Businesses Are Responding by Integrating Their Social Efforts Into Their Business Model
Those that have followed this path are seeing increased success.
Jun 9, 2021Updated 5 days ago
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For instance, Whole Foods has established the Whole Planet, Whole Kids, and Whole Cities Foundations to contribute to initiatives promoting healthy eating and broader food access in underserved communities—an effort that brought increased brand loyalty to the neighborhoods in which it operates. Original CEO John Mackey has been an icon in the social sustainability space and advocates for identifying a higher purpose for your business.
Other companies that may not have incorporated social commitments directly into their business model take steps to demonstrate it nonetheless through strong corporate social responsibility policies.
In 2020, U.S. businesses large and small stepped in to address social problems that are not being tackled by governments that are having a direct impact on their workforce, consumers, and the local community, especially during the COVID-19 pandemic. The corporations and businesses that stepped up to help, have received positive social media recognition, increased brand loyalty and a variety of other benefits to their reputation.
Nike, for instance, is an excellent example of how corporate responsibility can translate to major profits. The ad Nike published of Colin Kaepernick following his kneeling protest for Black Lives Matter may have sparked a boycott of some Nike consumers, but it also paid off big time for the brand. Nike saw their value increase by $6 billion and their stock go up 5 percent.
In short, as one survey found: "corporate social responsibility pays off."
Lisa agrees with this fact based on:
numerous corporate examples bear this out
Nike’s Colin Kaepernick ad sparked a boycott — and earned $6 billion for Nike
Corporate Social Responsibility Pays Off
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