In 2018, my high school, Marjory Stoneman Douglas, experienced a horrific tragedy in the form of a school shooting. Since then, I have helped co-found a nonprofit organization called ShineMSD designed to help individuals heal from traumatic events through the arts and music therapy.
During my time traveling and advocating against gun violence after the Parkland tragedy, I realized just how much power large companies and influential individuals truly have over the rest of the country.
So many companies and people had reached out to our community in an effort to show that they supported us and to remind us that we were not alone. I myself instantly noticed not just who WAS reaching out, but who WAS NOT reaching as well. The next time I want to see a show on Broadway, I remember how the Broadway community went out of their way to send flowers and love and show their support during a difficult time. I also remember how the College Board company waived the SAT fee in an attempt to show support to our community during a time when school was a tough thing to focus on.
It’s these little gestures by the corporate world that make an enormous difference to consumers. Just as when I go to the voting polls, I remember how a certain former president never even once stood foot in our town.
The message to take away here is that actions have consequences. They can be good consequences or bad, but every decision that a company makes has an outcome.
Over the last few years, all kinds of consumers have begun to realize the power that their dollar holds. As more instances of social injustice arise in the USA and around the world, consumers have become increasingly concerned with the social reputation of companies that they are giving their money to. This has led to a rise in attention to Corporate Social Responsibility (CSR) over the last few years.
According to Business News Daily, “Corporate social responsibility is a type of business self-regulation with the aim of social accountability and making a positive impact on society. Some ways that a company can embrace CSR include being environmentally friendly and eco-conscious; promoting equality, diversity, and inclusion in the workplace; treating employees with respect; giving back to the community; and ensuring business decisions are ethical”
Another way that I got to see this in action was through an internship at iHeartMedia in their CSR division, iHeartIMPACT. During this time, I was able to see firsthand what kind of a positive impact large companies with CSR initiatives can have on local communities. iHeartIMPACT would take a small percentage of the money that a brand would give us to do business, then take that small percentage of money and donate it to a nonprofit/charitable organization that was doing good socially impactful work on a local or national scale.
However, the money would be donated in iHeart’s name as well as the initial brand we were doing business with. And the organization that we would find would be one with similar social impact goals as that company had. For example, if Capital One has a strong interest in issues regarding the environment, then iHeartIMPACT would look to find a charitable organization with a goal surrounding the protection of the environment. It was the ultimate win-win-win scenario.
The importance and significance of corporate social responsibility work amongst big companies cannot be overstated. It has become increasingly important to consumers, especially those in Gen Z, to see big companies with strong reputations to use their platforms to make a positive difference in communities whether locally or nationally. According to a 2021 study, “80% of [Gen-Z] would be interested in seeing more diverse content showing up on their screens from such platforms, ‘compared to just 55% of Gen X and 36% of boomers.’”
People care about where their money is going. They want to see companies like Nike or Amazon standing in solidarity with American citizens on social issues such as Black Lives Matter, Pride Month, or issues regarding the environment.
There is no limit to the positive benefits a company can gain from implementing a CSR program within their organization. Research shows that some of these benefits include increased employee engagement, better bottom-line financials, more support for local and global communities, increased investment opportunities, press opportunities and brand awareness, increased customer retention and loyalty, and a stronger employer brand. This is no different when talking about social responsibility.
Here in Connecticut, one company with strong CSR initiatives is Cigna. Cigna’s mission statement is to “improve the health and vitality of those we serve.” They do this by focusing on health of all kinds, including physical, mental, social, and environmental. Cigna also has created The Cigna Group Foundation. This entity of Cigna aims to make a difference in the health of communities in ways such as financial, volunteering, etc. In 2023, this group signed a $25 million global initiative to address food insecurity and mental health. This program helped about 280,000 people across the country. Cigna is a strong example of what large companies with strong reputations can and should be doing socially to help make a positive difference in the lives of the same people they depend on to keep making money.
Today’s consumer is very observant and aware of whom they are giving their dollar to, but more importantly also whom they are not giving their dollar to. Social impact and corporate social responsibility have become an increasingly crucial pillar to the success of a company in the modern world. Companies can either keep up and keep their customers, or stay behind and watch as customers leave. The choice is clear corporate America. CSR is the way!
Alex Moscou is a recent graduate of Trinity College with a degree in Public Policy & Law and Formal Organizations. He is eager to enter the workforce and make a difference for others!