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7 Reasons You Should Care About Social Responsibility Sep 20 2014 47,440 Views
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With an increase in consumer pressure for companies to be more socially responsible, making a positive contribution to society is becoming increasingly important. From the perspective of many corporations and business owners, however, social responsibility is often considered the “right thing to do” but not necessarily something that is required nor do many business owners believe social responsibility is able to increase the company’s revenue stream and profitability. These beliefs could not be further from the truth.
As social awareness becomes an ever increasing issue for the general public, companies that embrace corporate social responsibility have shown massive gains in terms of trust, brand authority, and even revenue. As I write this, the NFL is embroiled in a debate over whether it is doing enough to take action against players who have committed acts of domestic violence. Several sponsors have already begun to pull their support, costing millions in ad revenue – it remains to be seen what the ultimate fallout will be.
That said, this topic has been studied well and here are 7 reasons your company should care about social responsibility:
1. Drives More Business
In a recent study conducted by the associate professor of communication at SUNY’s School of Media and Communication looked at various factors of the mission statements between Fortune 500 companies to see what separated the top from the bottom. Companies in the top 20 of the Fortune 500 such as Walmart, Chevron, and AT&T actively pursued social responsibility in their mission statement and placed more emphasis on nonfinancial issues than companies found on the bottom of the list.
This goal to not only operate with financial success but also keep the community’s local interests in mind has helped
153 Likes
48 Comments Share on LinkedIn Share on Facebook Share on Google Pluse Share on Twitter
With an increase in consumer pressure for companies to be more socially responsible, making a positive contribution to society is becoming increasingly important. From the perspective of many corporations and business owners, however, social responsibility is often considered the “right thing to do” but not necessarily something that is required nor do many business owners believe social responsibility is able to increase the company’s revenue stream and profitability. These beliefs could not be further from the truth.
As social awareness becomes an ever increasing issue for the general public, companies that embrace corporate social responsibility have shown massive gains in terms of trust, brand authority, and even revenue. As I write this, the NFL is embroiled in a debate over whether it is doing enough to take action against players who have committed acts of domestic violence. Several sponsors have already begun to pull their support, costing millions in ad revenue – it remains to be seen what the ultimate fallout will be.
That said, this topic has been studied well and here are 7 reasons your company should care about social responsibility:
1. Drives More Business
In a recent study conducted by the associate professor of communication at SUNY’s School of Media and Communication looked at various factors of the mission statements between Fortune 500 companies to see what separated the top from the bottom. Companies in the top 20 of the Fortune 500 such as Walmart, Chevron, and AT&T actively pursued social responsibility in their mission statement and placed more emphasis on nonfinancial issues than companies found on the bottom of the list.
This goal to not only operate with financial success but also keep the community’s local interests in mind has helped