Corporate Responsibility and the 21s Century Business Model: Trends and Challenges

For decades, corporate firms have included corporate responsibility initiatives in their regular business functions in an effort to communicate a priority toward the communities they operate in, rather than just the customers they serve. These actions \u2014 whether implemented through financial or human resources \u2014 have grown to be a common addition to business models across industries. In recent years, however, the simple addition of a community-oriented campaign to a firm's regular business proceedings have become less effective in positioning a firm as a devoted corporate citizen. Today, consumers have access to more information and opportunities for substitutes than ever before, and as they make buying decisions, they are interested in seeing the firms they support orient themselves at the heart of community engagement, rather than interacting with the community through passive support. This study and discussion highlights the trends that several corporate responsibility professionals have seen emerge in recent years regarding their respective employers' corporate responsibility initiatives. Thoughts and reactions from corporate responsibility managers representing financial, education, insurance, and technology companies will be synthesized and analyzed for trends and shared positive and negative experiences related to their common work in initiating corporate responsibility programs at their respective firms. The discussion will also illustrate the specific challenges each of the professionals face daily in implementing successful CR programs within their firms. In aggregate, this discussion will provide a comprehensive look at what exactly firms are doing in today's CR sphere: it will demonstrate what trends are working well, which have yet to be tailored to have the best impact, and what is to come of the corporate firm's relationship with its community.