Sponsored - Corporate social responsibility is not required but it has become the standard.
Corporate social responsibility (CSR) is collectively defined as a company’s continued commitment to improve the economic development and well-being of its communities, while also maximizing shared value for the business, employees and shareholders.
CSR is not required to operate a business, but it has become a standard business practice over the years, giving companies with a genuine commitment to CSR a competitive advantage and distinction.
According to the Harvard Business Review study, 92 percent of the 250 largest companies in the world inform shareholders and the public about its CSR activities, spending almost $20 billion a year to support CSR. Companies are finding that making socially responsible decisions—and are recognized and rewarded by relevant stakeholders—may see a stronger consumer demand and higher employee productivity which in turn may yield a stronger financial performance and lower turnover.
There’s a deep connection between a company and the way it treats its stakeholders. Is it providing its employees with a livable wage, health benefits, a retirement plan? Is it being transparent with its shareholders? Is it engaging and supporting its communities? Is it remaining profitable?
Research has also shown that consumers are more likely to do business with a company that has sustainable strategies in place. They’re more likely to shop with you, seek services from you, and most importantly, refer you to friends and family. These three things can increase a company’s resiliency and ensure the probability of long-term survival.
And just like consumers, potential employees also look at a company’s culture and overall mission. It’s no surprise that employees like working for a company that’s committed to improving the local community. This leads to productive, engaged, and creative employees who are more likely to stay with the company longer.
Heritage Bank has a long-standing commitment to CSR and empowers employees to give in their communities. By doing so, it elevates our philanthropic and corporate social responsibility recognition throughout the region, helping us to forge even stronger and deeper relationships with customers and enhance reputation as the leading community bank in the Pacific Northwest.
Through doing good—and a culture that fosters giving—Heritage Bank resonates with customers, leading to its potential growth and financial strength.
Kristen Connor is the senior vice president – community impact officer at Heritage Bank. She has more than 13 years of experience in the commercial banking field, with expertise in business development and portfolio management for commercial and nonprofit businesses. Kristen serves as a board member of the Oregon Law Foundation and Jessie F. Richardson Foundation. She also volunteers
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