03 Mar The Importance of Corporate Social Responsibility
These days, being a responsible participant in the larger society is not optional for your company. To position your brand as a forward-thinking corporate citizen, you must take authentic steps to provide solutions to common human problems in the world around you. Valuing corporate social responsibility, or CRS, will not only benefit your larger community, but it will also provide you with specific organizational benefits. Here are our top five reasons why corporate social responsibility should matter to your company, in addition to common good it brings society.
1. More Media Coverage
Companies that focus on doing good in their communities will attract the attention of local media. These positive stories will provide you with highly trustworthy free publicity, because they will come from journalistic sources rather than from advertising copy. Furthermore, all the people who are beneficiaries of your assistance will sing your company’s praises on their social media networks.
2. Greater Customer Retention
According to Business2Community, “Nine out of ten consumers would refrain from doing business with a corporation if there existed no corporate social responsibility plan.” Customers are seeking dual benefits when they do business with you: They want to enjoy good services and products, but they also want to feel that they are contributing to efforts to make the world a better place.
3. Brand Differentiation
Corporate social responsibility provides an opportunity to stand apart from your competitors. In this era of social media, you are not entirely in charge of your own brand image. Participating in programs to benefit your community is crucial to fostering a brand image that is trustworthy, durable and honest. This corporate identity will be integral to people’s subjective shared impressions of who you are.
4. Lower Costs
Lowering costs while being socially responsible can happen in a number of ways. As an example, the Environmental Defense Fund has honored IKEA, Nike and Walmart for their cost-cutting, sustainable shipping practices. These three companies have shown a way forward, changing shipping practices to reduce the company’s carbon footprint while drastically lowering costs at the same time.
5. Happier Employees
Employees work harder and stay with a company longer when they believe in what the company is doing. Focusing on corporate social responsibility can be a great way to show your team what your company values. You foster the well-being of your workers when you make clear that each of them is contributing to the betterment of their community while also earning a paycheck.