With the advent of interactive technologies and easy access to social media, people are now more conscious when making decisions. Consumers nowadays are becoming more mindful when it comes to choosing a product, brand, or service.
As a result, companies who are taking an active part in promoting a positive social change are gaining more patronage. This leads businesses to recognize the impact that their activities have on the environment, the people, and society.
Businesses are now encouraging their clients to go paperless when they handle their bills, manage and do banking transactions online to reduce their carbon footprints. They promote fair trade and improve their labour policies by treating their employees fairly. They want to give back to the community and make a difference.
These efforts from the companies, when they go above and beyond their services, demonstrate their commitment to corporate social responsibility (CSR). Whether it’s through donations, volunteer work, organising charity events, following the zero-waste management approach, or simply withdrawing from single-use plastics.
Essentially, the corporate social responsibility framework is about taking accountability and avoiding any adverse results of one’s business decisions and activities. It’s about going the extra mile, not just simply following government rules and regulations.
What does it do for your business?
Here are five benefits of embedding corporate sustainability into your business:
- Makes a positive impact on the community (and the world)
A socially responsible company cares more about its impact on the community than just gaining profits. By setting up activities that contribute to the health and welfare of society and the environment, they help bring about a positive change.
In a survey conducted by Futerra, 88% of more than 1000 respondents in the USA and UK want brands to help them be more environmentally friendly and ethical in their daily lives. This indicates a demand for companies to not only focus too much on promoting their own CSR activities but to also help consumers make a difference through their actions like donating, recycling or buying ethically.
On top of making a positive impact on the community, you are also promoting public value. Get your customers involved. Encourage them to join you in your quest for the common good and building a better, more livable society.
- Creates a positive business image and better brand recognition
Because of the many digital platforms readily available, it’s now very easy to market your company and get exposure. However, people are also getting more globally and culturally aware which reshapes their decision-making. Companies that foster robust and consistent CSR initiatives are gaining more popularity and recognition from consumers compared to those who don’t.
People take notice and support responsible businesses. According to the Global Consumer Confidence Survey, 81% of consumers around the world are extremely concerned about the environment and strongly feel that companies should implement programs to help solve these environmental issues. Regan Leggett, Executive Director, Thought Leadership and Foresight, Global Markets, Nielsen said, “Sustainability has become an urgent opportunity for companies to connect with consumers who are excited about change.”
Ethically operating a business shows that your company takes the responsibility of leading a sustainable lifestyle seriously, and that is what makes you stand out. It provides benefits not only for the community but also for your business.
- Better talent acquisition and retention
When a business has a positive public image, it can attract high-caliber employees who are looking for a long-term commitment in a reputable company. You will benefit from being an employer of choice and provide employee satisfaction at the same time.
According to a report, more than 50% of the respondents (millennials, in particular) said that a company’s involvement in various causes influenced whether or not they accepted a job. When employees identify with your company’s socially responsible systems and ethical practices, they are more likely to promote your brand. They turn into advocates, not just regular employees, and increase business profitability in return.
Happy employees are more motivated and productive in the workplace. Consequently, they will keep a profound loyalty to the company. When they feel part of a bigger picture and feel that they are well-respected, it gives them the confidence to go beyond their call of duty.
- Builds trust and enhances customer relationships
While it’s great to make an impact in the community, it is also important for companies to stay true to their level of commitment behind these CSR efforts. People will assess whether your intentions are sincere or just a publicity stunt. Therefore, it’s important to do it right and let them see that you have an honest proposition.
By embedding the corporate social responsibility framework into your company’s operations, you can create a stronger bond with your customers. Through this sustainable business, customers will feel empowered when they support and engage in causes that they are passionate about. Gaining your customers’ trust is essential to maintaining a solid relationship with new and existing clients.
- Encourages business growth
When you are doing your CSR initiatives right—you have the best employees to help achieve your goals and you have customers who trust in your cause—then you are on the path to success and business growth.
In showing your company’s values and passions through socially responsible actions, you are encouraging opportunities to increase innovation in your company. Employees who feel empowered and actively participate in your activities can have increased creativity which, in turn, inspire new research and development efforts for your products, services, and systems.
United Security is one of the companies in Greece that is at the forefront of embedding corporate social responsibility into their business operations. They are the leading provider of top-notch security services in the country. United Security encourages responsibility, sustainability, and community engagements through partnerships that make a difference to the lives and experiences of their business, their employees, and to the whole community.