Corporate Social Responsibility (CSR) was made famous by well known economist Milton Friedman over 30 years ago with his view that business in society was strictly to increase profits. Times are changing and in a recent survey conducted by the Boston College Center for Corporate Citizenship, more than 80% of executives said social and environmental issues were becoming more important to their business plan, not just their profits. Executives are seeing how CSR can not only affect their bottom line and brand awareness but can also be a viable tool in recruiting and retention.

According to a Business Ethics Magazine annual study of the best corporate citizens, the return on investment in CSR has shown to be directly affected by three things: the industry, the company’s reputation and the way an issue is approached. Some industries have environmental issues and some have employee issues but regardless there is plenty of opportunity to benefit from CSR. Across all lines of business, companies are experiencing the drastic rise in energy prices and are seeing the instant returns on various environmental programs that are put in place.

With the influx of corporate scandals, the rapid access to information about company behavior, and the growing concern for resource restraints, such as steel and oil, companies are now realizing that shareholders, consumers and even employees are very aware of corporate behavior of all kinds. Companies are linking the “feel good” aspect of the brand to good sales. Fran Rathke, CFO for Green Mountain Coffee Roasters, states that “Consumers are using their purchasing dollars on a brand they trust and building a reputation for being socially responsible only helps to increase brand loyalty.”

To take it a step further, social responsibility programs are now being seen as helping build a workforce. Jim Lawrence of General Mills states that a lot of the programs they support make the working environment better for employees and actually help to recruit more people. A 2003 Stanford University Graduate School of Business research on MBAs found that respondents would forgo an average of $13,700 in compensation to work for a company that had a strong reputation in employee retention. Doing so promotes a positive experience for an employee which ultimately turns into the same for clients. CSR brings the best of all worlds, an engaged workforce, a positive bottom line and a well respected brand name.

As accounting and finance recruitment specialists, Acsys, Inc. works with an extensive network of skilled professionals that have a wide range of experience to meet the needs of companies across all lines of industry. Our team of staffing experts works to provide clients with the latest trends in accounting, finance, recruiting and retention. For more information on staffing related trends contact your local Acsys, Inc. representative today.