Why corporate social responsibility should be in your 2019 business strategyA New Year always brings with it, a new perspective. Whether that is business or personal. In terms of business, your new mindset might have shifted towards CSR, or in simpler terms Corporate Social Responsibility.
Social responsibility means that individuals and companies have a duty to act in the best interests of their environments and society as a whole. In the past few years, business has translated this idea into the concept of corporate social responsibility (CSR) and have developed sustainability strategies where social responsibility is an integral part of their business model.
81% of Millennials say that their favourite companies have identified their values, according to Forbes. Using your companies values and principles as beacons can increase brand awareness, trust and an overall advantage to companies that do not put efforts into CSR. Cone Communications published a study about corporate social responsibility. The report states, ‘Companies must now share not only what they stand for, but what they stand up for.’The bottom line for businesses large and small is that you get a competitive advantage in regards to sales and also talent recruitment by not only claiming that you support positive social outcomes but also by walking the walk and demonstrating it.
Research also suggests that businesses that don’t include charity fundraising in their CSR strategy are missing an important opportunity. Fundraising has proven to drive employee engagement, improve brand awareness, CSR fundraising acts as your living, breathing brand ambassadors for your business, inspiring other people to get involved too. It has also been proven to increase consumer relationship, people like to know that people care.
Social responsibility should not be a box-ticking exercise. It should be organic, dynamic and proactive. If your organisation puts charity at the heart of their CSR strategy, there can be profound bottom-line benefits and maximum societal benefit.