Link with business for social impact

Corporate social responsibility programmes, particularly in bigger businesses, are growing in sophistication and relevancy.

Rather than have departments simply ticking off the ‘‘community involvement’’ box, firms are being much more creative, thanks in part to the need to build relationships with their stakeholders and communities.

It also boosts the bottom line. As I have said before, people are more likely to buy products and services from companies than do good. The biennial Cone Communications/Ebiquity Global CSR Survey 2015 for example, found nine out of ten consumers believed companies should do more than make a profit.

This week, an international scientist said New Zealand could solve many of its social problems by encouraging cooperation between government, local charities, and the private sector, particularly in providing emergency response and specific health challenges in the Pacific region.

Dr Lisa Bonadonna, who is employed by pharmaceutical company GSK, briefed Kiwi CEOs and government ministers on the benefits of collaboration in solving a range of health, education and social issues.

But she said there was a body of evidence globally suggesting one sector on its own could not effectively address these societal challenges, something reflected in the Sustainable Development Goals call for cross sector partnerships.

She said New Zealand companies could adopt a ‘shared value’ strategy, by recognising business opportunities.

‘‘While traditional philanthropy and corporate social responsibility efforts emphasise ‘giving back’, the shared value approach focuses business leaders on the competitive and sustainable value of solving social issues.’’

She said economic benefits for the corporate sector included talent recruitment and retention, opening of new markets, access to new customers, more relevant innovation, as well as brand recognition for their efforts. In other words, it makes business sense.