Growth percentage in company CSR is very positive in the last decade. It has risen from 12% to 71% according to a KPMG’s survey.
Why has CSR increased in recent years and how has CSR become a buzzword? Businesses are expected to be socially responsible, it is important to have a cause that represents your company’s image. Giving back can lead to business growth in many shapes and forms, it can even solve problems that you didn’t know they existed in the first place, for example high employee turnover rate.
There is always help needed in this world, every single minute there are natural disasters, people suffering, inequality, and needs in economic development. And Corporate Social Responsibility (CSR) is not going to solve every problem. Even so, there are still many ways that your company will benefit by implementing CSR into your business, while also benefiting the society. Now, the biggest question is, how?
CSR is broader than philanthropy. It maximizes your company’s benefits to society while creating business and brand value.
Some businesses may say, giving back is a moral obligation, while other businesses may think they don’t have money to give back. Here we are going to give you another perspective that giving back strives for business excellence alongside a financial return.
CSR gives employees a higher purpose in their work. It improves employee engagement, motivation and retention.
Many employers sometimes overlook the reason behind the high employee turnover rate or what they could do to improve employee retention. First and foremost, you have to understand that your employees will never work as passionately as you ever will towards your company goals. As your business is your dream and not theirs. Therefore, feeling a void at the workplace is common among workers if there is no real purpose in the work they do. Don’t let your employees work to live, but let them live to work.
CSR creates opportunities for social innovation and collaboration. It improves client retention and attracts potential new clients.
Some businesses may think that giving back is handing out a check. That is more the old fashion way. Donations are still great, but even better if you align CSR activities with your company culture and core values. You could also be providing resources through CSR activities, not just a check.
There is more to CSR that leads to business growth, many customers would want to conduct business with company brands that give back to a cause they strongly support, whether it’s renewable energy, animal protection or children with disabilities. And through CSR you can build a stronger network of potential new clients.
CSR is an effort to a company’s long-term interest and sustainability to drive business growth.
Besides improving employee and client engagement, you can also save cost through CSR, and sustainability is a key to business growth. We will talk more about this in future posts.
The above are some of many reasons why companies should embrace CSR. Companies can implement CSR for other reasons that might be more relevant to your business, which we will cover in future posts.
If every company contributes to a social cause with any budget or resources they have, every little help will have a huge impact. WemanConnect leads by example and gives back while making a profit. Contact us for a free consultation to let us find out how CSR could improve your business alongside a financial return!