Social Responsibility: Why PayPal Pays It Forward (and You Should Too)

Social Responsibility Why PayPal Pays It Forward (and You Should Too)

Discover the numerous reasons why corporate social responsibility is crucial, and discover how you can improve your social responsibility activities.

  • PayPal is an example of a firm that is committed to social responsibility through its corporate operations and there are ways that even small businesses to follow in its footsteps.
  • Customers are increasingly affirming that they tend to be more inclined to support companies that are aligned with their beliefs.
  • If you’d like to see your business to help the cause, be sure to keep current with the latest news and read about articles from different sources to discover something that resonates with you.
  • This post is intended for entrepreneurs who are interested in incorporating social accountability in their plans for business.

datachannel.orgSocial Responsibility: Why PayPal Pays It Forward (and You Should Too). In terms of corporate social accountability small-sized businesses can take a lesson from PayPal. The credit processing giant helps charitable giving in many ways, including the PayPal Giving Fund that allows charities to make donations with no costs or deductions. In addition, PayPal gives an additional one percent on Giving Fund donations made during the season of giving.

In the words of Sean Milliken, PayPal’s head of global social innovation encouraging social responsibility is an integral an important part of the company’s business strategy.

“People want to do business with companies that are aligned with a cause,” Milliken said when he spoke to Business News Daily. “Giving back, contributing to society, [and] being a good corporate citizen is not only the right thing to do – it’s good for business.”

Even if you don’t have the resources to take on social responsibility in the same way as PayPal does there are many good reasons to include some kind of charitable giving within your business strategy.

What is social obligation?

In the business world, social responsibility is the process by which companies act to improve the lives of society and increase the value of shareholders. To be able to fulfill social responsibility, businesses and those who manage them must operate in the best interests of the community and the environment.

The business can be sustainable by being accountable to itself and being open about how it runs. The adoption of these social responsibility guidelines within your company can make employees and customers feel more satisfied and optimistic towards your company.

To be socially responsible your business must adopt policies that aim to improve society. Some businesses implement “green” policies that focus on creating a environmentally sustainable environmental footprint and some others implement moral accountability and ethics in the workplace policies to ensure that they comply with investors’ interests.

Socially responsible benefits

Socially responsible companies reap benefits within and outside their companies. Here are the best benefits of corporate social responsibility.

1. Being socially responsible is an effective way of engaging employees.

A positive employee experience can increase engagement and identifying the right cause that is aligned with the values of your employees is a great place to begin. When looking for causes, consider what you are comfortable with along with what employees feel passionate about, Milliken said.

Participate to participate in employees in the making process regarding social responsibility initiatives. To give employees the opportunity to take part in projects that have a positive impact on society, PayPal has formed partnerships with non-profit organizations that concentrate on the promotion of healthy finances. “Employees play a vital role in helping take those programs forward,” Milliken explained.

Smaller businesses should look for ways for employees to participate in socially responsible activities or causes can also boost improve the financial results. Based on the findings of an American Express survey 81 percent of American young people believe that the next generation of prosperous companies will have a real cause that will be embraced by people. [Read the article in conjunction with it: Most People Want Green Products as well as the Packaging The Future of Packaging and Products

A majority of employees believe that the values of their employers should reflect their values. Finding ways to encourage employees to contribute to giving back can help fulfill that the greater good.

2. Social responsibility can help you align yourself with your customers.

While employee engagement is essential as is social responsibility, you should also inspire customers to donate to charities that the company supports. Although charitable giving is incorporated in some business plans, some companies have ways to contribute in line with their business objectives, even if they’re not necessarily incorporated into the business’s guiding values.

Milliken noted that there are many ways to get customers involved in an issue. Customers are more likely to gather around a need that is immediate like after an event of natural catastrophe. They also are likely to give to charity which has a social resemblance to the item or service they’re purchasing. For instance, TOMS Shoes has a “buy one, donate one” model.

Milliken suggested that either strategy can be effective for companies who know their clients. “You can join forces to a cause closely aligned with your values as a company that resonates with the people around you and seem to make sense. The one way isn’t superior to the other. Social responsibility does not require being an integral part of the business plan from the beginning.”

3. Social responsibility can be a driver for innovation.

Businesses that give back in their local communities aren’t a novel concept, integrating Social Corporate Responsibility into the company’s base is a innovative idea.

“Businesses have a long history of giving back, but I think the models for doing so have evolved,” Milliken said. He states that the term “innovation” in his job title shows PayPal’s commitment to transforming the way the company views social responsibility. “No longer will companies have a corporate social responsibility department where one or two people sit in an office writing checks to nonprofits.” Read the article in connection with this: Creativity is Not Innovation (But It’s Both) ]

One of the ways to integrate giving into an organization’s overall goals is responding to the way technology is rapidly altering the ways people make donations and give to charities. Milliken stated that social media and mobile technology dramatically impact how consumers donate and how businesses be able to reach them.

“We’re seeing a huge move toward mobile,” said the expert declared. “And the trend will keep growing.

In the event that we can create ways to allow people to give at any time and from anywhere, we stand the chance of increasing the amount of charitable giving.”

Social media also creates more chances for people to give. PayPal is known for providing the tools and technology for this to happen according Milliken. The most important thing to do when using social media channels to encourage charitable giving is to make sure that the message is appropriate and relevant to what the recipient is doing at the moment, Milliken said. “Social media can help us find people in these moments, giving us a better shot to get them to give.”

Strategies your company can take to be socially responsible

There’s no universal approach to social responsibility Here are some easy strategies to begin.

1. It is important to clearly state the values of your business.

A few entrepreneurs and small-business owners are too focused on launching their own business and the launch of their products or services that they don’t have the time to outline their business’s values in a clear manner.

Take a moment to consider what social causes your company could contribute to. Discuss the issue with your executives and conduct surveys of employees to determine what is essential to the business in general. When you’ve got an idea of the values your team holds and priorities, you can begin looking for foundations and projects that align with.

2. Set realistic goals.

Once you have established your values, consider how these values can be a guide for your goals for your business. Make a list of the actionable goals that you and your team wish to accomplish within a specified timeframe.

Because it is time-consuming to set up a procedure and routine, make your first goals short and achievable. This way, you will be able to accomplish your goals faster and not get discouraged. When you keep trying to integrate the responsibility with projects and policies to your goals, you will be able to develop and increase your objectives.

3. Train your employees and customers.

When you’ve created a plan, you should communicate your plans for your staff members. Make sure they know that you appreciate their input in the establishment of your company’s values and talk about the goals you’ve created using their input. It is important to clearly define the social initiatives that you’re working on and how you’ll bring about significant changes.

Incorporate your social responsibility targets include your social responsibility goals in the Employee handbook and corporate policies. Certain policies, like PTO policies for paid leave (PTO) guidelines to volunteer, will encourage employees to contribute and prove that your company goes beyond the bottom line.

Once your employees are on the right track, inform the customers be aware of the new social responsibility objectives. Customers will be able to feel that you’re engaging with them in a meaningful way and not trying to sell them.

Customers want to be aware that the organizations they choose to support are aligned with their beliefs. This is why the idea of launching a social responsibility program and telling your customers about it is an excellent way to keep customers and an effective way to draw new customers in.

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