What is your Corporate Social Responsibility legacy?

For the cynics, legacy or corporate social responsibility might only be good for public relations and perception. Investing in health and wellbeing programmes for your employees might increase retention and decrease sick days, so the return on investment case stacks up.

CSR is a big deal and it is only going to get bigger. Fortune Global 500 firms spend roughly $20 billion on corporate social responsibility per year. Huge companies take outspoken positions on diversity, inclusion, education, and the environment. Even the big names associated with obesity or plastic pollution have found ways to do business for good, such as Coca-Cola who ship medicines to remote places, because medical charities noticed that deprived communities may not have vital vaccines, but somehow they get Coca-Cola bottles in their stores - thus initiating a partnership for good. 

Leading companies have drawn on CSR principles to inform all manner of organizational decisions. Organisations have closely allied CSR with marketing, public relations, diversity and inclusion, and human resources. CSR plays a leading role in telling brands’ stories and attracting top talent. More importantly, brands have leveraged CSR to refocus their purpose, vision and legacy.  

Consumers expect companies to not only keep their own business clean, but to take a stand and speak up on important matters and take the lead on cleaning up supply chains and ensure that they do no harm. Companies are investing in their supply chains in other countries, helping them to be sustainable and to improve the lives, rather than rob resources or exploit their workers. They invest in training and education programmes that reach across borders.

Today’s trends and innovations signal that CSR will play an increasingly important role in how companies approach business and engage communities and appeal to customers.

Business should not only address problems of society but should also ensure that its activities that impact on society negatively are addressed - Peter Drucker

Social responsibility and ethical practices are vital to your success. The 2015 Cone Communications/Ebiquity Global CSR study found that a staggering 91% of global consumers expect businesses to operate responsibly to address social and environmental issues. Furthermore, 84% say they seek out responsible products wherever possible.

GenZ, the next biggest groups of consumer to have disposable income are even more socially conscious than any group that game before them. 

Having come of age during the pandemic, #BLM, #METOO, climate crisis, and LGBTQ+ movements, they are socially, globally and environmentally aware. Gen Z has a healthy dose of skepticism when it comes to how businesses and brands interact with and influence society. They have clearer and higher expectations for the businesses they support and work for than perhaps any previous generation. 

From hiring them to securing them as customers for your business, the bottom line is this: when it comes to corporate social responsibility (CSR), there simply is no other option. Gen Z is demanding it and businesses big and small will have to find a way to fall in line.

But what does LeaderX do?

As a leader, you must take responsibility for the way you make your people feel in their work, the impact you have on your customers and suppliers, and the impact on communities and the world around you. Your legacy is happening right now, and it’s down to you to choose whether you change it or scale it up. Circle back to MyPresent and take a good look at the impact that you as a business is having on the world and ask yourself whether you are satisfied by the ripple you are creating. What will you take a stand on?