What Are the Benefits of Corporate Social Responsibility Policy?

A 2021 UpCity survey revealed that about 45 percent of businesses didn’t have a social mission.

If you’re one of these businesses, what’s keeping you from investing in a corporate social responsibility program? Perhaps you believe your company isn’t being enough to launch “corporate” social initiatives. Maybe you just don’t think the benefits of corporate social responsibility are worth it.

Regardless of your reasons, one thing is clear: organizations with a corporate social responsibility policy outperform those without. This is because CSR has powerful benefits.

Continue reading to learn more!

Build a Social Brand

Building a social brand isn’t just about offering a product or service that solves your customers’ needs. It’s also about building an organization that, from a customer’s perspective, has shared values.

Here’s the kicker.

77 percent of consumers are more likely to purchase from a brand that’s committed to making the world a better place. How does your brand do this? By investing in social projects that improve the community in which it operates and the world at large.

Take an example of a business that makes donations to organizations that fight climate change. Since more consumers are becoming environmentally conscious, many will be attracted to your brand.

Get Free Press

What’s better than getting free press? Free press that’s positive!

Spearheading social initiatives that have the greatest impact on your community is a sure way for your organization to get free coverage on local and national news platforms.

Press coverage doesn’t just inform people of your company’s good deeds. It increases brand awareness and recognition, boosts customer engagement, and drives traffic to your business website – at zero direct cost.

Strengthen Your Employer Brand

Many small businesses are finding it difficult to find the best talent for their open positions.

It’s not that there is a severe talent shortage in the labor market, really. For many of these businesses, it’s because they’re unable to outcompete the competition in attracting the best talent.

One of the things you can do to strengthen your employer brand is to implement a corporate social responsibility program. Most job seekers are influenced by an employer’s CSR policies when deciding whether to take up a job offer.

In addition, an active CSR program will also make it easier for your organization to retain workers. In one survey, 32 percent of employees said they would leave a company if it didn’t give generously to charity.

It’s important to note that there are subtle differences between CSR and corporate giving. While they all help address social issues, giving is more direct in nature, and can have a more profound impact. Read this guide to learn more about corporate giving and its impacts.

Implement a Corporate Social Responsibility Policy

A corporate social responsibility policy has a financial cost to your business, but the rewards are worth it. CSR will boost your efforts to build a memorable brand, make it easier to attract and retain the best talent, and give you a competitive advantage in your industry.

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