There is a greater call in this day and age for businesses to incorporate a viable social motto under their wings. Consumers, especially those in the developed world, increasingly desire to purchase socially responsible brands. Yet Corporate Social Responsibility will no longer do. Companies touting their “once-a-month” service days are now greatly seen as merely trying to do PR work to appear as socially responsible enterprises. Additionally, transparency of a company’s dealings due to social media (especially the this just in report breaking capability of Twitter) further exposes whether a company is just temporarily riding the “do good” wave or actually caring about the social footprint that it leaves.
Now is the time for companies to truly embrace the social model into their inherent business and to dedicate some profits to lessen the global pressure felt by an ever-increasing group of dismally poor, diseased, suffering people. These are the firms generating positive press and attitude amongst the masses. And these firms will be the reason issues such as poverty are defeated, if at all.
Increasingly, pharmaceutical giants with a presence in society have begun to truly get involved in mitigating social issues. I often cite GlaxoSmithKline (@GSKUS) and it’s CEO, Mr. Andrew Witty, as being one of the major pioneers of this movement. Ever since Mr. Witty came on board, it has been his goal to make GSK not only a thriving pharma but also one that is no longer solely profit-driven. And he has succeeded in both respects: GSK’s 4th quarter earnings in 2009 went up by 66% (primarily due to its vaccine arm) and it just recently launched a joint partnership with Pfizer (@Pfizer_News) to deliver essential HIV care to developing nations.
Corporate Social Responsibility needs to be replaced by an actual integration of a social branch into the inherent workings of every business. If the notion is refused, businesses should be pressured into creating such an arm. A 100% cooperation is must to propel humanity into a world where hundreds do not perish due to lack of food, thousands do not die due to lack of shelter, and millions do not expire due to lack of basic human needs. Adding to the greater good shouldn’t be merely a responsibility left for non-profits.
