Business Ethics and Social Responsibility for Startups
Over the past decade, we’ve heard a lot about corporate social responsibility (CSR). Millennials place significant value in the practice, even using it as a deciding factor when choosing a place of employment. For others, it’s a term that’s left a bad taste in their mouth — considering that numerous companies have used it as a PR tactic.
True, CSR must be implemented with care. But if done correctly, business ethics and CSR can benefit your business, and more importantly your community. And this starts at the startup stage.
Don’t make the mistake of thinking social responsibility is a prerogative of large corporations. No matter the size of your company, an ethical framework and socially responsible initiatives should be sewn into the fabric of your business from the get-go.
To help founders understand how to integrate business ethics and social responsibility at the startup stage, Embroker, put together this comprehensive guide that compares business ethics and startup CSR.
The guide is broken down into two parts: business ethics and social responsibility for startups. You’ll start with a comprehensive breakdown of the two topics — as this is a commonly in the business world. Next you’ll look at questions like “why do business ethics and social responsibility matter for startups?” — for example: a whopping 86% of Millennials consider it a priority to work for a business that conducts itself ethically and responsibly. Then you’ll move onto the process of how to build an ethical framework (represented in the graphic below).
In the social responsibility section, you’ll go through a checklist of questions that will teach you how to prioritize social responsibility and ways to give back when you’re just getting off the ground — because social responsibility isn’t just for companies that have a built in budget.
For example: If you’re a startup that’s acquired VC funding, you’ll want to make a clear case to your investors about how giving back benefits your bottom line. If you can get your board of directors on board, you might just be able to get a budget for certain initiatives. Or consider a relatively free way to implement social responsibility — offering volunteered time off (VTO). Giving employees paid days to provide volunteer services or taking a company-wide VTO day is a great way to practice startup CSR.
To learn more about these topics, check out their full business ethics guide.
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