An Increasing number of customers are expecting their favorite firms to give back and contribute to the local and global communities as knowledge and sensitivity toward social and environmental issues rise. In this context, phrases like "corporate citizenship" have been steadily growing more relevant than ever.
Global corporate citizenship is crucial for all kinds of businesses. According to research, 67% of individuals want to be employed by a firm that values social responsibility. In addition, consumers are willing to pay more for products sold by sustainable brands 55% of the time.
What is Corporate Citizenship?
Nowadays, businesses are thought of as individuals with many of the same rights and obligations as ordinary citizens. More than ever, consumers hold both small and large enterprises to higher standards, and they frequently choose those that place a strong priority on sustainability, fair trade, equal opportunity, and other such principles. In light of this, it is important to take some time to comprehend what corporate citizenship is, where the idea originated, and how it relates to business.
Being a good corporate citizen involves upholding high moral and ethical standards in all of your dealings with clients, shareholders, and employees. That entails always taking into account the environmental and social impact of business operations and carefully balancing the requirements of shareholders with those of the community. Good corporate citizens keep an eye on and have a positive impact on local communities and society as a whole.
Why should you pay attention to Corporate citizenship?
Businesses have been implementing policies and strategies to expand their efforts beyond profit-making since the turn of the 20th century. As huge company leaders came under fire from the working class for their great corporate power and legitimate skepticism over their corporate ethics, the phrase "corporate social responsibility" was created. But over the past ten years, what started as philanthropic money and a clever public relations plan has changed. The general public is becoming more aware of the need for corporate responsibility policies and is developing higher expectations of corporations as a result.
There are many benefits to prioritizing corporate citizenship, including
- A better brand and business awareness.
- Rise in sales and client loyalty.
- Improved financial results
- Better business expansion
- Increased possibilities for attracting higher talent
Implementation of Global Corporate Citizenship
There are five phases of development that corporations and organizations go through to become corporate citizens. They are as follows:
Elementary Stage: This is the initial phase in which a company starts working on programs specifically designed for corporate social responsibility. Compliance with ISO standards and other occupational health and safety requirements marks the beginning of the elementary stage.
Engagement Stage: During this stage, the business creates conscious policies that require the participation of its employees in community-beneficial endeavors.
Innovative Stage: During this phase, a business develops original strategies to carry out corporate social responsibility. This helps them become noticeable and stand out from the crowd.
Integrated Stage: When a corporation has completely incorporated the activities and procedures involved in corporate social responsibility.
Transformation Stage: At this point, an organization has a thorough understanding of what corporate citizenship includes, as well as the norms and procedures related to it.
As An Example, Take Starbucks
Starbucks was well-known for its great sense of CSR and dedication to sustainability and community welfare long before its first public offering (IPO) in 1992. Starbucks has reached milestones in its corporate citizenship. It also pioneered green building throughout its stores, reached 99% of its coffee as being ethically sourced, logged millions of hours of community service, and developed a ground-breaking college program for its partners and staff.
Starbucks' objectives include hiring 10,000 refugees in 75 different countries, lessening the impact of its cups on the environment, and involving its staff in environmental leadership.
Good corporate citizenship is a must, not a nice one to have. It's a "must-have" if you want your business to stay accountable, successful, and competitive. Employee engagement is boosted by strong corporate citizenship, and when we're all engaged, good things happen.
One way to include corporate citizenship in your company is to have corporate volunteering programs for your employees. Chezuba is an online volunteer platform that allows corporations to engage their employees in meaningful ways to give back to the community. With nonprofit partners from 100+ countries, Chezuba is the right platform for your CSR strategies.