CSR is a Strategic Asset
I attended an FWA event recently where the panel discussion was on corporate social responsibility and microfinance. What was interesting was that the all-female panel represented Citi, Morgan Stanley, Merrill Lynch and AMEX. Financial companies we hear a lot about these days for reasons other than their philanthropic efforts. A couple of points particularly caught me:
• CSR can be a grassroots reputation management tool: According to some of these panelists, the relationships their companies have built with communities thru CSR have provided them with credible third party validation in not-so-good times. In other words, while everyone is bashing Citi, the bank has real relationships and proponents around the globe — those less fortunate individuals whom they have empowered economically. This has helped their reputation during a time of corporate turmoil.
• CSR isn’t being cut: In a time when cutbacks are very popular – be it employee programs and benefits, employees themselves, consultants and other “extras” - CSR programs aren’t taking a hit, at least at these big financial entities, because their value is seen all the way at the top. CSR has become a “strategic asset”.