Corporate social responsibility (CSR) programs have been around for a long time. But there's not a lot of excitement around them. That's because they've been branded as a "responsibility," which reminds me of childhood chores like cleaning my room or taking out the trash. Responsibility sounds like a "have to, "not a "get to." Compare that to the word "Opportunity," which gets me excited and optimistic.
CSR programs are defined as efforts by a business to be conscious of their impact on all aspects of society, including economic, social, and environmental.
In the 1970s through 2000s, these efforts probably were more of a responsibility than an opportunity. But TODAY, these efforts are loaded with OPPORTUNITY and rewards for companies that go above and beyond to create positive impacts for people and the planet. Many businesses are generating higher profits because of their ethical behaviors.
"CSR 1.0" was basic things with half-hearted efforts. Frankly, many of the initial efforts of CSR were companies just deflecting potential negative attention from themselves.
"CSR 2.0" today is using business as a force for good and establishing a competitive advantage.
What are the benefits and advantages?
Earn Consumer Spending & Loyalty
Attract & Retain a Talented Workforce
Reduce Waste & Costs via Sustainable Practices
Mitigate Legal & Regulatory Risk
Many of today's startups are building their entire revenue model and strategy around "net positive" impacts on society. They inherently understand that the best way to take market share and talent from entrenched "old school" competitors is to be more purposeful and ethical than them.
The old companies that don't evolve away from shareholder primacy towards stakeholder capitalism will increasingly struggle.
At Impact Grove, we help existing companies evolve for the better and also help startups launch with maximum positive impact.
Cheers to a bright future!