What it Takes to be a Good Corporate Citizen

Why doing the right thing, can be the smart thing

Picture if you will, a general store in a picturesque small town in the early 1900s.

This general store was an essential part of the community where most purchased their goods, built relationships with the storekeeper and other locals, and socialized from time to time. For most in the community, this was place to gather - they did right by the community, and in turn, the community took care of them. This was a time when the relationship between businesses and consumers were harmonious, positive, and supportive. In fact, there are numerous stories of people selling goods at a loss during the great depression rather than have people go hungry.

While this scenario may be idealistic nowadays, it isn’t an impossible to achieve. Working on a strong environmental, social, and corporate governance (ESG) for your business will add more reward in the long run.

Now, what does it take to be a good corporate citizen? Where do we begin?

While the specifics can vary depending on the industry, it generally comes down to a few key factors. Here are some things to keep in mind as you build your ESG area:

1.??????Environmentalism. Today, this is more and more important to any consumer. They are becoming more learned in this area and are paying more attention to companies that follow through on the values they claim to stand for. MSCI.com , a global investment company suggests “global challenges, such as climate risk, increased regulatory pressures, social and demographic shifts and privacy and data security concerns, represent new or increasing risks for investors.” Therefore, building an environmental policy and being aware of your environmental footprint, will go a long way with current and future customers.

2.??????Community Giving. Charity is a good way of giving back, whether you do it through a financial donation or donating your time. Today’s enterprises are providing their employees the chance to volunteer all while having management lead the way in some volunteering activities.

At Primus, as an example, we offer employees half a day’s pay when they volunteer. We also make a donation to a few organizations that mean the most to us, amongst them, True North Aid and ?Ve’ahavta , our main sponsor.

Giving back to the community can also attract great talent. There’s lots to be said about giving.

3.??????Ethics in Business. It’s obvious to say, “do business with companies that are ethical.” In trying to cut corners, some fall into trouble in this area. It’s not worth saving a bit of money if it means getting hit with terrible PR when your new business partner turns out someone you didn’t know. If they end up in headlines, you don’t want your business up there with them.

However you decide to build your corporate citizenship in your company, make sure you genuinely commit to it.

It’s important to invest in your people, and your business, if you want the respect of the public. Remember that in the long run it will pay dividends with employee goodwill and with other stakeholders. Good corporate responsibility has been shown to enhance a brand’s reputation and helped induce a desire in the customer to aid a company that they view as giving back in some way.

Brand power is priceless, so being able to boost that, while doing the right thing seems like the obvious course of action. Take some time to think about how you can be a better corporate citizen in 2023.