What is CSR?
Corporate Social Responsibility (CSR) is a self-regulating business model that helps a company to be socially accountable to itself, its stakeholders, and the public. By practicing corporate social responsibility, companies can be conscious of the kind of impact they are having on all aspects of society including economic, social, and environmental. To engage in CSR means that, in the normal course of business, a company is operating in ways that enhance society and the environment, instead of contributing negatively to them.
Here are 4 benefits that a company can observe while practicing CSR.
1. Increasing employee satisfaction
The way a company treats its community says a lot about how a company treats its employees. People that feel respected and supported in their jobs are often more productive and satisfied at work. Giving your employees opportunities to volunteer, especially during working hours, creates a sense of community within your organization, as well as a connection to the surrounding community. Employees will gain motivation and pride in their work through these personal-development opportunities.
Employees that are actively involved in the community are also acting as brand ambassadors. The more engaged and invested they are in your organization, and the greater community, the more productive they will be. In fact, companies with highly engaged employees saw 21% better business profitability. What could be better than happy employees promoting your brand while helping their neighbors?
2. Consumers benefit from CSR
More and more, consumers expect companies to be socially responsible. Nearly half of what consumers feel about a given company is based on their approach to CSR. Similarly, an overwhelming 91 percent of global consumers expect companies to operate responsibly and care about more than just profits. Eighty-four percent of consumers purposefully search for ethical products and 55 percent are actually willing to pay more for a product from a company that they perceive to be more socially conscious. Quality CSR programs translate to more sales and happy customers who are willing to recommend your brand to others.
3. Positive public attention
CSR actions lead your organization as a leader in the community, and a positive role model for others to follow suit. Besides, when companies stand out for the good work they’re doing in the community, the media gains interest. With an abundance of not-so-pleasant stories circulating in the papers, it’s nice having a positive news story to share. Not to mention, there are plenty of awards up for grabs for companies who promote good in the community.
Since this year, Weeboon offers an exclusive tool to further the way companies do CSR via crowdfunding. For more information, do not hesitate to contact us.