Why Corporate Social Responsibility is important for your business
Running a business isn’t just about profit in the 2020s. Brands that focus on their bottom line at the expense of big issues like their environmental, economic and societal impact face tough times in a marketplace that’s becoming more socially aware. This is why Corporate Social Responsibility is important.
It’s not a new concept. In fact, Corporate Social Responsibility dates back to the 19th Century when wealthy businessmen took on philanthropic missions within their communities. Of course, the concept has evolved over the past 200 years.
What does Corporate Social Responsibility mean today?
In a nutshell, Corporate Social Responsibility, or CSR for short, means pursuing achievable and good long-term goals for the benefit of your customers, clients and contractors, as well as the world. No small task, right?
So, if you are going to plow energy into CSR, what can you expect in return?
Here are the benefits of being a socially responsible brand and why it’s so important:
Gain trust from your customers
Practicing good CSR doesn’t mean forgetting about your turnover. Your bottom line will always matter and CSR can help.
Customers want to buy from businesses that act responsibly and will choose companies that have ethical practices over ones that don’t. This could give you that all-important edge over a competitor.
Even better, people will recommend that their friends use companies they see as a force for good; gaining you valuable word-of-mouth marketing.
Attract and retain great staff
People want to work for good employers and having CSR embedded in your organisation will attract more talent.
Your employees will also be happier knowing that they work for an ethical brand that invests in its workforce and causes that matter to them personally, such as projects in the local community. The result is happy workers who are more productive and more likely to stick around.
If your business is looking for funding or investment, social responsibility may come up in negotiations or grant applications. Companies that have a CSR plan are more likely to win money to help scale up their business. This is because they are seen as ethical and less of an investment risk.
If this blog has whet your appetite for more reading about social responsibility in business you might also like to find out why greenwashing is a bad idea and how to build a relationship of trust with your employees.
Amplify PR is a Southampton-based PR and content marketing agency helping clients connect with their customers and build a positive reputation. Find out more about our services.