Atlanta Construction Monthly 2018

What a business
stands for can
mean as much as
what it does
BY NEWSUSA
If you’ve ever seen the 1980s movie
“Wall Street,” you probably recall Gordon
Gekko saying that “greed is good.”
He may have been a bit shortsighted.
Times are changing and so are people’s
attitudes about corporate America.
In fact, a recent survey conducted
by the insurance company Aflac suggests
Gekko’s days are numbered.
Survey Revelations
Here are some of the things the study found:
* 79 percent of consumers believe
companies that stay true to
their ethics and values outperform
others in their field.
* When it comes to millennials,
who are 80 million strong with a
$200 billion annual purchasing
power, 92 percent are more likely
to patronize an ethical company.
* 81 percent of consumers are
more likely to purchase from corporations
that are active in philanthropic
efforts year-round as
opposed to only in times of need.
* 60 percent of investors would
sacrifice profit for ethical standards
when making long-term investment
decisions.
COMPANIES SHOULD CONSIDER
So what is an effective corporate philosophy when it comes to social
responsibility? In a day of instant access to information, consumers
— many of whom have been influenced by such much-publicized
issues as Enron, bank scandals, high unemployment and
recession — have become much more observant of the actions of
corporations, and they’re skeptical.
To stay successful, companies are going to have to shift their priorities.
Of course, profit is essential to stay in business, but there
are presently impediments to profits that didn’t even exist 25 years
ago. For example, the study shows millennials have vastly different
and stronger demands for corporate social responsibility (CSR) and
philanthropy than do those who are over the age of 35. Interestingly,
parents share millennials’ desire to do business with companies
that give back, while non-parents have greater indifference. These
are important considerations in today’s environment.
Combining a greater demand for social responsibility and the fact
that the sustained program is preferred by consumers over the opportunistic
donations in times of need, companies now must plan
their approach to CSR. Companies that have lasting relationships
with philanthropic causes (as Aflac does with fighting children’s
cancer) are viewed with favor by a growing portion of people affecting
the nation’s economy.
Corporate giving, however, is not the only determinant of a company’s
reputation. Respondents also see integrity as extremely important,
so an effective CSR philosophy should promote the integrity
of the company, which can manifest itself in many ways.
One such factor is diversity. In fact, 65 percent of respondents
agree that the higher a company’s ethical standards, the more diverse
the workplace will be.
PROTECT YOUR REP
In today’s culture, businesses that make mistakes are often scolded
on social media as being careless or unresponsive to the community.
If a company is caught cutting corners or is seen as less than
transparent, a steady drumbeat of criticism can threaten its very
existence or cause significant costs to overcome the infraction.
After all, the old saying “a reputation is hard to earn but easily lost”
is generally true. Companies would do well to heed it.
Learn More
For more information about the insurance company and its support
of childhood cancer research and treatment, go to www.aflac.com.
28 CONSTRUCTIONMONTHLY.COM