Corporate social responsibility is not just a fad but it actually has much more to it than can be seen on the outside. Businesses want to be relevant, get customer trust and at the same time make profits and for them, CSR is a great way to go about the objectives.
There are some key reasons why CSR should be taken up by companies.
- Engaging in CSR activities means a good word about the organization – When the company does something for its customers or for its stakeholders then this helps to instill trust and confidence. It also helps the company grow and see long-term success.CSR is important for your brand because it makes it popular. This is true and you gain popularity not just in front of the media but also with your customers. And is not this needed for your business to prosper and grow? When consumers have a positive feel for a particular brand they stick to it. However, make sure that you do an activity not because you see profits hidden somewhere. Do it for a social cause and profits will follow.
- A company could engage in a CSR activity to protect the environment. And how does it help the company finances? It helps the company to save on costs. By installing meters that let the company calculate the wastage cost it not only lets it contribute to the environment but at the same time lets the company cut down on the expenses.
- CSR activities keep employees happy – Doing and actively participating in the CSR activities make the employees feel worthy and they also start having a bond with the company. It instills team building and working towards an initiative together. This also helps to create loyalty towards the company and they start respecting the company more. This leads to lower attrition and better productivity which in turn improves the employee performance. And this is definitely needed for any corporate to grow.
These are some of the reasons why a company should engage in corporate social responsibility activities. In reality, most companies do not like the idea of engaging in social causes but history shows that companies who have embraced CSR end up doing better.
CSR is not a way to solve all the problems in the world but it is definitely a good start to engage employees in thinking about the social cause.