The largest city on the border between Canada and the US is Detroit, which is also the most populous city in Michigan. The rebirth of Detroit is just one example of the importance of corporate social responsibility (CSR). Corporate social responsibility is growing in importance for a number of different reasons. Keep reading to find out more about this important social initiative and why it’s so vital in today’s world.
CSR Is Important to Younger Generations
The four main categories relevant to CSR are economic, environmental, ethical, and philanthropic endeavors. As millennials become one of the world’s largest consumer groups, CSR topics are moving into the mainstream. This tech-driven generation takes the time and energy to fully research corporations they are considering working for or buying from. Without strong CSR initiatives in place, companies can miss out on reaching this sizable demographic group. As more young people become aware of the potential headwinds facing them, the more important CSR becomes to them.
Increased Employee Engagement Can Increase Profitability
When an employee feels like they’re a part of something bigger than themselves, it can deepen their feelings of satisfaction. These positive feelings can carry over to their workplace when they’re employed by a company that values CSR. One clear example of CSR is allowing employees time off each month to volunteer. Philanthropy is an important part of young people’s identities, much more so than their older counterparts. Companies that allow their employees to pursue their philanthropic goals from within the corporate framework can expect a higher rate of engagement from their employees.
More B Corps Are Established Every Year
Beneficial Corps, or B Corps, are the natural offshoot of CSR initiatives. Currently, there are 31 states that recognize B Corps. This number will surely grow as it is driven by the wants of millennials and younger generations. Half of the US population is currently comprised of people classified as millennials or younger. Because young people will be more affected by climate change, it stands to reason that they are more motivated to make changes. We all win when people are engaged and push corporations to behave responsibly. The impact of CSR will surely continue to grow.
Ready to learn more about how corporate social responsibility can have a positive impact on cities and communities? Check out Activate Detroit to find out more about this important topic!