5 Undeniable Benefits of CSR
If you haven’t already, it’s time to join over 90% of Fortune 500 companies for a millennial makeover promoting a successful business model based on corporate social responsibility (CSR). In this post we’ll outline 5 of the biggest benefits CSR can bring your business.
In an annual report made by the Center for Sustainability and Excellence of 2017 trends in North America, 551 cases covering sectors, size, ownership, standards and guidelines used, external assurance practices, carbon footprint goals and financial performance were researched. The finding:
Companies which pay attention to the many factors related to sustainability and make the effort to report these findings, have a positive outcome in their financial performance.
A company’s success is no longer judged by product profit alone. Customers, stakeholders and employees want to clearly see a company’s concern for its community’s well-being and concerted efforts to give back in terms of time, skills and donations.
Here’s a couple of benefits CSR can bring to your business.
5 Business Benefits of CSR
1. CSR boosts employee morale
A company is only as strong as the chains that link it together. Giving employees the opportunity to collaborate on meaningful and fulfilling projects outside the office brings them together, boosts the feel good hormones, and builds their confidence in networking and skill sharing. These boosted personal attributes are then brought back to the work environment, meaning your workforce is more productive, more cohesive and overall much more cheerful and satisfied.
2. CSR fosters employee collaboration
We’re well aware of the pitfalls working in silos can cause, but this can occur all too easily within multi-departmental companies or remote teams. Combined CSR initiatives break employees free from isolation and bring them together across departments and location. This collaboration encourages the cross pollination of innovative ideas and fresh perspectives as well as laying the foundation for a sturdier company culture.
3. CSR improves brand perception
Let’s be honest, CSR efforts shine a favourable light on your business. Because of this, your brand is no longer seen as simply selling a product or service, but rather the sharing of specific skills and resources to make a real change in the world. This display of empathy appeals to potential stakeholders, partners and employees, who’ll be more likely to join your team. What’s more, through your CSR efforts, you may get the chance to work with high profile partners and reach a wider audience than previously possible.
4. CSR establishes core company values
Building a successful brand is as much about what you do as it is about who you are, and having sound and unshakeable core company values is key to this success. CSR helps to create an company image based on the values of empathy, environmental concern, sustainability and social action which is then reflected back to both business participants and market. Through CSR, employees, stake holders and customers can connect more deeply to what your company is all about.
5. CSR increases employee retention
If employees can understand more clearly what a company stands for outside the business of just making money, they’re much more likely to stick around. Employees want to know that the work they do is making a real difference in a world, they want to be given autonomy and authority, and they wish to expand their skills and broaden their horizons in both a personal and a professional capacity. CSR can go a long way in fostering employee loyalty.
Are you ready to up your CSR efforts and reap the many rewards that come from this? Get in touch with us, we can help you connect with a network of NPOS and volunteers in your area, as well as set up, track and measure your success, all from one platform.