In this age of hyper-connectivity and transparency, business leaders are increasingly recognizing the importance of contributing to their communities and to society. As organizational leaders examine the intersection of community and business, there's clearly an opportunity to do right by humanity while strengthening the brand and deepening customer relationships. As Owen Shapiro, president of Shapiro +Raj recently shared with me, "Corporate sponsorship is great if there's a business benefit to the organization while also doing good."Commitment to corporate social responsibility is also a great way to connect with target customers, including socially-active Millenials. According to a study by TBWA/Worldwide and TakePart, 7 in 10 young adults (ages 20 to 28) consider themselves social activists.
And while 4 out of 5 social activists say they would be more likely to purchase from a company that supports a social cause they care about, the benefits of social responsibility extend beyond revenue growth. Corporate social responsibility also represents a way for companies to market themselves to potential employees. Three out of four social activists cited in the TBWA study say they would seek employment with a company that supports a social cause.
That's an important consideration for business leaders as the economy continues to expand and companies are in hiring mode.
As business leaders and boards of directors identify the social causes they want their organizations to contribute to, it's imperative for companies to demonstrate social responsibility on a daily basis. Customers can see through the smoke when companies are insincere.