Why Corporate Social Responsibility Is Important For Businesses Large And Small
What is Corporate Social Responsibility?
Corporate social responsibility (CSR) is a term used to describe a company’s efforts to improve society in some way. These efforts can range from donating money to charities to implementing environmentally-friendly policies in the workplace. CSR is important for companies, society, and employees alike.
How Can Corporate Social Responsibility Help A Business?
Improves public image and sales - Businesses who donate time or money to charities are perceived in a better light than businesses who do not. This can help improve brand image and increase sales through more first time custom and better brand loyalty from existing customers.
Increase media coverage - Not only can CSR improve your brand image with the general public, it can also put you in good stead with your local and national media. The better the relationship with the media, the more likely they will cover some of you CSR activities. This again will increase brand image and improve your relationship with existing and potential customers.
Improves employee interaction - Most employees like to work for a company who has a positive brand image, therefore, they will happily engage with any charity or environmental activities your business undertakes. Not only will staff who undertake these activities be happier than a butchers dog, they will also be more productive as research indicates that nearly 60% of employees who are proud of their company’s social responsibility are engaged at their jobs.
Attracts investment - Investors are more likely to be attracted to and continue to support companies that demonstrate a commitment not only to employees and customers, but also to causes and organizations that impact the lives of others. This not only helps secure the future of a business, it can also increase the businesses CSR activity as a whole.
So there we go, no matter the size of your business, a correctly managed CSR program can improve your businesses brand image and can help increase sales and profits.
If you feel like your business could benefit from effective CSR management, send us a message and we would be glad to help.