When it comes to brand or company loyalty, I can only mention a few that I purchase regardless of the circumstances. There are people that drive, for example, only Ford vehicles or those that only shop at Trader Joe’s, etc. For me, I tend to base my purchases on convenience, consumer reviews, and value. But lately, another characteristic has been gaining traction when it comes to what or where I buy. It’s a business model known as Corporate Social Responsibility (CSR). This model is designed to help a company with its social accountability to itself and the public. It also allows companies to be more focused on the impact they have on economic, social, and environmental aspects of society. Personally, if a certain brand or company is implementing changes that would benefit the environment, I am more inclined to give them my business.
There are many other examples of CSR that companies can incorporate:
- Charitable giving
- Volunteering in local communities
- Concentration on diversity, inclusion, and equity
- Improving labor policies
- Reducing carbon footprints
- Socially and environmentally conscious investments
These appear as great concepts on paper, but which companies are actively doing what they say to promote these changes? The following is an example of some larger companies that are making a big splash with corporate social responsibility:
- Google. Google is known for its environmentally friendly initiatives mainly due to its data centers using 50% less energy than others in the world. They also have invested over $1 billion in renewable energy projects.
- Coca-Cola. Coke has put a major focus on sustainability with their message, “A world without waste”. Coca-Cola has made strides in their hope to collect and recycle every bottle, making their packaging 100% recyclable, and replacing all water used to create their beverages to the environment to ensure water security.
- Netflix. The streaming behemoth offers a generous 52 weeks of paid parental leave for both the birth and non-birth parent. This is far greater than the standard 18 weeks offered by other major tech companies.
- TOMS. This shoe company’s original mission was to donate a pair of shoes for every pair they sold. This resulted in over 100 million pairs of shoes being given out to children in need. Since then, TOMS now redirects 1/3 of its profits to grassroots campaigns, such as Black Lives Matter.
- Starbucks. The Seattle coffee company is keen on diversity when it comes to hiring. By 2025, Starbucks plans to hire 25,000 US military veterans and spouses. The company also pledged to hire 100,000 young people and 10,000 refugees by 2022. With respect to racial and social equity, Starbucks announced a mentorship program to connect black, indigenous, and people of color (BIPOC) to senior leaders and invest in partnerships.
Here at the Stump Farm, where White Raven Financial is located, the firm is well versed in corporate social responsibility. Being a woman-owned company (in a primarily male industry) helps to empower other women looking for financial advice. Among other positive impacts, White Raven Financial donates regularly to the local food bank and also specializes in socially responsible investing; a way to position your money to match your own personal values and convictions.
Thank you for reading~