Carroll’s pyramid builds responsibility upon responsibility, and is intended to be applied as a whole. This means that succeeding at one or two areas is not enough.
Clearly, meeting your economic responsibilities while overlooking your legal responsibilities, or vice versa, will mean that your organization runs into difficulties sooner or later. This may mean that ethical and philanthropic responsibilities are seen as optional. But fulfilling them can provide a number of benefits, too, such as:
- Building and Improving Your Reputation. Demonstrating that you’re an ethical and philanthropic organization can imply that you’re committed to operating in a responsible way, which can help to build trust in your product, too. It can also give you a competitive edge, and enable you to attract consumers who are also ethically minded.
- Increasing sustainability. Being “green” can have direct financial benefits. Cutting your carbon emissions and using energy from renewable sources can save costs, as can improve production and supply-chain efficiency, and reducing your carbon taxes. Investing in your “triple bottom line” is a good way to deliver these benefits and set organizational goals that are built around profit, people and the planet.
- Attracting and retaining talent. Embracing CSR can position you as an “employer of choice.” People will aspire to work for you and, once they join, they’ll feel proud and purposeful, and will want to stay. They’ll also be able to enjoy interesting opportunities beyond their formal roles (for example, through volunteering initiatives or company charity drives) and talk positively about you to family and friends. That means you’ll always have the pick of the best candidates for vacancies!
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