There was a time when no one even thought about what a company did. The only public concern was what a company produced and how high the quality of production was. However, times have changed, and the the technology industry is now faced with maintaining a positive reputation in order to win over customers. In short, Corporate Social Responsibility (CSR) is more important than ever.
This image comes to you courtesy of Bevil Wooding. I wanted you all to see this image because it clearly shows the correlation between CSR programs and increased everything. If the company is willing to put forward the effort to help society, their employees, and the environment, there will be monumental benefits returning to the company. The picture clearly shows that CSR is not just a one time promotional event, but rather it is a constant process that needs cultivating in order to succeed. Now I am not talking about success in terms of monetary returns, that wouldn’t really be socially responsible. The returns I’m talking about are “social dollars” (Wooding 1). These dollars can transform a company in the eyes of the public and possibly draw in more customers due to their socially responsible actions.
That being said, a positive image and CSR can help a company from a profit standpoint. According to Wooding, “forward thinking companies are increasingly engaging in more strategic social efforts. Why? Research shows consumers will pay a premium for socially responsible products” (Wooding 1). In fact, companies who are not willing to go the extra mile in responsible activities can now suffer as customers shun them for their lack of care or harming actions.
Currently, tech companies “typically allocate about 1% of pre-tax profits to social causes” (Wooding 1). This is no longer enough for a company to do. People will look for companies to do more. They expect companies to actively participate in philanthropic events that show they are invested in the community and their employees.
It is not an easy process for companies to change focus, and it is often costly. However, it is now more important than ever that tech firms learn to give back and care about the public. “The data and real-world examples show that those who invest in truly good-works can create businesses that customers, shareholders and stakeholders can trust. Even if it costs in the short-term, the long-term business and social benefits make the investment worthwhile. Now, that’s good business” (Wooding 1).
Special thanks to Bevil Wooding for posting a great piece on CSR in Tech firms. For more, read the article here.
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