Ep. 205: What is Corporate Social Responsibility?

Guest: Kim Thompson, Aviso Wealth

Is corporate social responsibility a public relations exercise?

Is it a nice thing to ascribe to and at the same time easy to sluff off? The answer is a combination of yes and no. On the surface, it’s easy to say your company believes in supporting and contributing to the community as a whole.

The cost of a CSR program challenges the keepers of the money who frequently question the value. Accountants and Financial Officers are asked to look at everything as a return on investment and, in doing so, may determine a responsibility program is beyond the company’s budget.

While that may have been the traditional line of thinking, it no longer applies. It alienates staff who are demanding that the work they do contribute to the whole of society rather than just the bottom line. According to a MIT Sloan Management Review, “Using Corporate Responsibility to Win the War for Talent,” employers with a CSR program enjoy greater employee satisfaction and retention.

Employees, customers and investors are all taking CSR programs into account when they sign on, when they purchase and when they invest.

We invited Kim Thompson of Aviso Wealth to join us for a Conversation That Matters about why Corporate Social Responsibility needs to be a part of every company’s mission statement and practices.