Corporate social responsibility – Why it matters
Business - 07/12/2020
What is Corporate Social Responsibility?
From time to time you might hear businesses talking about their Corporate Social Responsibility (CSR). Corporate Social Responsibility means that a company takes steps to ensure there are positive social and environmental effects associated with the way the business operates.
So why does it matter, and should you be doing it too? Spoiler alert: yes. There are so many benefits to CSR, both within and beyond your business. Let’s take a look at some of the reasons why CSR is so important.
It’s fantastic for the reputation of your business
When it comes to attracting clients, you’ve got to think outside the office box. If potential clients think you’re only bothered about profit, they’ll be much less likely to want you to manage their legal affairs. The 2015 Cone Communications/Ebiquity Global CSR study found that a staggering 91% of global consumers expect businesses to operate responsibly to address social and environmental issues. Furthermore, 84% say they seek out responsible products wherever possible.
The numbers speak for themselves. If you want the clients, you have to share their values.The same goes for attracting the top talent. Gone are the days when a fat pay check and a company car were all you had to offer. Job seekers want to see that you’re living and breathing your values. Good values that they can relate to.
It encourages employee morale
CSR not only will it attracts the very best, it also keeps them happy. When properly implemented, CSR should become ingrained in the values and culture of a company, and positively affect the way the company does business. CSR should become inherent in the mission and message of an organisation. And if you’re attracting employees with those values, it’s going to strengthen your brand.
Volunteer work and sustainable innovation help build personal and professional growth for your employees. It gives added meaning to their everyday work, which will most likely boost productivity, as well as general well-being and morale. They’ll take pride in being a part of your business, and happy employees will generate happy clients.
It boosts your business
If CSR is ingrained into your business plan, it will become part of your brand. A brand people will notice. Are you using sustainable packaging wherever you can? Or maybe you’re donating to nonprofit organisations? No matter how you’re doing it, CSR’s going to increase your brand awareness.
It gives you an edge
There’s a lot of competition out there. You have to stand out. CSR is a great way to make your mark. If you’re going that extra mile to improve your sustainability, volunteering, donations (or anything else you can think of to help out), that’s going to give you an edge. People want to do business with businesses that care about more than themselves.
It helps those in need!
Last, but certainly not least, engaging in CRS helps those in need. From reducing your carbon footprint to help save the planet, to donating to nonprofit organisations to help those in poverty, CSR is a great way for you to give back to the community that helped you start your business. Ultimately, it’s good to help make the world a better place.
Get in touch
If you’d like to spend more time making a difference and building your business, contact Numero Accounts today. We’ll take care of your accounts, leaving you free to focus on what you do best.
More from the Knowledge Hub
From information and help around all things accounts, to our thoughts and commentary on what’s happening in the world of law and finance – you’ll find it all here.
Let’s face it… starting a business comes with its fair share of challenges. From securing […]
Accounting ethics refer to the principles, values, and standards that guide the behaviour and decision-making […]
In a previous blog, we covered how smartening up your accounting system can give your […]
When it comes to law firms, the lawyers rightfully take centre stage. But behind the […]