2016-10-20 Creating Authentic CSR
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This document discusses creating authentic corporate social responsibility initiatives. It begins with an introduction to CSR and its evolution over time. Key elements of CSR are described, including typical initiatives companies engage in. Benefits of CSR to stakeholders like customers, employees and brands are outlined. Emerging trends in CSR like a focus on human capital, leveraging volunteerism, sharing CSR stories, benefit corporations and B Corps are examined. The presentation emphasizes building CSR initiatives aligned with a company's values and mission from the early stages.
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2016-10-20 Creating Authentic CSR
- 1. Thrive. Grow. Achieve. Creating Authentic Corporate Social Responsibility Initiatives Clifford Yee – Managing Director October 20, 2016 Carol Chin-Fatt – Engagement Leader
- 2. Confidential Creating Authentic Corporate Social Responsibility Initiatives October 20, 2016 Clifford Yee – Managing Director Carol Chin-Fatt – Engagement Leader
- 3. 2Confidential Prepared for: The information provided herein has been provided expressly for Raffa Learning Community attendees as a basis for discussion purposes only. This presentation was developed, compiled, prepared and arranged by Raffa, P.C. through the expenditure of substantial time, effort and money and constitutes valuable intellectual property of Raffa, P.C. All right, title, and interest in and to the presentation is vested in Raffa, P.C. and none of these presentation slides may be used or reproduced without Raffa, P.C.’s prior written consent.
- 4. 3Confidential What are we here to talk about today? • Who & Why – This workshop is for young for-profit start ups that want to run their businesses in a socially responsible way • What You’ll (hopefully!) Learn – Develop a clear understanding of corporate social responsibility (CSR) – Explore key CSR drivers and emerging trends – Learn about the business case for CSR and how it benefits a company of any size – Identify potential CSR opportunities for your business to maximize reputation, trust, efficiencies and employee motivation — while reducing risks
- 5. 4Confidential To serve as a catalyst for positive systemic change A quick snapshot of Raffa, P.C. Mission Total Employees 275 Office Locations (DC & Rockville) 2 Accounting Consulting Technology Audit Human Resources Tax Search & Transition Investment Advisory Employee Benefits AffiliatedCompanies Professional Services $344,701 Cash Contribution $119,571 In-Kind Contribution $2,415,485 Pro Bono Contribution $2,879,757 2015 Total Contributions Community Giving 2015 Revenue $46M
- 6. 5Confidential Corporate Social Responsibility (CSR) defined “Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large” – World Business Council For Sustainable Development
- 8. 7Confidential The evolution of modern era CSR 1950s 1980s1960s 2000s Start “modern era” of CSR Volunteerism Government imposed regulations on corporations across a variety of industries e.g., SA8000, GRI Ben & Jerry’s publishes the first social report 2010s1990s WTO Kyoto Protocol Global Compact 1970s CSR’s popularity in academia increases World Summit on Sustainable Development Howard Bowen wrote The Social Responsibility of Businessmen Social Movements Civil, Women’s Consumers’ Rights OECD EPA Earth Day Green Peace Hole in ozone Earth Summit Fair Trade World Conference on Human Rights Triple Bottom Line CSR becomes a strategic imperative UNSDG Impact Investing Focus shifting towards collective impact
- 9. 8Confidential Today companies choose different paths with their CSR programs based on their lifecycle, mission and values Be Philanthropic Maximize Profit Align with a Cause Create Shared Value Make a Collective Impact
- 10. 9Confidential Regardless of the path chosen, companies who actively engage in CSR realize key stakeholder benefits • Differentiation • PR & Marketing • Customer loyalty • Environment • Supply Chain • Cost Savings • Productivity • Talent Retention • Company Culture Brand Operations Employee Engagement
- 11. 10Confidential While consumers have long been pressuring companies to be socially responsible, Millennials now demand it SOURCE: Cone Communications, Millennial CSR Study, 2015 …Millennials would switch brands to one associated with a cause (vs. 85% U.S. average) …Use social media to engage around CSR (vs. 53% U.S. average) …Are willing to take a pay cut to work for a responsible company (vs. 56% U.S. average) 91% 66% 62%
- 12. 11Confidential The Power of Authenticity: Greater ROI The most effective CSR strategies are aligned with the values and mission of the company (aka authentic)! Start Early Be OpenIntegrate
- 13. 12Confidential Tips for how to build an authentically responsible company from the start (or starting today) Focus Volunteer Your Skills Involve Your Team Be eco-friendly Hire Diverse & Inclusive Workforce Telecommute Work with Responsible Partners Consider Becoming a B Corp Tap Into Existing Events SOURCE: Forbes, Susan McPherson, 2016
- 14. 13Confidential Emerging Trend: Human Capital (CSR – HR = PR) As CSR has evolved, initiatives to infuse more “humanity” are shaping companies in new ways Health & Fitness Mindfulness Fiscal Fitness Diversity & Inclusion Social Media Causes Volunteerism
- 15. 14Confidential Emerging Trend: Leverage volunteerism to tell your story in all channels
- 16. 15Confidential Emerging Trend: Share your CSR story Consumers prefer to see information from a company CSR report in the form of: SOURCE: Cone Communications, 2015
- 17. 16Confidential Emerging Trend: The Rise of B Corps Certified B Corp Quick Impact Assessment >> www.bimpactassessment.net
- 18. 17Confidential Emerging Trend: Certified B Corps 1897 CERTIFIED B CORPS 40+ COUNTRIES 140+ INDUSTRIES 1 UNIFYING GOAL Business As A Force For Good
- 19. 18Confidential Emerging Trend: Certified B Corps – Pending Status for Start Ups • The B Impact Assessment measures the practices and policies of a company over the past year, as opposed to what it intends to do in the future. – Companies that have been in business for less than a year, and are on the path to full certification, can receive “pending” status good for 12 months • Benefits of Pending Status – Communicate your social impact intentions to your stakeholders – Access the Certified B Corp community prior to full certification – Leverage the assessment as a guide while building your business model • Cost of Pending Status – $500 regardless of revenue
- 20. 19Confidential Emerging Trend: Certified B Corps vs Benefit Corporations • A certification conferred by the nonprofit B Lab • Meets a high level of social + environmental performance + makes a legal commitment to consider all stakeholders • Any for-profit company in any country • Has protection to consider its impact on all stakeholders, not just shareholders • Available in 31 states, Puerto Rico, and Italy Certified B Corporation Benefit Corporation • A corporate form that has a higher level of transparency, accountability and purpose
- 21. 20Confidential Emerging Trend: Benefit Corporations by State in the DC Region Recognize Benefit Corporations Recognize Benefit LLCs
- 22. 21Confidential Who do you agree with more about the future of CSR?
- 23. 22Confidential Thank You! Cliff Yee cyee@raffa.com @clifford_yee Carol Chin-Fatt cchin-fatt@raffa.com @chinfattc “It is not enough for business to do well; it must also do good. But in order to do good, a business must first do well.” – Peter F. Drucker