No not CSI the tv show but CSR which stands for Corporate Social Responsibility. SO what the hell is that?
Let’s just say if you’re a business owner, the days of operating solely for profit are gone. Whilst this is obviously still important, many companies now focus largely on corporate social responsibility.
Corporate Social Responsibility (CSR) is when a company operates in an ethical and sustainable way and deals with its environmental and social impacts. This means careful consideration of human rights, the community, environment, and society in which it operates.
Importance of Corporate Social Responsibility
It’s incredibly important that your company operates in a way that demonstrates social responsibility.
Social responsibility and ethical practices are vital to your success. The 2015 Cone Communications/Ebiquity Global CSR Study found that a staggering 91% of global consumers expect businesses to operate responsibly to address social and environmental issues. Furthermore, 84% say they seek out responsible products wherever possible.
As the above statistics show, consumers are increasingly aware of the importance of social responsibility, and actively seek products from businesses that operate ethically. Consumers think consciously about the products and services they buy. In a Nielson survey, 66% of participants said they pay more for products and services from socially responsible companies. Customers will be loyal to your company if your values align with theirs. CSR demonstrates that you’re a business that takes an interest in wider social issues, rather than just those that impact your profit margins. Therefore, it makes good business sense to operate sustainably.
Employee engagement is also tied to a company’s CSR reputation. A recent Deloitte survey found that 70 percent of millennials acknowledged that a company’s commitment to social responsibility influenced their choice to work there. With millennials soon to be the largest generational segment of the workforce, companies looking to hire these workers will need to embrace CSR in order to attract and retain talent. Millennials don’t just want to consume products and services made by companies that have a CSR presence; they want to take part in making these social and environmental changes also.
Active CSR positions 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.
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