Here's what I found most interesting from the report:
Overall philosophy: Target is committed to the pursuit of profitable and sustainable growth, consistent with our unwavering dedication to the social, environmental and economic well-being of the global community in which our guests, team members and shareholders live
and work.
Social Responsibility
- Community Relations: 5% of Income ($3 million per week)
- Community giving: products, finances, volunteer hours
- TCOE (Take Charge of Education): Over $250 million donated through use of Target Redcards to help fund school fieldtrips, art programs, library makeovers, etc..
- Wellness programs, fitness discounts, etc..
- Safe City initiative: partnering with businesses, law enforcement, residents and city government to reduce crime.
- Diversity in the workforce: Inroads scholarships
- National Trust and Historic Preservation
- Target House: St. Jude's Research Hospital in Memphis, TN
- Retote bags
- Reducing Target's Carbon Footprint
- Energy Management System
- Recycling
Economic Responsibility
- Expect more. Pay Less.
- Corporate governance
- Corporate compliance
This is just a brief overview of the 50 page Corporate Responsibility Report that Target produces each year. How does your company feel about Corporate Responsibility?
5 comments:
Jessica,
It is an interesting concept, that of an organization documenting thier commitment to CSR. Taking a step away from the environmental aspect of social responsibility, healthcare, non-profit healthcare, is under scrutiny for the level of social support that is being provided in return for the tax exempt status that they enjoy. The IRS just recently revamped the IRS 990, which is the tax return that tax exempt orginizations file. Hospitals in particular will need to complete a new schedule called Schedule H will asks for detailed information on the level and nature of the community benefit that the hospital is provided. Certain major categories, such as bad debt write-offs, are excluded from this new definition of community benefit. It will take several years for the IRS to collect data and interepret what they find in this new schedule, but non-profits are feeling the pressure to live up to the community benefit role that they have for so long lived with without true scrutiny. It's a tough balance when even non-profits are expected to bring in a 3-5% bottom line to keep the organization healthy for the future.
One other point I'd like to make. Several years ago the United Nation embarked on an effort to identify an investment strategy that sought out investments in organizations with good corporate social responsbility. They refer to the principles of ESG (environmental, social, corporate goverance). The philosophy is that these influences will ultimately influence the long-term performance of the organization (and ultimately the performance of the investment.) For more information you can visit their website at:http://www.unpri.org/
I think Target's dedication to the social, environmental, and economic well-being of our global community is great!
I assume the majority of larger companies donate on a large scale for many reasons. Have you found this generosity to be the "norm" for larger business, namely competitors, like Target? I would be curious to know if it was also part of their marketing strategy.
Speaking from experience regarding wellness initiatives. My company has started a wellness program that incorporates a number of different avenues. For example, a wellness newsletter, where people can share their success stories and a wellness recipe book, where healthy meals are shared with one another. This is great for the morale and overall well-being of employees. But, it has not come without monetary benefits as well. We receive a discount through our medical insurer due to our wellness initiative.
From what I have seen, it definitely has been the trend that I hope continues.
http://www.shrm.org/Publications/HRNews/Pages/GreenProgramsIncrease.aspx
First of all, I am a very big Target fan. I think thats pretty neat that you are in management at one of the more progressive, and certainly fastest growing companies in the country (if not the world...?) About a month ago, my fiance and I were shopping there, and the cashier introduced us to the "Green tote-bag." We both purchased one. What struck me as great marketing, and a simple but effective gesture to spread their "green" stance was the fact that every time one uses the tote-bag in any Target store, a small portion is reduced from the overall price. I think its 10 cents off every time you use it. But its still the fact that Target offers incentives to their customers for remembering to use the eco-friendly tote. Again, very shrewd on Target's part. And of course this is a personal story that highlights the very message you are spreading about your employer.
Matt - the green tote bags have worked out really well for target. They are actually made out of recycled target plastic bags. Every time a guest uses any reusable bag they get 5 cents off their total. While that may seem like a small amount, Target pays 10 cents for every plastic bag that we use. So in reality not only is Target helping the planet, but we are selling reusable bags and saving billions as an entire company in plastic bag expenses.
Marie - Target has started a similar wellness program at our stores. In fact, I have been elected Wellness captan for my store! On a company wide level we have similar discounts on our health insurance premiums if we complete a questionnaire and a couple wellness activities. We are still working on coming up with fun activities to get the involvement of the store.
Check back to future blogs for CSR initiatives of Target's competitors and other industries.
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