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Madeleine Wilson's curator insight,
March 19, 2014 10:32 PM
Five 2013 CSR Best Practices That Grew Profits This article highlights the 5 best CSR practices that were able to grow profits in 2013. I really enjoyed this article, namely because it introduced some new ideas which hadn’t been touched upon in CSR Lecture or Seminar this year. Some highlights of the article which I truly enjoyed as new and interesting CSR practices include:
Today, the fast food industry is losing money because their unique selling point of selling quick, inexpensive food to customers no longer holds true. Their food is quickly escalating in price, making a cheap drive thru pit stop running customers the equivalent of stepping out to a restaurant. Also, it can no longer be denied that fast food is not a healthy meal option. With food chains such as Panera selling quick, healthy and cost effective meals, fast food chains are having to provide healthier alternatives than their typical burger and fries.
In 2013, Ford profiled their customers. What they discovered is that customers wanted to be able to trust the corporations they did business with. With a middle class that today must stretch their monthly budgets larger than ever before, customers also want a fair price on what they buy. Customers want it all. However, trust won out over having a cheaply priced item if they company selling the item did not seem authentic in any of their practices. Transparency seems to be key in wining over new customers when the price of the product is already successful.
Lastly, the last point that intrigued me in this article was how hiring women to assume leadership roles in a company has been shown to increase profits. I enjoyed this paragraph, because even in the twenty-first century, women do not garner the same respect in the workforce (especially in business) as their male counterparts do. Women still make less than men for the same job in industry. As a CSR practice to embrace in 2013 and onwards, including women in leadership roles was not something I would have considered. Following the Stakeholder Management Model, it makes sense, however. By including everyone in the decision making process at a company, more input can be made by all parties. New insights and ideas can lead to creativity and ideas that may never have been brought forward in the company. |