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CSR Investments Up Despite Economy
23 September 2009:
The economic recession has not put an end to corporate citizenship. Based on current economic conditions, 15 percent of companies are increasing their research and development for new sustainable products; 11 percent are increasing corporate citizenship marketing and communications; and 10 percent are increasing local and/or domestic sourcing or manufacturing, according to a new study from the Hitachi Foundation and the Boston College Center for Corporate Citizenship.
The study finds that about 54 percent of U.S. senior executives believe corporate citizenship is even more important in a recession with 54 percent now communicating with employees about it and 39 percent talking with stakeholders.
Another finding reveals a majority of U.S. companies are not making major changes in their corporate citizenship practices. Of those who made changes, 38 percent reduced philanthropy/giving, 27 percent increased layoffs, and 19 percent reduced R&D for sustainable products.
The study, Weathering the Storm: The State of Corporate Citizenship, also finds that large companies are responding to the recession much differently than small companies. For example, large companies significantly increased their investments and involvement in citizenship activities, but they were also more likely to lay people off. Small firms had minimal layoffs but they significantly decreased attention to other aspects of citizenship, such as volunteering or philanthropy.
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Source: Environmental Leader
