Corporate Social Responsibility

"Be the change you wish to see in the world." - Mahatma Gandhi

In the 1990s I owned a taxi company. Over the years the fleet grew from 40 to 150 taxis. At the time ‘Corporate Social Responsibility’ was not a consideration, survival and paying the bills was upper most in my mind. Every month I concentrated on collecting levies from the drivers, making sure shifts were covered 24 hours a day, seven days a week, and looking for opportunities to increase work for the fleet.

The closest I came to social responsibility was ensuring that the drivers charged according to the fare schedule. Any complaints from the public were responded to in a timely manner, dealt with in line with our operational rules, recorded, and the customer informed of the outcome including any penalties given.

Millennials view of corporate social responsibility goes deeper than how I thought about it.

Corporate Social Responsibility

Corporate Social Responsibility (CSR) is a business model where companies include social and environmental concerns into their day-to-day operations. It is a way of contributing positively to society beyond just making profit.

Influencing Change

Millennials have been influential in encouraging companies towards greater corporate social responsibility by:

• Being willing to pay more for sustainable brands. 

• Using social media to demand transparency and accountability from brands.

• Endorsing products from companies who support business activities which are socially responsible. 

• When investing financial health is important. A millennial also has another investing checkpoint, it is confirming the company has an active CSR policy.

• Gaining experience through mobility in their careers, while seeking out companies who foster inclusiveness with diverse CSR practices.

• Supporting local businesses and companies with ethical staffing policies.

• Preferring quality products and services over quantity.

• Entering partnership arrangements with other CSR companies, non-profits and social enterprises.

• Participating in the sharing economy to focus on resource efficiency and community building.

• Having open collaboration between stakeholders on social and environmental issues.

The Impact of the Millennial Generation 

Millennials, born between 1981 and 1996, have incredible purchasing power accounting for 27% of retail spending, $1.928 trillion, in the USA. They already spend 3% more than the average consumer at $27710 annually. To 2025 the youngest millennial is 29 years, the oldest 44 years. The earning and spending power, and wealth accumulation for this generation will only increase, and significantly.

 Through their preferences they shape corporate social responsibility, companies who adopt CSR policies and practices benefit financially with the support of this large discerning generation.

Trends & Spending Power (https://capitaloneshopping.com/research/millennial-shopping-statistics/).