Why Corporate Social Responsibility Should Matter to Every Company
Every company should apply some level of corporate social responsibility (CSR) to their business model. Aside from the health benefits and ‘feel good’ outcome of doing good, CSR benefits business too.
CSR benefits employees’ perspective on your company and company culture.
Consumers care about brands and not just the products they provide now more than ever. As a result, corporate social responsibility has become an excellent means to make an impact and build a positive brand image. Potential employees are also concerned with their employer’s social influence. A Deloitte survey found that “70% of young Millennials, those ages 18 to 26, say a company’s commitment to the community has an influence on their decision to work there.”
CSR makes positive PR and marketing initiatives easy.
People sometimes scoff at the fact that companies use CSR as a means to improve their public image, but it doesn’t change the impact that their initiatives have on communities and nonprofits. CSR can and should be a semi-mutually beneficial relationship. Don’t exploit a charity for your company gains, but promoting your partnership helps both sides. It creates awareness and acts as free publicity for both organizations.
In short, “Giving back improves a company’s image in the eyes of community members and results in a better place to live and work for the company, its employees, and the people who live there already.” Outreach benefits the community while also improving your corporate image.
Outreach is an opportunity to network.
In today’s society, the charity world has become a who’s who of influential people. By joining the CSR movement, you are standing alongside some of the best and brightest companies. In exhibiting this forward-thinking approach to business, you also open the conversation for powerful like-minded corporations.
As described by Fortune, “The people you know determine what you can get done and what opportunities you can take advantage of. People in these organizations tend to develop a mutual trust and respect for one another, which are essential factors in doing business.”
Consumers prefer products that give back.
Corporate social responsibility benefits the corporation too. As Entrepreneur explains, millennials are now a dominant consumer demographic and “87 percent of those consumers prefer to buy products from companies that have an environmental or social benefit.”
The bottom line is that “Almost two-thirds of consumers will pay extra for a product that has a positive impact on the environment or is made through socially responsible means.” If for no other reason, you should consider accepting some corporate social responsibility within your company because it’s mutually beneficial. As the world becomes more socially conscious, businesses need to too.