What is Corporate Responsibility?

 

How does the company win over the loyalty of the consumers?  Some companies will state anything the consumers love to hear, such as exceptional customer support, impeccable administration, and others.  Knowing how to promote your business is an integral part of your marketing strategy. However, to guarantee that you will earn the trust and loyalty of the customers, ensure them that you will be using the company’s profit to improve the lives of the community in a program called Corporate responsibility.

 

Corporate Responsibility for the Consumers

The term Corporate Responsibility refers to the practice in the industry which involves participating in projects that highly benefit society.  It is becoming more standard as most organizations insert sustainability in the center of their operations to improve the quality of life and market the business.

 

·         Sustainability- This factor is not only crucial for the planet and the people; it is also highly essential to the business industry.  Communities are becoming more concerned about global issues such as Ebola, poverty, environmental changes, and other diseases. The concept of corporate responsibility has become unmistakable and clear, especially in offering a more sustainable option. Billions of money are at risk if the company does not implement a swift and all-encompassing solution to the environment.

 

·         Awareness- As people reach particular awareness about the current social happening, the importance of choosing a company that supports awareness on a social concern also grows.  The new generations are not just thinking of giving back;  it is no longer about the simple Reduce-Reuse-recycle Program. People nowadays want to feel good about spending their money, which means purchasing and acquiring products from a business that supports a social issue through corporate responsibility.

 

Corporate Responsibility for the Employees

 

The latest statistics show that the consumers are not the only ones attracted to the company that tends to give back and support social awareness; it is also a deciding factor for the top talents in the industry.  Nowadays, highly qualified people are now choosing whether to work for a particular company or not based on their Corporate Responsibility.  Top employees are currently considering three factors when choosing a company; planet, people, and profit.

 

The Types of Corporate Responsibility

 

Business owners can execute a lot of corporate responsibility, from supporting a non-profit organization to advocating a specific social issue.  In general scope, corporate social responsibility falls under three categories; labor practice, philanthropy, and environment. 

·         In Labor Practice, they make sure that all their employees are well treated; this responsibility is prevalent in companies working outside of the US. 

·         The philanthropy responsibility is when a company provides a donation to national charities and other non-profit organizations.  It does not necessarily mean money; they can also give time and effort to join the organization’s advocacy. 

·         In the Environment, all businesses have traces of carbon; anything they will do to minimize their carbon emission is a form of corporate responsibility.