Why CSR: Four Benefits of Corporate Social Responsibility
Organizations that promote corporate social responsibility (CSR) are reaping the benefits of their good deeds, including increased brand awareness and employee satisfaction.
Corporate social responsibility is a hot topic these days. Generally speaking, it’s a pretty broad term to describe how a company is working to improve its community. Companies can demonstrate CSR in lots of different ways, including donations, employee volunteering, implementing environmentally safe processes, and more.
These efforts, whether large or small, say a lot about your organization. Companies that consistently demonstrate their commitment to CSR initiatives are recognizing their ability to help their community and acting on that knowledge.55% of consumers are willing to pay more for products from socially responsible companies. Click To Tweet
And the public is taking notice. 55% of consumers are willing to pay more for products from socially responsible companies. What does that mean for you? It means that corporate social responsibility is as good for your community as it is for your own brand.
Here are four major benefits of corporate social responsibility.
4 benefits of corporate social responsibility.
1. Increased employee satisfaction
The way a company treats its community says a lot about how a company treats its employees. People that feel respected and supported in their jobs are often more productive and satisfied at work. Giving your employees opportunities to volunteer, especially during working hours, creates a sense of community within your organization, as well as a connection to the surrounding community. Employees will gain motivation and pride in their work through these personal-development opportunities.
Employees that are actively involved in the community are also acting as brand ambassadors. 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. What could be better than happy employees promoting your brand while helping their neighbors?
2. Improved public image
In today’s digital era, companies that demonstrate corporate social responsibility are gaining exposure — and praise — for their involvements. Your brand’s reputation can only benefit from good deeds in your community. Think about it: Consumers feel good when they buy products and services from companies that are helping their community.
Don’t miss the opportunity to publicize your CSR initiatives and spread the word about your community involvement. Tweet, post, and share your social programs. Letting the public know about your good deeds will only work to increase your brand’s public image.
3. Increased customer loyalty
In a 2016 Neilson survey, 56% of participants said “a brand being known for its social value” was a top purchasing driver. And 53% of participants said “a brand with community commitment” was a leading 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 — the largest population, over baby boomers, by 2019 — are driving the market these days. According to Forbes contributor Sarah Landrum, millennials prefer to do business with “corporations and brands with pro-social messages, sustainable manufacturing methods, and ethical business standards.” CSR programs work to showcase your corporate values and demonstrate that team work, community involvement, and engagement are at the top of your core values.
4. Increased creativity
Want your employees to start thinking outside of the box? Want to increase innovation in your company? CSR initiatives encourage your employees to try new things and get re-energized about their jobs.
Through this social involvement, employees will 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 demonstrate your company’s values and passions through community giving, employees will feel encouraged (and supported) to develop new and better ways to do their jobs.
CSR is a win/win.
A commitment to corporate social responsibility is no longer optional. Companies need to understand that CSR affects their internal (employee engagement, productivity, turnover rate) and external (increased sales, customer loyalty, brand awareness) growth. By creating and participating in CSR initiatives, companies have the opportunity showcase their core values and create trust among your employees and your buyers.
What corporate social responsibility initiatives have you implemented?
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