The times of “being in it for the money” are over. People are now looking for more than high salaries – people are looking for meaning in what they do. The term describing this movement is corporate social responsibility, often referred to as CSR. Many large corporations such as Wal-Mart and Walt Disney have implemented a CSR campaign. However, not only large firms, but also small businesses have identified this to be an important staple in their day-to-day operations. Corporate Social Responsibility reaches from reusing and recycling materials, to caring about excluded groups of the population, to energy saving activities.
These methods are ever more important when looking for new employees or retaining staff. This is especially important in a time in which 86 million millennials make up the largest population group in the U.S. and provide a large labor force. These young people strongly tie their personal values to their career and bring innovative ideas to a business. This is supported by the fact that seven out of ten young adults consider themselves to be social activists and state CSR to be a major factor when choosing among employers.
At the same time these young adults are consumers and are looking to do business with companies that share their passion for social causes. Consumers increasingly want to be seen as good citizens, and this desire is reflected by their buying behavior. According to Landor Associates, 77% of surveyed consumers note it to be important for companies to be socially responsible. In the digital age we are living in, customers have more information and often share this information with fellow consumers. This may be a threat to companies engaging in unethical business activities, but an opportunity for businesses having CSR fully incorporated into their business concept. Corporate Social Responsibility is what defines a business and what makes it rise above competitors.
Why Companies Can No Longer Afford to Ignore Their Social Responsibilities