As I discussed in my last blog, consumers and job candidates are increasingly looking to do business with and/or work for companies that demonstrate they care about their communities. Do they give back? How do they treat their employees, customers, suppliers and partners? What are the company values and are they adhered to?
For many, these factors are key in their decision process. Companies that are socially responsible have a better public image – with consumers and in the media; have more engaged employees, are able to recruit higher quality talent; and are better able to attract and retain investors. In fact, 55% of consumers say they are willing to pay more for products from socially responsible companies. And, according to a study by Cone Communications, 62% of Millennials would be willing to take a pay cut to work for a socially responsible company.
Here are some examples of companies that practice giving and social responsibility year-round.
Kendra Scott. Kendra Scott grew her jewelry company from a $500 home project to a billion-dollar fashion brand, all the while keeping philanthropy as one of her core values. The company’s annual impact includes more than $4.5 million in monetary donations, $10 million in in-kind contributions, 2,000 employee volunteer hours and more than 10,000 philanthropic partnerships.
cuddle + kind. cuddle+ kind is a family-run business that sells handmade knitted dolls. For every doll sold, the company gives 10 meals to children in need. Not only that, each doll is handcrafted by women artisans in Peru, providing them with a sustainable, fair trade income.
TOMS Shoes. TOMS’ social responsibility model started with them giving a pair of shoes to someone in need for every pair of shoes sold. TOMS’ giveback model has since expanded to include coffee (providing water where needed), bags, eyewear and apparel. “With every product you purchase, TOMS will help a person in need. One for One®.”
Glassybaby. Glassbaby provides glassblower artisans the opportunity to continue their craft, and donates 10% of every glassbaby to the Glassbaby White Light Fund to help people, animals, and the planet. Glassbaby gives back almost $2 million annually. Glassbaby employs more than 80 glassblowers at their locations in Seattle and Berkeley.
As you think about your organization’s plans and strategies for next year, give some thought to how you can create and maintain a culture of giving.
“We make a living by what we get. We make a life by what we give.” – Winston Churchill
American consumers, and increasingly, American workers, have many choices these days in terms of the companies they choose to buy from or work for. And many are making their buying and/or employment decisions based on a company’s social responsibility. How does it give back to the community? How does it support sustainability? How does it treat its employees, customers, suppliers, and partners? How does it rate in integrity, valuing diversity, and gender equality? What are the company values and are they adhered to?
