Corporate Social Responsibility

How Companies Stay Relevant by Partnering with Non-Profits

?Years ago, businesses were driven nearly exclusively by profits. Maximizing dollars and minimizing expenses was the name of the game and at the foundation of every corporate decision and action. However, a shift began to occur long before a global pandemic changed our lives forever. More business leaders began to realize that their responsibilities extended far beyond the bottom line.?

It was a collective realization really—business leaders everywhere were responsible to make the best decisions not just for profits or even their companies overall, but for their communities, society at large, and the environment. This awakening gave birth to the term “corporate social responsibility.”?

A Brief History of Corporate Social Responsibility?

Investopedia defines corporate social responsibility (CSR) as:?

a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society, including economic, social, and environmental.

Ultimately, corporate social responsibility comes down to self-regulation, accountability, and acting in a socially responsible way. In the past, some chose to donate money, have their employees volunteer, or sponsor an event. Others took more active roles. Either approach was commendable, but the accountability that was key to ensuring that a company’s actions aligned with their promises and missions was historically missing.

While many embraced corporate social responsibility, they often did so in name only. They set lofty goals and passionately announced causes they stood behind, but did little more themselves than stand behind a podium. However, the myriad of social injustices, economic uncertainty, and environmental issues warranting our attention over the past few years demanded much more. And they responded—taking more socially accountable action than ever before. But now that they’ve acted, many are left wondering what comes next and how to stay relevant in their endeavors.

Staying Relevant?

With the increasing number of companies fortunately embracing more than a mere vague concept and taking real action to support their missions and goals, some continue to struggle with staying relevant.?

To begin, to truly stay relevant, corporate social responsibility must be ingrained into the very depths of the organization—departments, strategies, and corporate culture. After finding a purpose and supporting it wholeheartedly, leaders should look both inward and outward for their next steps. Sharing ideas and getting feedback from employees is an effective way to generate interest and ignite passion among the team. The more passionate they are, the more powerful the initiative will be. Additionally, leaders should look at trends in the market to see what others are doing that is most impactful, keeping in mind there’s no need to reinvent the wheel at every turn. But one of the most effective, and often overlooked, strategies for staying relevant is partnering with non-profits.

Corporate Social Responsibility & Non-Profits

Today, corporations are partnering with nonprofits more than ever before to stay in front of their markets, in front of the trends, and to remain relevant. These partnerships can lead to systematic social change much sooner than if a corporation was acting alone. Simply, more resources, more people, and more innovation mean more impact in a faster time.

At their foundation, these partnerships must be sustainable through ensuring (1) the relationships are mutually beneficial (one-sided arrangements will never work) and (2) there is value alignment (values don’t have to be exactly the same, but should be complimentary and respectful to each other). Additionally, as always, open communication with expectations set from the start and regular check ins is key to success.

Other than larger impacts being made in less time, a corporation can also reap the following benefits from a partnership with a non-profit:

• Increases employee engagement. Today, employees are longing to be more fulfilled. They want to feel good about coming to work and the job they are doing. And when they do, they tend to stay in their positions longer (i.e., increasing retention and decreasing high turnover costs—affecting the bottom line, after all).?
• More opportunities for professional development. Working together for a common purpose brings people together, and as we all know, business always comes down to relationships. Meaningful relationships, with shared goals and missions, provide ample opportunities for growth not only for employees, but also for leadership.?
• Increases consumer confidence. Consumers are savvier than ever before and feel stronger about choosing to work with companies who are making a difference in their communities, the environment, or with anything that doesn’t directly impact their own pockets.?
• What’s unique about what you do? Is your organization duplicating efforts and giving back to similar causes and not understanding the ROI it brings? Consider partnering with other corporations with similar impact areas to maximize giving and community impact.?

These collective efforts will not only keep companies relevant in their corporate social responsibility initiatives, increasing their reputation and trust, but will also result in real systematic change. For more information about corporate social responsibility and partnering with non-profits, please reach out to us at [email protected].??

Until next time, keep Building Your BADASSERY.