Over the last few years Corporate Social Responsibility (CSR) has become less of a buzzword and more of a must for businesses looking to thrive in such competitive markets. But CSR isn’t just about getting ahead in the business world. Corporate Social Responsibility is about the greater good and the overall impact your business is having not only in your community but in the wider world.
Operating a company that takes its CSR seriously means you’re able to operate in an ethical and sustainable way and looks at its overall environmental and social impacts. And in a country like South Africa where around 18.9% of the population – around 11 million people are living below the poverty line, having companies take their social responsibilities seriously can have a positive impact on the economic landscape of South Africa forever.
In fact companies like Tickmill who support local communities and charitable organisations have already made a promise to continually enrich their portfolio of CSR initiatives to help empower local communities, as well as strengthen social welfare.
Here are just some of the reasons why CRS is essential for businesses today.
Creates greater job satisfaction
Research shows that people are willing to earn less money to do more meaningful work. If a company engages in social responsibility, employees are not only more likely to enjoy greater job satisfaction, but they’re less likely to feel stressed and will be more loyal to the business as a whole. All of which will contribute to reducing business overheads.
Encourages customer loyalty
Customers don’t just look at the cost of goods or products anymore, they’re interested in how the business operates as part of society and how they’re affecting change. If you’re a business who takes your Corporate Social Responsibility role seriously, you’re more likely to have a loyal customer base.
If you’re target client base are millennials this is especially important. Despite this generation being the poorest financially, they’re more likely to give money to a good cause.
Makes businesses more sustainable
When you employ more sustainable practices, you’re more likely to make your business model more sustainable too. For example, if you ship products using less packaging, not only will it decrease your production of CO2 emissions, but you’ll make a saving on packaging.
It’s also been shown that consumers are more likely to pay money for a product or service if the business is committed to it’s social responsibilities.
HAVE YOUR SAY
Like the South Coast Herald’s Facebook page, follow us on Twitter and Instagram
