5 Ways To Identify A Company's Social Responsibility: 1. Cause-Related Marketing
5 Ways To Identify A Company's Social Responsibility: 1. Cause-Related Marketing
5 Ways To Identify A Company's Social Responsibility: 1. Cause-Related Marketing
1. Cause-Related Marketing
Every company has a mission, but not every company has a cause. A
cause is larger than a brand and may require generations of campaigns
and collaboration.
A company's cause should reflect the values of its brand. A great example
was the Starbucks “What’s Your Name?” LGBT+ campaign, which
highlighted the transition of a transgender individual and their experience
testing out their new name on their coffee cup. This reflection of their
values created a very evocative campaign that resonated with their
audience.
2. Philanthropy
Philanthropy is normally the first thing that comes to mind when people
think about a company’s social responsibility. Similar to cause-related
marketing, some companies donate to charities as it’s a great way to raise
the profile of their brand and improve company reputation. Statistics
show that 70% of millennials are more likely to purchase products from
brands that support charitable causes. Supporting a charity is also a great
way to elicit more audience engagement.
So, you need to ensure that the company is not simply participating in a
“hot topic” cause for publicity. An example of this is a concept called
“pinkwashing”, when companies take advantage of LGBT marketing
potential, such as the Burger King Pride Whopper, without providing
genuine, sufficient support to the community.
Corporate philanthropy doesn’t just have to mean donations. It represents
the company’s commitment to causes and can come in various forms,
including:
Volunteering. A great way for a company to showcase social responsibility is by investing both money
and time. This could mean offering a volunteering time-off policy and encouraging community
improvement. What’s more, volunteering can also be used as a team bonding or empathy exercise
with employees or clients. This will help build positive client relationships and improve team unity.
Companies can also offer volunteering grants by donating a specific amount of money to a cause
once an employee has completed a certain number of volunteering hours. Walmart gives $250 for
every 25 hours of employee volunteering.
Donation Matching. A charitable employee should be encouraged, supported, and celebrated. Many
socially responsible companies match, double, or even triple the amount of money their employees
donate to charity. Microsoft will match up to $15,000 per employee. This strategy empowers
employees and promotes employee engagement. Statistics show that engaged employees are over
200% more productive than employees who are not.
Nonmonetary Donation. Companies tend to have a wealth of resources that are surplus. After
accounting for inventory, they may realize that their company has a plethora of excess socks or older
computers. Instead of disposing of them, a socially responsible company will donate them to
organizations that will find them a new home.
3. Ethics
Studies have proven that not only are ethical principles the right thing to
do morally but that companies committed to ethical conduct outperform
businesses that don’t prioritize it.
4. Community Involvement
Aside from supporting local charities and businesses, there are a variety
of creative things a socially responsible business can do to help their
community. Here are a few you can look out for:
Transporting equipment, food, and diapers can be a good use of a business’s transportation
capability.
Free training or teaching for individual community members such as work experience that provides
young adults with transferable skills.
Providing gifts to local children during the holidays or any other special event.
Many businesses often petition to allow vacant city-owned spaces to be converted into local parks
and playgrounds.
Visiting the elderly, planting trees, and general fundraising.
Even bigger companies that are spread among many locations should
provide for the community. For example, Google has been supporting a
variety of lower-income communities around the world by providing them
with educational materials for virtual learning.
5. Company Culture
A company needs to have ethical practices when they are dealing with
external factors such as products and media perception. But it is also
important to focus on internal practices. Unethical company culture is one
where there is a contradiction between words and actions within the
business.
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