Is Charity a Part of Corporate Social Responsibility? Insights from Daniel Yomtobian
When social change and community services are needed, the non-profit sector is usually the first go-to. However, as organizations’ business practices become more transparent, consumers look to corporate leaders to provide more than just goods and economic benefits. As a result, these companies are now doing more by doing their responsible part in society and giving back — in large part — through fundraising for charitable causes.
Daniel Yomtobian, a respected entrepreneur in the online advertising industry from Los Angeles, California, explains what corporate social responsibility (CSR) is and how charity is heavily involved.
Corporate Social Responsibility
In an effort to be socially responsible, organizations strive to positively contribute to societal issues, including the economy, poverty, environmental concerns, and sustainability. We live in a very socially conscious environment; consumers are looking to corporate leaders to bring forth change for the better and will prioritize spending their money on businesses that put their CSR efforts first.
When corporate social responsibility is considered with effective strategy and execution, increased company performance and positive social impact will occur. Daniel Yomtobian explains three different types of corporate social responsibility.
Environmental
A primary focus of corporate social responsibility is the environment. Regardless of company size, sustainability should be at forefront. Any steps an organization can take to reduce its carbon footprint should be implemented. This could be something as simple as re-evaluating production processes in order to identify wasteful acts.
Philanthropy
Companies can practice social responsibility by donating time, talent, or treasure to a charitable cause. This could include reaching out to a non-profit organization, asking them about their specific needs and whether a donation of money, time, or perhaps a company’s products or complimentary services would best help them.
Daniel Yomtobian says that larger companies and corporations tend to have plentiful resources that can benefit charities and local community programs. In fact, donating to a charity or supporting a charitable cause or event is arguably the most common type of corporate social responsibility. Even small businesses’ efforts can make a big difference when giving back to a charitable cause. Bottom line, by doing good deeds without expecting anything in return, companies (of any size) can express their support for specific issues and social causes.
Ethical
A company can demonstrate corporate social responsibility by treating all stakeholders, including its employees, fairly and ethically. This is especially important for businesses that operate in international locations with different labor and production laws. An equal practice across all locations provides positive ethical alignment for the organization and key involving stakeholders.
Final Thoughts from Daniel Yomtobian
Corporate social responsibility is a valuable way for businesses to do their part. No matter the size of a company, implementing the above socially responsible practices and making time for charity will not only benefit a business, it will also make a positive impact on the world, says Daniel Yomtobian.
