In a time when corporations are typically seen as cold-blooded and driven by financial success, many companies, including Regal Springs, are opting to put their people and the planet first. This usually takes the form of Corporate Social Responsibility (CSR), which involves the activities that a company partakes in to operate in an economically, socially and environmentally sustainable way.
As outlined by the Council for Corporate Responsibility, the seven pillars of corporate responsibility reflect the following values: Diversity and Inclusion, Environmental Sustainability, Global Enrichment, Governance, Organizational Health, Philanthropy and Supply Chain Integrity.
So why should you care? There are more than a few reasons why Corporate Social Responsibility is important, but these are the big ones:
1. It shows compassion and creates trust
Companies with strong CSR can create a real sense of trust in their relationships with employees and customers. When companies give back to their employees and the people in their communities, this increases the likelihood that a consumer will use the product or service. This type of trust is built through practices like donating funds or goods to local nonprofit organizations, participating in environmental initiatives like shoreline cleanups or by ensuring that the company’s goods are manufactured in an environmentally sustainable way. Really, it’s about giving back.
2. It creates a positive work space
When a company embraces CSR values, it truly shows up in the workplace of its employees. Employees who feel valued by their employer and are given positive reinforcement will produce better work and help foster an environment where innovation flourishes. Regal Springs is a great example of a company offering benefits for their employees around the world. Each full-time employee receives health coverage and benefits and is paid a fair living wage for their work for the company.
3. It makes the planet a cleaner place to live
It’s no surprise that CSR heavily involves eco-friendly initiatives. General Electric (GE), for example, is making big efforts to be more sustainable, which is substantial coming for an electrical company. In 2005, GE launched Ecomagination, an initiative based around the philosophy that resource efficiency makes sense economically. A decade later, Ecomagination continues on and GE has committed to cleaner technology and research by the year 2020.
4. It unites and inspires employees and the community
Companies who practice CSR often enact initiatives that inspire and unite the community. Social good will, such as Starbucks’ youth program, is essential to a successful business not only because it benefits the community, but also because it benefits the team. By allowing the team to dedicate time and energy to outside causes, employee moral is raised—it feels good to pay it forward.
Many companies understand these benefits and aren’t hesitating to get on board with Corporate Social Responsibility. The companies mentioned, and many others out there, show that corporations don’t have to compromise good values to be successful.
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