Momentum Marketing Services Corporation


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Momentum Marketing Services Corporation

Momentum Marketing Services Corporation

Corporate social responsibility (CSR) or corporate citizenship entails companies behaving in a socially responsible manner, and dealing with other business parties who do the same. With growing public awareness and demand for socially responsible businesses, it is little wonder that companies of today take corporate social responsibility into account when planning future socially responsible business operations.

In April 2009, Booz & Co., a global management consulting firm, released the findings of a study into the impact of the recession on sustainability-related corporate spending. The study essentially found that there is little correlation between financial strength and optimism about socially responsible CSR agendas and 28% of respondents at financially strong companies said CSR agendas in their industries will be affected by the economic downturn. Another survey of charity chief executives by the UK Charities Aid Foundation (CAF) revealed that 72% have seen demand for their services increase as their running costs rose during the recession and 30% saw the charity donation for charity organizations, nonprofit fundraising for nonprofit organizations and the likes of corporate philanthropy fall at the same time.

Indeed, budget cuts for corporate social responsibility CSR are to be expected during a recession. A recession, however, provides ample opportunities for companies to leverage greater non-financial resources. "False belief that investments in people and training can wait; that corporate social responsibility can be put on the back burner," Starbucks CEO Schultz wrote in an essay in the Huffington Post. Companies can uphold their socially responsible commitments by reviewing their corporate citizenship strategy in three simple ways: