Why is Social Responsibility Important?
You’ve got a solid product, a loyal customer base, and a great sense of brand identity.
So what’s missing?
One of the most overlooked aspects of a successful business plan is corporate social responsibility. Giving back to the community can not only positively impact society, but improve the public image of your company, increase positive media coverage, and encourage your employees to connect with the mission of your company on a personal level.
There are A TON of different ways to boost your social responsibility initiatives. Whether it be donating to a local nonprofit, contributing community service hours, or simply trying to employ more environmentally-friendly practices in your day-to-day operations, consumers will take note. In fact, according to corporate social responsibility industry reports, roughly 65% of consumers will pay more for sustainable goods, while 75% of millennials say they would take a pay cut in order to work at a socially responsible company.
Companies that are perceived as socially responsible are looked at more favorably by the public, including your potential employees, investors, and most importantly, customers. Some extremely successful companies have already seen the benefits of placing an emphasis on philanthropic efforts. Google, for instance, developed Google Green, a program aiming to use resources more efficiently. Simple eco-friendly actions like recycling and energy conservation have saved Google 50% in power usage, allowing the company to re-direct those funds to other, more lucrative areas of the business.
While the term “corporate social responsibility” can sound intimidating, it doesn’t have to be. By simply recycling, spending a weekend giving back to the those in need, or donating to a worthy cause, you can improve not only your business, but your community.