March 2021

Mohammad Anas Wahaj | 23 mar 2021

According to a survey by The Conference Board, 61% of major global companies spent more on philanthropy in 2020 than budgeted, with 58% of respondents using incremental funds for COVID-19 efforts, and 54% of respondents using incremental funds to help address racism in the US. Moreover, more than 2/3rd of the surveyed companies said they plan to maintain or increase their total level of giving in 2021. A 2017 Cone Communications CSR study found that 87% of respondents will purchase a product because a company stood behind an issue they cared about. And a 2016 Cone Communications study on millennial employee engagement found that 64% of millennials consider a company's social and environmental commitments when choosing a workplace. There is a win-win relationship when corporates focus on long-term social and community involvement. This activity benefits communities and helps improve and build brand value, and also achieve business objectives. Cheryl Goodman, Head of Corporate Communications/Corporate Social Responsibility at Sony, provides key steps that needs to be taken for strategic long-term CSR - (1) Identify Causes To Support: For strategic CSR choose causes to support that reflect company's ethos. Determine tangible societal benefits of the CSR efforts. There need to be a correlation between the beneficiary of the CSR efforts and the business that company is involved in. Survey employees to find causes to support. This helps employee to be more involved and engaged in the charitable efforts as they feel heard. (2) Determine Proper Structures To Achieve Success: To determie the structure, companies should think diligently what will make a long-term impact on communities. Companies should have systems in place to measure the impact and success of their efforts. Quantitative key performance indicators (KPIs) won't reveal themselves immediately, but qualitative measures are essential from the beginning. Companies should evaluate their resources and determine time and financial commitment they will be able to make to achieve desired outcomes. (3) Give Nonprofit Partners Space To Lead: Create an action plan to work with nonprofit partners. Develop trust and understanding with these partners, as they have experience working on the ground and know better how to serve communities. Collaborate early, communicate often and support each other authentically to achieve desired outcomes of the charitable efforts. (4) Get The Good News Out Without Missing The Mark: Secure strategic press coverage by involving the right internal and external stakeholders. Involve the right people from the company and nonprofit that can deliver the message right, and establish solid relationships with members of the media. Messaging should also include any relevant data points and stories that help explain why the cause is pressing. (5) Practice Humility And Transparency: By exercising humility, companies can decrease the likelihood of appearing opportunistic. Read on...

Forbes: How Companies Can Strategically Build Purposeful Corporate Social Responsibility Programs In Five Steps
Author: Cheryl Goodman

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