In 2023, it is essential for brands to be involved with their community. More and more, consumers want to know what brands stand for and how they make a positive contribution to society. Participating in Corporate Social Responsibility (CSR) is important to engage your employees and consumers!
What is CSR?
Corporate social responsibility is a business model that encourages positive contributions to society. It includes a wide range of ethical, philanthropic, financial, and environmental responsibilities. If your company has partnered with charities or committed to lowering your environmental impact, you have taken part in CSR!
Why is CSR important?
In addition to giving back to your community, CSR can benefit your business. For starters, engaging employees in CSR can positively impact work productivity and job satisfaction. A majority of employees would choose to work for a company that implements CSR, even if they were getting paid less. When young people are considering career opportunities, 40% think that ‘purpose’ is the number one consideration.
Apart from inspiring employees, CSR programs can increase profit by as much as 20%. Modern consumers enjoy supporting businesses that make a difference. From your stakeholders to overall success, there are proven benefits to CSR for your business.
How Can I Implement CSR Programs in My Company?
Regardless of the size of your business, every company can reap the benefits of giving back. Before looking to implement a CSR program, research what is important to your employees and customers. Initiatives should reflect the overall mission of your business and be meaningful to your community.
Greenly recently published an article with in-depth tips for starting CSR programs. Once you implement CSR programs, get your customers and employees involved. Commit to CSR for the long-run, follow through on your promises, and your stakeholders will take notice.
The time to give back is now — and it can give your company a competitive advantage.
Reference Articles:
- https://www.charities.org/news/5-reasons-small-businesses-should-adopt-csr-strategy-how-do-it#:~:text=For%20example%2C%20you%20could%20give,month%20or%20once%20a%20year
- https://goodworldnow.com/articles/a-guide-to-csr-for-small-mid-sized-enterprises
- https://www.investopedia.com/terms/c/corp-social-responsibility.asp