Corporate social responsibility (CSR) has been a buzzword, and essentially means considering the social, economic and environmental impact of businesses. CSR within companies isn’t a favor–it has real bottom-line benefits and at the same time can have a positive impact on society. Moreover, in light of the government rolling back federal policies supporting sustainability and social impact, businesses can play a role in driving positive change.
Here are three ways leaders and organizations can blend profit with purpose to benefit both your company and community.
Embed Giving Back In Company Culture
Some research finds that organizations who prioritize social impact initiatives are better able to retain employees–and the cost of replacing an employee can be up to two times their annual salary, so it also saves money. Corporate volunteer programs can be a great way for companies to build connections between employees to boost workplace culture while also helping their communities.
For example, Ford Philanthropy, the global philanthropic arm of Ford Motor Company, lets employees give back to their local communities year-round through the Ford Volunteer Corp. Part of this program is a community service initiative called Global Caring Month that happens each September where employees participate in volunteer projects in their local communities, from distributing fresh food to helping rebuild neighborhoods impacted by natural disasters. In 2024 alone, more than 4,000 Ford employees volunteered on 187 community impact projects across 29 countries.
It’s not only big corporations that can embed ways to give back into their workplaces; small businesses can do it, too. “I own a small business—we’re not a big global company—but our work is an exercise and a daily commitment to giving back because we support almost exclusively mission-focused organizations,” says Melva LaJoy Legrand, CEO of the boutique events management company LaJoy Creative. “Also, I’ll look for other opportunities to personally give back, such as supporting my clients who focus on justice equity, and one beloved client who works with diverse educators—which was my first career—on Giving Tuesday. I’m not Mackenzie Scott, but I do what I can.”
If every business did what they could, regardless of their size, it would have a big impact on company culture and local communities.
Partner With Organizations Who Match Your Values
Another action step business owners can take to blend profit with purpose is to intentionally partner with suppliers or clients who match their philanthropic values, whether it’s a focus on environmental sustainability or social impact.
Legrand asks every potential client, ‘What is your why?’ “As my business has grown, if a potential client’s ‘why’ does not align with my values—which are rooted in equity, service, and having tangible positive impact for the community at large—we are not a fit, and there is no amount of money to make it a fit. It does not feel good to go against my principles,” says Legrand. “But if our ‘why’ is a match, we can do amazing things together.”
Legrand says it’s key for business owners to first understand and define their own ‘why,’ clearly communicate their ‘why’ to their teams, and revisit it annually to make sure their business choices are in alignment with their North Star.
“As an example, I am very clear that my purpose in this world is to use the collective talents of LaJoy—which stands for the love and joy of it all—to bring people together, to heal, inspire, and ultimately to serve. My ‘why’ is an extension of my North Star in life, my late father Melvin, who served without condition and definitely with very little external affirmation. Simply put, LaJoy is in the service industry to be servants of (and for) the community.”
An example of a larger corporation who is intentionally partnering with nonprofits to support their value of advancing digital equity is HP Inc. and the company’s philanthropic arm, the HP Foundation.
Michele Malejki is the Global Head of Social Impact at HP Inc., and Executive Director of the HP Foundation. Malejki defines digital equity as, “when we’re able to provide adolescents and adults with the critical skills that they need to not only participate, but to thrive in an increasingly digital economy.” She says their focus on digital equity includes three key areas: The technology itself, advancing digital literacy—especially in the age of AI—and quality skills content.
Malejki co-leads the Digital Equity Accelerator (DEA), a program powered by the collaboration between HP Inc. and the HP Foundation to drive impact. The Accelerator is a key part of the company’s effort to address the $1 trillion-plus digital divide that they say limits billions from accessing essential education, healthcare, and economic opportunities.
“My company has structured my role so that social impact is by itself a business generator, while at the same time it is an impact generator,” says Malejki. “At HP, sustainable impact is a business imperative. The social impact initiatives that my team drives are tightly connected to our business, and I’m seeing many organizations take this approach versus having separate North Stars, if you will.”
Invest In Your Local Community To Help Your Company Thrive
Businesses who invest in their local communities aren’t only altruistic; they’re also helping their organizations to survive and thrive in the long term. Thriving communities mean better economies, more qualified talent pipelines, and a customer base with greater disposable income.
One example of a business investment in a local community is Michigan Central, a new tech, community, and business innovation hub in the heart of Detroit that’s funded by Ford Motor Company to help develop talent pipelines to support the future of work in the city. The 30-acre walkable district includes 1.2 million square feet of commercial real estate, including the reuse of an iconic train station, workspaces for 5,000 workers, maker labs, high-tech connected infrastructure, open spaces, and is now home to roughly 130 different startups with founders from all different backgrounds.
Josh Sirefman, CEO of Michigan Central, says, “It’s an initiative that’s built upon the idea that there is synergy between what would be beneficial for the company [Ford] and beneficial for Detroit and southeast Michigan. The idea was to create a real magnet for talent and a center of innovation that would enable growth to happen in the region, such as by keeping and attracting talent. It’s a unique model for driving economic development, and doing it in a way that captures all the synergies to benefit the community that we’re in.”
Sirefman believes that if we can figure out how to build more models where businesses are able to combine commercial success with community success, it will be a win-win for everyone.
A company’s bottom line matters if they want to be sustainable, but so too does the workplace environment they’re creating for employees to feel engaged and part of a larger purpose, and the impact they’re having on their customers and local communities. Companies that find ways to blend profit with purpose because they recognize they are part of—rather than separate from—the communities and people they serve will be more sustainable than those that do not.