For all the debate and criticism, being a good corporate citizen has become an admirable goal for many North American businesses that have been making a determined effort to take responsibility for the impact of their activities on their customers, shareholders, employees, and suppliers, as well as on their communities and the environment. Socially responsible companies acknowledge an obligation that extends beyond mandatory compliance to legislated standards; they are compelled to do more to improve the quality of life for their employees and their families, for the communities they serve, and for the planet.
But will CSR survive the current economic reality of tight credit markets, plunging commodity prices and a volatile loonie? The current economic crisis is creating especially tough challenges for companies trying hard to live up to their CSR policies. There is no doubt that being environmentally responsible, supporting altruistic community programs, and doing what it takes to be an enlightened employer are challenging goals without the belt-tightening measures necessitated by today’s economic reality.
At a time when short-term strategies must sometimes seem more palatable, Boards must stay strong and take a long-term perspective. Now more than ever, being a good corporate citizen must be a core business strategy that is deeply ingrained in the corporate culture of the entire organization.
If there is any doubt, take a look at credit unions. They invented the concept!
Recent Comments