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How to Give Back

Embrace corporate social responsibility from the inside out.

How to Give Back

Businesses understand that having a mission that is greater than the bottom line pays off in many ways.

The shift toward conscious capitalism was encapsulated in the “Davos Manifesto 2020,” in which the World Economic Forum calls on organizations to “engage all its stakeholders” by making the needs of customers, the well-being of employees, the fair treatment of suppliers, the protection of the environment and their responsibilities toward society an integral part of corporate strategy. 

Image of: Davos Manifesto 2020
Article Summary

Davos Manifesto 2020

It’s high time for companies to adopt a stakeholder-centric business model.

Klaus Schwab World Economic Forum
Read Summary

Organizations have numerous reasons for wanting to do business ethically. Some companies want to avoid hurting people or the planet. Others act in response to shareholder pressure. Businesses may wish to build a reputation which engenders brand loyalty or to make sure their practices live up to their corporate values and their regulatory responsibilities. Contemporary businesses need “a corporate social mind”: a perspective that integrates the social impact of their actions into all aspects of business, including making a profit.

Image of: The Corporate Social Mind
Book Summary

The Corporate Social Mind

Discover how your company can make money and do social good.

Derrick Feldmann and Michael Alberg-Seberich Fast Company Press
Read Summary

Articulating a broader mission is a powerful tool to engage employees and attract young talent. Millennials and generation Z, in particular, want to work for companies that are actively invested in the betterment of society and exercise environmental stewardship. To cater to this new generation of consumers, investors and employees, embracing corporate social responsibility will end up making good business sense as well. 

Articulating a larger vision is one thing. Taking practical steps to make a difference is another. As a company, how do you go about deciding how to give back?

Start with these four steps.

1. Identify Your Values

The way you give back should feel like a natural extension of your values as a business. For example, Microsoft CEO Satya Nadella sought inspiration from the company’s founding principles, which call for empowering people and organizations around the world. The company’s $75 million philanthropic initiative is an extension of the company’s core principles. The initiative seeks to empower youth from underrepresented backgrounds by giving them access to computer science education.

Has your company lost touch with its founding purpose? Then some soul-searching is in order. Organizational purpose defines who and what the company is to itself, team members, customers, its local community and society as a whole. These reading recommendations offer a starting point:

Related Summaries in getAbstract’s Library
Image of: Start with Why
Book Summary

Start with Why

How and why great leaders are “the complete opposite of everyone else.”

Simon Sinek Portfolio Read Summary
Image of: The Purpose Effect
Book Summary

The Purpose Effect

Purpose-driven firms put principles ahead of profits; still, being purpose-driven is good for business

Dan Pontefract Figure 1 Publishing Read Summary
Image of: Rehumanizing Leadership
Book Summary

Rehumanizing Leadership

As the future of work changes, thriving in the 21st century will require embracing your humanity.

Michael Chavez and Sudhanshu Palsule LID Publishing Read Summary
Image of: Humane Capital
Book Summary

Humane Capital

Society needs more humane business practices. The future depends on it.

Vlatka Hlupic Bloomsbury Read Summary

2. Define Your Niche

What are you good at? What makes you effective as a business? Food companies can provide food; software companies can furnish software. During the COVID-19 pandemic, many companies stepped up to give back in kind: Zoom waived its fees for schools; Audible offered hundreds of free titles to children and students; and Crocs donated shoes to health care workers. Think about how potential recipients can use your in-kind capital and how.

Related Summaries in getAbstract’s Library
Image of: Becoming Trader Joe
Book Summary

Becoming Trader Joe

Joe Coulombe turned the Trader Joe’s grocery chain into a unique, unconventional success.

Joe Coulombe and Patty Civalleri HarperCollins Leadership Read Summary
Image of: Good Company
Book Summary

Good Company

Home Depot co-founder Arthur Blank says caring for your staff is the cornerstone of business success.

Arthur Blank William Morrow Read Summary
Image of: Good Business
Book Summary

Good Business

Bill Novelli devoted his career to positive social change.

Bill Novelli Johns Hopkins UP Read Summary
Image of: John Mackey, CEO of Whole Foods Market, in Conversation with Irwin Miller
Video Summary

John Mackey, CEO of Whole Foods Market, in Conversation with Irwin Miller

Whole Foods founder John Mackey describes himself as a conscious leader with a “win-win-win” mentality.

John Mackey and Irwin Miller Live Talks LA Read Summary

3. Engage Your Workforce

If you can’t think of a way to give back in kind, think about leveraging your organization’s intellectual capital. A software company might pay employees to spend a few hours a week teaching computer skills to job seekers. Or, if your field of expertise is communication and marketing, you can publicize and market a nonprofit organization that addresses a social need your organization cares about and identifies with.

Similarly, companies can empower employees to contribute outside of their world of work by offering employees volunteering time off (VTO). Start with identifying an employee volunteering program that aligns with your business, mission and employees’ interests. Corporate volunteering can be a great way to promote engagement and team spirit, along with giving back to the community.

Organizational leaders who want to create social value must listen to their members first.

Understand what your workforce wants to do and how their offerings can benefit society. Listen to the conversations that are already active around you. Listening before creating lets you incorporate society, culture and environment into the planning process. Pay heed to the communities you serve, the individuals in them and the range of your stakeholders.

Related Summaries in getAbstract’s Library
Image of: The B Corp Handbook, Second Edition
Book Summary

The B Corp Handbook, Second Edition

Make your company a Certified B Corp so you can do good as you do well.

Ryan Honeyman and Tiffany Jana Berrett-Koehler Publishers Read Summary
Image of: The Compass and the Nail
Book Summary

The Compass and the Nail

Align your company’s and your customers’ principles for financial and environmental sustainability.

Craig Wilson Rare Bird Books Read Summary
Image of: Corporate Social Responsibility Is Not Public Relations
Book Summary

Corporate Social Responsibility Is Not Public Relations

An authentic corporate social responsibility (CSR) program helps you connect with customers.

Sangeeta Waldron LID Publishing Read Summary

4. Walk the Talk

Corporate social responsibility can be measured not just by what companies do but also by what they don’t do. Guardian News & Media drew a line in the sand when announcing that it would no longer accept advertising from oil and gas companies. The self-imposed ban is part of the international media company’s effort to reduce the company’s carbon footprint and raise public awareness about the climate emergency. Considering that advertising makes up 40% of the company’s revenue, the decision will hurt The Guardian financially. The company, however, expects the decision to increase trust among consumers and demonstrate The Guardian‘s commitment to its values.

Chipotle founder Steve Ells made a commitment from the outset to only source meat from farms committed to humane practices. Serving “Food with Integrity” remains a guiding conviction for Chipotle up to this day. Chipotle successfully offsets higher ingredient costs with efficient training programs and smaller stores.

Related Summaries in getAbstract’s Library
Image of: Green Giants
Book Summary

Green Giants

Can socially conscious companies make lots of money? Nine unique billion-dollar businesses say yes.

E. Freya Williams AMACOM Read Summary
Image of: Let My People Go Surfing
Book Summary

Let My People Go Surfing

Patagonia’s Yvon Chouinard details his extraordinary journey from dirtbag climber to business legend.

Yvon Chouinard Penguin Press Read Summary

Outlier Patagonia decided to forgo sales to hone its commitment to sustainability. With its “Don’t Buy This Jacket” campaign, the company sought to change the consumer “throwaway” mind-set of cheap, disposable goods and positioned its clothing as a long-term investment.

Find additional inspiration for corporate social responsibility initiatives in our dedicated channel.

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