Today’s business and economic world is changing at an unprecedented rate. The world is growing more socially conscious, fueled by the exponential growth of information sharing and knowledge resources. With all of this economic, sociological and technological change, corporations are responding by implementing Corporate Social Responsibility (CSR) efforts.
The idea of Corporate Social Responsibility has grown from a fringe concept, to a common practice, with many Fortune 1000 companies creating entire CSR departments, dedicated to developing a corporation’s specific CSR initiatives. Sustainability, safety, community outreach and, in particular, diversity are some of the key CSR issues facing companies today.
Our nation is changing demographically as much as it is changing economically. By the year 2050, the US Census Bureau anticipates that more than half of the nation’s population will be African American, Asian and Hispanic. This affects not only your customer base, but your supplier base as well.
One way for large corporations to establish roots within our growing communities is by reaching out to qualified diverse suppliers. Diverse suppliers offer a link to the communities in which your customers reside. By ensuring diversity within the supply chain, corporations are providing direct support of our communities that also need to thrive as consumers, creating a symbiotic relationship that sustains a corporation going forward. The practice of diversity and inclusion in the supply chain is no longer progressive thinking, it is essential thinking.
In the (not too distant) future, the idea of Corporate Social Responsibility will become antiquated. So closely will current CSR initiatives become ingrained in the everyday mentality and process of corporations, the need to make such a distinction will no longer be necessary.
As corporations mature and begin to reach that point of sophistication, it is essential for these companies to embrace diversity and other CSR initiatives in order to both strengthen the company and the community. One cannot survive without the other, and the corporations that are slow to realize this will slowly be replaced by those who see the direction our world, our society and our economy is heading.
As corporations mature and begin to reach that point of sophistication, it is essential for these companies to embrace diversity and other CSR initiatives in order to both strengthen the company and the community together. One cannot survive without the other, and the corporations that are leading the efforts in this area will become stronger, more respected, and market leaders as the convergence of business, social responsibility, and community involvement come closer together.