In today’s market, expanded access to educational resources and advanced technologies have led to a heightened awareness of societal issues and an increased call for collective change. As consumers and employees alike advocate for more progressive practices, businesses are evolving to reflect these shifting priorities. One promising avenue for growth is establishing strong values that champion positive impact - by adopting a corporate social responsibility program, businesses can thrive and remain competitive in our dynamic promo industry.
Corporate social responsibility is a business model that demonstrates a company's commitment to ethical operating practices.This approach involves integrating social and environmental concerns into a company’s framework to both appeal to the public and benefit the world at large. This management model allows companies to think beyond profitability, putting conscious social progress on the front lines of their business strategy.
Corporate social responsibility, or CSR, is typically categorized into four pillars: environmental, ethical, philanthropic, and economic responsibility.
Environmental Responsibility
Environmental stewardship refers to a business’s sustainability practices, with an emphasis on minimizing the toll that operations take on the planet. When looking to implement programs that support these goals, consider incorporating emissions reductions, waste management, and eco-friendly sourcing into your operations and strategy.
Ethical Responsibility
Ethical responsibility is a company’s dedication to upholding both human rights and integrity as a whole. This includes fair trade practices, equal pay, and equal opportunity policies. To fully support this pillar, businesses should also avoid conflicts of interest and prioritize open disclosure and transparency in their reporting.
Philanthropic Responsibility
Philanthropic responsibility refers to a company’s commitment to engaging in voluntary goodwill. This typically involves community development and improving human welfare through partnering with charities and non-profits. When considering plans for implementation, look to include company-wide volunteer days, volunteer time off (VTO), philanthropy contributions, and donation matching.
Economic Responsibility
Economic responsibility is a business’s dedication to providing long-term growth for its stakeholders without compromising ethical standards. To align with this goal, your company can support sustainable supply chains, reduce operational costs, and publish transparent financial reports.
Advantages of a Strategic CSR Program
Establishing a CSR strategy not only leads to social progress, but also returns tangible benefits for your business. By establishing strong ethical practices, companies can integrate trust into their brand image, which increases customer loyalty and improves brand reputation. According to a recent study by Aflac, 77% of consumers are motivated to purchase from socially responsible companies, and 53% of consumers say they have actually stopped buying products from a brand based on value alignment (1). CSR initiatives also serve to enhance employee satisfaction. This boost in morale and engagement attracts new talent and leads to higher retention of existing employees with a 57% lower turnover rate (2). In the long-term, a successful CSR campaign has the potential to improve financial performance by reducing operational costs, minimizing attrition, and generating higher profits. According to Project ROI, companies that invest in social purposes increase revenue by more than 20% than those that do not (3). Additionally, the Boston Consulting Group reports that companies with strong environmental, social, and governance initiatives outperformed other brands by 11% in market valuation (4). This shows CSR campaigns are an important asset to maintain longevity and a competitive edge.
CSR In Action
As an organization, Diamondback is proud of the work we do to support our local communities and uplift causes that benefit those around us. Our company-wide volunteer days are an integral part of our culture and a cornerstone of our commitment to philanthropic impact. Over the past few years, it has been a privilege to work with organizations such as Central Texas Food Bank, Urban Roots, and the Austin Humane Society. In our commitment to environmental stewardship, sustainability has become an important component of our business model, which is why we always supply your clients with reusable, durable products. Single-use plastic is a major source of pollution, and the US alone throws away roughly 60 million plastic water bottles every day. Notably, these bottles can take up to 450 years to decompose. Our high-quality drinkware, coolers, and home goods are built to endure the wear and tear of daily use, effectively reducing the amount of disposable waste that ends up in landfills. Additionally, our dedication to ethical resource management inspires us to use sustainable inks for all orders and designs and original packaging when available.
Moreover, we are proud to be the supplier of several brands that exemplify social responsibility in their own right. LARQ’s innovative PureVis design allows consumers to filter their water on-the-go, limiting the need to buy extra plastic bottles for even the toughest of hikes. Simple Modern has a long-standing tradition of donating 10% of their annual profits to local non-profit partners: in the past eight years, they have donated over $6 million to more than 100 nonprofits including Water4, The Dragonfly Home, and the Homeless Alliance. In 2023, Hydro Flask launched its Trade-In program where customers can return their used stainless steel bottles for store credit to ensure that each product is recycled properly.
Additionally, we are excited to recognize and highlight Elemental, a recent addition to our brand family. Alongside their eco-conscious bottle designs, they also produce their own shirts made from used coffee grinds and recycled PET (polyethylene terephthalate) plastics. These rPETS generate 70% fewer emissions than new plastics, contributing to cleaner air for all. Similarly to Simple Modern, they donate 3% of their revenue to local non-profits including Charity: water and the Alzheimer’s Association.
Learn more about corporate social responsibilty:
Benefits of corporate social responsibility: coolleaf.com.
How to effectively implement a CSR program: indeed.com-CSR