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Just Good Business: Incorporating Corporate Social Responsibility with Social Media
Saugatuck Technology, Nov 2010, Pages: 6
The previous two years of business turbulence, institutional failures and economic malaise in global markets has highlighted the interconnectedness of people, business, and governments. Public skepticism to business ethics and recent business failures (e.g., Lehman Brothers, Fannie Mae / Freddie Mac, and Satyam) is fueling introspection by Boards about the role of business in the societies and environments in which they operate. Boards are beginning to re-energize Corporate Social Responsibility (CSR) agendas to help corporations compete in a far more fluid framework of social, economic and environmental needs.
CSR is a growing into a more formal activity in organizations that integrates social and environmental actions to business operations. It can involve a variety of tools such as donation, volunteering, employee matching and socially conscious business investments that drive business value. Environmental investments may include efforts to reduce waste output or energy consumption. Social investments may include promoting diversity, choosing suppliers on non-economic criteria and partnerships with NGOs.
But most CSR efforts woefully miss the mark. To both improve the return on CSR initiatives and engage stakeholders, organizations are turning to social media to engage audiences and drive attention to these significant business building activities. Organizations are promoting strategies and programs that build social capital to stakeholders that matter including employees, partners and customers, while ensuring that CSR projects have business value. This Strategic Perspective outlines the key trends impacting CSR and includes examples of how effective use of social media can help organizations involve stakeholders in CSR strategy, programs and outcomes.
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