As Generation Y enters the workforce, the corporate world is being reshaped according to new values and priorities. One of these values includes social responsibility. As companies struggle to stay relevant to the consumer, it is clear that corporate social responsibility is becoming increasingly important. Companies are now beginning to incorporate the new concept of a triple bottom line (profit, people, and planet) when drafting the business model. As stated by Phillip Haid, CEO of Public Incorporated, an agency that promotes social causes through campaigns, “A for-profit company that bakes social good right into its business model and brand can be a huge differentiator and drive sales”.
The shoe company TOMS is a good example of a company that incorporates a solid product with a strong commitment to social causes. For every pair of shoes sold, the company donates a pair to the less fortunate. As of 2013, TOMS has made a positive impact in over 50 countries. This is a good business venture because it highlights how a little extra cost in social initiatives not only has a global social impact, but can lead to high sales and success as a company.
Sources:
http://www.toms.com/our-movement/l#where-toms-give-shoes
Picture: For every pair of shoes sold, the company donates a pair to the less fortunate.