Is corporate social responsibility a permanent trend?
Undergraduate | Nov 22, 2016 | Laura Besozzi
At the Gabelli School of Business, the idea of “business with purpose” permeates both campuses. But how prevalent is the concept of corporate social responsibility throughout the business world?
Senay Alaselim-Yilmaz, CFO of Turkish Philanthropy Funds, and Gary Kelly, attorney and political scientist, shared their thoughts on corporate social responsibility (CSR) during International Business Week.
The speakers defined CSR as business initiatives that benefit society. Some corporations encourage employees to volunteer or reward employees for charity donations. Companies might implement environmentally friendly business operations, or they may use shared-value initiatives, which are business opportunities addressing a community social issue.
Social initiatives can influence consumer opinion. Alaselim-Yilmaz and Kelly shared these stats:
- 67% of global online consumers will pay more for products made by a company committed to social and environmental responsibility
- 90% of shoppers will switch to a company that supports a good cause and boycott a company they feel isn’t socially responsible
- 32% of employees would leave their jobs if their companies never donated money or if they harmed the environment
These numbers point to the value of a business beyond profit.
The added factor of social media means that if customers aren’t happy with a company’s social impact, they can tell millions of others.
As CSR becomes increasingly important to consumers, being socially conscious is becoming more and more mainstream.