The term corporate social responsibility (“CSR”) has various meanings for different people and companies. It could mean a company’s responsibility to the communities in which it operates and to the world as a whole; a business approach that creates long-term shareholder value by embracing opportunities and managing risks deriving from economic, environmental and social developments; or a corporation’s donation of funds, time or talent without any expectation of direct corporate gain.
Practiced correctly, CSR can benefit your company and it’s stakeholders and serves as a source of competitive advantage that helps to:
- Demonstrate a company’s overall positioning — often spotlighting innovative solutions to complex, societal challenges
- Draw increased attention to specific business initiatives or key markets
- Cultivate interest in the company’s stock by socially responsible investors
- Enhance the company’s social license to operate with partners, customers and other stakeholder groups
- Enhance a company’s regulatory license to operate with lawmakers and regulators
- Attract and retain industry-leading talent at a time when more employees want to work for socially conscious companies
Million Reach helps its clients establish strong CSR profiles that improve visibility and strengthen relationships and reputation among key stakeholders.