Everyone’s talking about Corporate Social Responsibility and Impact Sourcing. They’ve been trendy topics in recent years. And yes, we’ve all participated in philanthropic initiatives, whether donating to a charity, volunteering for a fundraiser, getting the staff involved in a cause, running a 5K to support disaster relief, marching in protest, holding a corporate annual food drive, etc.
All of the above are excellent ways to dip our toes in the water of participating in the greater good… and just enough to give each of us the cozies. But these are also just a start.
When it comes to business, buyers want more from the powers that be; they want core value – consistent action and participation. It’s no longer about the quality of a product. Buyers care about society and global issues, and they are zoning in on the organizations proactively supporting these issues. Going forward, customers plan to do business with organizations that weave social responsibility into their entire business models.
It’s no longer about the quality of a product. Buyers care about society and global issues, and they are zoning in on the organizations proactively supporting these issues.
According to a Nielsen survey, two-thirds of global consumers are willing to pay more for sustainably made products. Why? Consumers are trying to be responsible inhabitants of the world, and they expect the same from corporations. Therefore, when it comes to buying, they are doing their research – checking labels, searching websites, reading reviews, watching the news and social media outlets.
On that note… customers, through their social media voices—not to mention their wallets—are letting companies know they need to be on the actionable side of key issues… or else. The public expects an “all hands on deck” approach from their providers in working to solve the most pressing social and environmental challenges across the globe. Otherwise, they will take their business to the competition.
Global Impact Sourcing Award
As a long-time supporter of Impact Sourcing and Corporate Social Responsibility, IAOP and several of its leading members have joined with the Rockefeller Foundation and Global Impact Sourcing Coalition (GISC) to raise awareness, share best practices, test models and measure the progress of this socially responsible business practice. Together, IAOP and the Rockefeller Foundation have launched a new award to recognize industry professionals who are leaders in Impact Sourcing and Corporate Social Responsibility. The Global Impact Sourcing Award will be presented annually at the Outsourcing World Summit, starting at OWS18 in Orlando.
Buyers are letting organizations know advocacy isn’t about talking the talk; it’s about walking the walk. It’s about the “why” of Corporate Social Responsibility – the fact that CSR should be an essential core value and must become part of the greater business plan.
Promoting social responsibility should simply be part of an organization’s broader business plan. Being a good corporate citizen is not only the right thing to do, but it’s also good for business. Why? It’s simple. Companies that give back—those that genuinely contribute to humanity and are associated with a cause—people want to do business with them. And that is something that can’t – and shouldn’t – be ignored.