S2E8: Jennifer Forman - Corporate Social Responsibility
Can your business do something good for the world… and your bottom line? We think so.
Join us this week as we speak with Jennifer Forman, who coaches businesses and individuals on social responsibility and sustainability practices through the Leeds School of Business Certificate of Corporate Social Responsibility program.
In this episode, Jennifer outlines what she calls “Big Sustainability” and shares advice for connecting your company's culture and values with causes where they can make a positive difference.
EPISODE QUOTES:
On an holistic approach to sustainability…
[00:03:03] “Environmental sustainability is really limited to the things we have to consider to keep our planet healthy. But there's more to business than just keeping the planet healthy… when we think about Big Sustainability, we're looking at diversity, equity, and inclusion. Who's at the table? Whose voices are you hearing? Have we got representation from the markets that we serve? That's really important in terms of growth, and being able to [speak] to your consumers and to the employees that you're going to need for long-term sustainable growth.”
On incorporating Corporate Social Responsibility into your business…
[00:04:42] “This movement has really seen explosive growth in recent years. And that's, in part, due to investor concerns around negative impacts of climate change. But it's also because younger generations are showing a really high preference toward working at, or buying from, purpose driven companies.”
[00:05:19] “CSR and ESG concerns can be woven in and operationalized so that the way companies are making revenue looks at the least amount of negative impacts to all of their stakeholders and really using their unique area of expertise to leverage that for social good. So not only how can they make money – but how can this be done in a way that potentially benefits people everywhere that their business touches, from concept to creation, to sales, and eventually down the line.”
On the tangible value of CSR…
[00:15:29] “The Russell 1000 companies saw, on average, a 218% increase in share price over the last four years when businesses named at least one charitable recipient, had a diversity and opportunity policy, expressed board and gender diversity, and utilized a local sourcing policy. According to BCG Brighthouse, brands with a high sense of purpose experienced a valuation increase of 175% over the past 12 years compared to the median growth rate of 86%. So you see how these stats are adding up to show that businesses invested in this are doing really well.”
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