THE CORPORATE SOCIAL RESPONSIBILITY (CSR) APPROACH TO INCLUSIVITY AND EQUALITY
In recent times, business organizations, including many of the world’s largest corporations are coming up with Corporate Social Responsibility (CSR) initiatives channeled towards increasing women entrepreneurship all over the world. This is following several awareness initiatives on the need to support minority female entrepreneurs in developing sustainable and successful businesses.
Women entrepreneurship has thus become a burgeoning class of philanthropic and economic CSR initiatives across the globe, with the focus being on ensuring inclusive and equitable outcomes. Most often these goals by companies are tied to the United Nation’s Sustainable Development Goals of Gender equality (SDG 5), Decent work and economic growth (SDG 8), Industry, innovation and infrastructure (SDG 9) and Reduced inequalities (SDG 10).
Women entrepreneurs are often faced with several challenges in accessing the relevant resources needed to grow their businesses. This is inspite of the fact that women entrepreneurs have proven to be essential to the economic growth of countries all over the world.
A Goldman Sachs research shows that a massive global credit gap exists for women-owned SMEs, estimated at $1.5 trillion. The said study further revealed that that closing the credit gap for women-owned SMEs in emerging markets could push annual incomes an average of 12 percent higher by 2030.
A Cambridge journal studies also showed that about half of the 50 largest companies in the United States and 40 of the largest in the world supports corporate social responsibility (CSR) initiatives directed towards bolstering women’s entrepreneurship. And there is an upward trend, based on the fact that the numbers of such engagements are rapidly increasing.
It is thus instructive to note that promoting inclusivity and equality through the support of minority women entrepreneurs in developing sustainable businesses is one of the most obvious expressions of gender based CSR engagements in recent times. Examples of such CSR engagements abound, from The American Landmark to Walt Disney, to the Coca-Cola Company to Goldman Sachs, etc.
Recently, American Landmark Apartments, one of the country’s fastest-growing multifamily owner-operators in the country, partnered with Millionaire Mastermind Academy to Launch a Real Estate Accelerator Program for Minority Women. The initiative was a 12-week program focused on equipping women with sustainable real estate and property management skills and experience, in a bid to fight poverty. as well as apprenticeship and mentorship opportunities.
Also, the Goldman Sachs 10,000 Women program provided women entrepreneurs around the world with business and management education, mentoring and networking, and access to capital.
On the whole, it is a given that investing in the education and general support for women entrepreneurs as a CSR initiative has the potentials of not only closing a range of gender gaps, it is also a win for any organization or business corporation that is focused on boosting its Diversity, Equality and Inclusivity ratings.
For organizations seeking to operate in ways that enhance rather than degrade society, through a culture of inclusivity and development or promotion of programs that deepen diversity, equality and inclusion of women in the workplace, at Thinkzilla, we have a coined phrase ‘Diversity is not just a buzzword, it is how we do business...’
If you are interested in creating a Corporate Social Responsibility Policy And Procedures or you are looking at developing CSR initiative strategies and policies relevant to your company’s DEI efforts, then the Thinkzilla’s DEI workplace consulting team in Scottsdale, Atlanta, and Houston will design and implement internal training programs that are compatible with your company’s goals. Click here to learn more about Thinkzilla’s DEI workplace consulting, workforce diversity recruiting, and development programs in Scottsdale and across the US.