As more companies work to make their Corporate Citizenship practices more impactful and visible, consumers are becoming increasingly conscious of what brands are doing to give back. The line between a brand’s performance and its commitment to sustainability efforts is blurring. Entrepreneur explores the rise in consumer’s expectations for companies to do good. Research shows that billions of dollars in brand value are tied to participation in Corporate Citizenship initiatives. For that reason, Interbrand, the world’s leading brand consultancy, is expanding its Corporate Citizenship practice to Canada, where national brands are increasingly coming under the scope of environmentally- and socially-conscious consumers. Carolyn Ray, Managing Director of Interbrand Canada, addresses the growing need in the Canadian marketplace for brands to have a transparent Corporate Citizenship strategy.
Corporate Citizenship may go by many names, but one thing is for certain, a company’s long-term financial success parallels its stance on social responsibility. A new article in The Guardian discusses five trends that show the importance of corporate citizenship as a business practice. CSR is here to stay, proving to be an invaluable business asset among companies that are incorporating social responsibility into their core values.
As sustainability and efforts to reduce environmental impact take center stage, brands like General Mills are working towards transparency by insisting that its suppliers take measures to cut greenhouse gas emissions and water usage. CNN Money reports General Mills also plans to purchase its ten most frequently used ingredients from sustainable sources by 2020. Now that it has launched a new series of environmental commitments, Kellogg’s also plans to do the same, according to Environmental Leader. General Mills and Kellogg’s join other companies like Coca-Cola and Mondelez that are setting increasingly ambitious sustainable sourcing goals.
Additionally, newer companies uphold a responsibility to both make profit and remain socially responsible as part of their founding principles—a new type of business model. The New Yorker looks at Warby Parker and several other companies that are designated as “B corporations,” which are for-profit companies that commit to achieving both CSR and business goals.
To find out more about the value of Corporate Citizenship, be sure to check out this month’s installment of Closing the Gap!