giving programs are a win-win for both parties involved, and a huge reason why corporate social responsibility is important to nonprofits! So it was just , that we couldn't turn on the TV, or the news and see the wildfires that were happening across Australia [] and all the wildlife and humanitarian disaster that it created.

I mean, we're talking about some wildlife being close to extinction because of the wildfires, right? And so where we should be going [] is I think, where we are going, but we also need to just be mindful to not go down a rabbit hole for one thing and completely forget or ignore that there's a whole other issue that's also happening.

And so recovery and wildfires might be secondary to addressing COVID and racial injustice, [] but we can't forget that that's also happening.

And so we have to make sure that we have our head on a pivot moving forward to make sure that we're canvassing all the issues, the best way that we can, or at least know that they're actually still happening. I feel like so many companies now who have not before taken a very bold step towards inclusion, diversity, equity, and belonging at their workplace and now seems to be the kind of shiny object of a shiny thing that everybody's focused on.

Whereas to your point, there are so many critical long-term issues that practitioners have been focused on historically.

And it's almost the tension of, the and as opposed to the or, and really figuring out how to continue to do both. And I think even to your point about disaster relief overall, I think more and more practitioners now are even starting to recognize that there really are three separate and distinct pieces to disaster relief. There's the preparedness, [] there's the actual relief in the moment that it happens and then there's a long-term disaster recovery.

So, I think that our work as practitioners really does, even though we're talking about different areas, not necessarily disaster relief, but there really are kind of the short term, medium-term and longer-term implications to everything that we do. What's the one thing that a CSR practitioner should be thinking about, or one last piece of advice that you have for a CSR practitioner [] who's just getting started? And this is what I mean by that.

I think many people they say, "Oh, I diverse all sorts of thinking. But here's what I mean, I happen to have a nonprofit background and my nonprofit background actually informs much of the work that I do. I'm able to put this community focus lens over the work that I'm doing when I'm connecting with nonprofit partners. And that makes me much more empathetic and makes me much more understanding of [] the burden that they feel as a nonprofit. And it also removes the power dynamic that might exist between the companies and the nonprofits that they're serving.

That's one very different perspective, but people from all different walks of life, from all their different experiences, lived and learned, they bring a very different perspective to our field.

So we need to value that diverse thought process because I think long-term, that'll help CSR [] in general, get out of the rut that I think that it's felt pre-COVID to this point. And that's how you have that boldness. Karl Yeh: So Jerome if [] any of our audience wants to connect with you, or learn more about you, where can they go? Jerome Tennille: They can go directly to my personal website, at jerometennille.

Let us know in the comment section below. Connect with Janelle St. Omer on Linkedin. I view businesses that are able to manage finances while still helping their communities as accountable and transparent in their dealings. According to a report by Aflac, investments in CSR are not typically viewed by investors as a waste of money, but rather an "indicator of a corporate culture less likely to produce expensive missteps like financial fraud.

You might not expect a CSR strategy to improve your bottom line because it typically requires investment in projects. However, as mentioned above, many customers are willing to pay more for products from a socially responsible brand, and CSR can help attract and retain employees. Given that turnover can cost companies thousands of dollars, this is worth noting. From my perspective, CSR can help your business better engage with customers. Many forms of CSR involve businesses interacting directly with members of society, who may also be customers or potential customers.

You can get direct feedback on what you are doing right and what your company needs to improve on. Word-of-mouth is still an effective form of advertising, and customers who have been part of the social responsibility created by a company are able to tell other potential customers about the business. In conclusion, businesses can no longer operate with the sole aim of making profits at the expense of the environment, society, economy, consumers and employees.

Companies need to consider how they can give back to society, and this can help you attract customers and keep your best employees. Customer satisfaction and employee retention are the keys to any successful business, after all. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify? This is a BETA experience. You may opt-out by clicking here. More From Forbes.