Global warming, the status of world communities, even support of terrorism can be affected by major corporations being attuned to issues of corporate social responsibility, but few companies are devoting more money or resources to the issue, according to a recent survey of Fortune 1000 CEOs.
The survey of 264 Fortune 1000 CEOs, conducted by Jericho Communications, a public relations agency that works with many of the worlds top brands, found that 36 percent of respondents said their company is more conscious of corporate social responsibility since September 11, 2001. Despite this raised consciousness, however, only 12 percent of respondents said they are allocating more resources to CSR issues, while 9 percent said they are spending more money on CSR.
The survey found that 52 percent of Fortune 1000 CEOs think that corporations acting responsibly to communities around the world can ebb the support of terrorist groups. In addition, 42 percent said a companys responsibility for communities around the world should equal a companys commitment to communities in the U.S.
When it comes to the environment, 82 percent of Fortune 1000 CEOs believe in global warming, with 24 percent saying business practices have had a "major impact" on global warming. An additional 48 percent feel that business practices have had "some impact" on global warming.
"There are definitely some mixed messages in the results," said Eric Yaverbaum, President of Jericho Communications. "On the one hand, CEOs are in agreement that big business can have an impact on helping the worlds communities and stemming support of terrorism, yet despite that, very few are devoting more resources to corporate social responsibility. It was also surprising how many CEOs feel that business contributes to global warming; perhaps its an indication that this issue will become more of a focus from business leaders in the future."
Sixty-four percent of respondents think the media has been fair in its coverage of companys responsibilities to communities around the world, while 21% said the media has been too harsh. Nine percent said the media has been too lenient. When asked which companys they feel have been unfairly maligned by the media for corporate social responsibility issues, Starbucks (30%) McDonalds (30%), Nike (24%) and Wal-Mart (24%) were the companies most often cited.
Jericho Communications, Inc. is a full service public relations agency, touted as "one of the most successful creative firms in New York". Clients include IKEA Home Furnishings, H&M, EMI Music Publishing, Jose Cuervo Gold, The Hain Food Group and Progressive Insurance.
Eric Yaverbaum is available for interview. Complete survey results are available upon request.
Corporate Social Responsibility (CSR)
According to a survey of 264 Fortune 1000 CEOs conducted by Jericho Communications
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(Please Note: Respondents Could Choose More Than One Answer)
Community Responsibility
Forty-two percent of Fortune 1000 CEOs said their companys responsibility for communities around the world is equal to their companys responsibility to communities in the United States.
Can CSR Stem the Tide of Terrorism?
Fifty-two percent of Fortune 1000 CEOs said they think that corporations acting responsibly to communities around the world can ebb the support of terrorist groups.
Impact of 9/11
Thirty-six percent of respondents said their company is more conscious of corporate social responsibility since September 11, 2001.
Twelve percent of respondents said they are allocating more resources to CSR issues, while 9% said they are spending more money on CSR.
This Issue is Heating Up
Eighty-two percent of Fortune 1000 CEOs responding to the survey believe in global warming.
Twenty-four percent of respondents said business practices have had a major impact on global warming, while 48% feel that business practices have had some impact on global warming. Six percent said business has not impacted global warming.
Personal Investments
Seventy-six percent of respondents said they are more likely to invest their personal finances in a company that practices corporate social responsibility.
Reacting to Pressure
Three percent of respondents said their companys commitment to CSR policies has come about from either unwanted media attention or consumer group attention.
What do They Think of Media?
Sixty-four percent of respondents think the media has been fair in its coverage of companys responsibilities to communities around the world, while 21% said the media has been too harsh. Nine percent said the media has been too lenient.
According to Fortune 1000 CEOs, Starbucks (30%) McDonalds (30%), Nike (24%) and Wal-Mart (24%) have been unfairly maligned in terms of corporate social responsibility.
Extra Spending Money
When asked "If your company had an extra $100 million to spend, where would you spend it?" 24% of Fortune 1000 CEOs said "improving the companys computer technology" while 18% said "on corporate social responsibility." An additional 18 percent said they would spend it on "consumer promotions" while 12% said "network advertising."
Did You Know?
Whos in Charge?
Fifty-two percent of respondents said the CEO is the person responsible for handling CSR issues, 36% said "corporate communications department."
Future Investment
Seventy-six percent of respondents said they expect the greatest amount of company expenditures in the next five years to be spent on company expansion, while 33% said the greatest amount of money would be spent on technology improvements. CSR ranked third, with 12% of respondents. Six percent of respondents choose "improving the companys web site" as well as "consumer promotions."
Its Unanimous
A full 100% of respondents said that if salary and benefits were the same, they are more likely to want to work for a company that practices corporate social responsibility.
Where Would You Spend CSR dollars?
Twenty-four percent of respondents said if they had $100 million to spend on an issue of corporate social responsibility, they would spend it on work/life programs. Fifteen percent would spend it on improving environmental efficiencies, while 9% would spend it on education overseas. Six percent would spend it on child labor issues.
Combating Child Labor
If their company were spending $100 million to combat child labor, 42% of Fortune 1000 CEOs would spend it on building schools, while 33% would spend it on creating greater employment opportunities for parents. Twenty-seven percent would spend it on supporting world education on labor issues, while 9% would spend it on improving enforcement of labor laws.
