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An accute sense of corporate social responsibility can provide a firm with a way of distinguishing itself from others in their niche, offering undeniable benefits to buyers or investors in the form of ethical and environmental policies.
Great, but what does this mean for my firm, you ask?
Corporate social responsibility (CSR) is a business strategy that contributes to sustainable development by putting in place policies aroung economic, social and environmental benefits for all stakeholders. Despite its new name, it is not a brand new concept; some businesses already had ethical and social aims in place before CSR became a phenomenon.
According to the UK Small Business Consortium, 88% of consumers asserted that they were “more likely” to associate themselves with a company that “supports and gets involved in activities to improve their society”. Also, 55% of consumers are willing to pay more for products from socially responsible companies.
We elaborate more on its benefits below:
The way a company treats its community says a lot about how a company treats its workers. People that feel respected and appreciated in their jobs are often more productive and satisfied at work. Giving your employees chances to volunteer, especially during their usual working hours, creates a sense of community within your organization, as well as a connection to the surrounding community.
The more engaged and invested they are in your organization, and the greater community, the more productive they will be. In fact, companies with highly engaged employees saw 21% better business profitability.
Your brand’s reputation surpasses any kind of marketing that you invest in which can only benefit from the good deeds in your community.
Think about it: Consumers feel privileged when they buy products and services from brands that are giving back to their community. It is very important to publicize your CSR initiatives and spread the word about your community involvement. Spreading the word amidst the public eyes to know about your good deeds will only work to increase your brand’s public image.
In a 2016 Neilson survey, 56% of participants said “a brand being known for its social value” was a top purchasing driver. Customers are more likely to be loyal to your brand if your corporate values align with their personal ones. What’s more, millennials–who are driving the market these days– prefer to do transactions with “brands with pro-social messages, sustainable manufacturing processes, and ethical standards.” CSR programs work to showcase your corporate values and demonstrate that community involvement, transparency and support are at the top of your values.
Thinking outside of the box comes with time and space. Want to induce innovation as your company value? CSR initiatives encourage your subordinates to experiement with new things and get excited about their jobs.
Through this social involvement, employees feel empowered to start contributing to the bigger picture. They might come up with new ideas about products or internal processes or innovate new problem-solving solutions. When you showcase your company’s values and missions through community donations, employees feel encouraged to develop better ways to do their jobs.
Corporate social responsibility is no longer optional for any organisation looking to grow in today’s market. Companies need to regulate their CSR policies that affects their internal (employee appriasals, productivity, turnover rate) and external (sales, customer loyalty, brand reputation) growth. By participating in CSR initiatives, companies have the opportunity showcase their core values and create trust among their employees and their consumers. You can also get tax concession when your limited company gives to charity.
If you want to get your business involved in the local community activities, visit our page.
Also, Basingstoke Voluntary Action‘s Volunteer centre promotes team and skills projects that will assist local volunatry and community organisationss to local companies wanting to achieve their CSR objectives.