Month: February 2022

4 Reasons Why Companies Should Revisit Their CSR Strategies

The days when business was just about profitability are long gone. 

Today, consumers are more concerned about a company’s external and internal efforts to promote positive values and social change than ever before. As a result, businesses are expected to be involved in the community, take a public stance on current events, introduce civic programs, and more.  

Enacting a purpose-driven CSR or corporate social responsibility strategy will help your company improve its impact and meet social goals. So if you want to create a long-lasting effect, keep reading. It might be time to enhance your CSR strategy. 

 

An effective CSR strategy not only creates positive change and impact within the community but a results-driven strategy also helps companies:

1.Recruit, retain, and engage employees

An effective CSR strategy results in employees that are more engaged, positive, and willing to bring their “whole selves to work.” When workers can show up as their authentic selves, they are more engaged and innovative. In addition to encouraging productivity, CSR makes companies appear more attractive to prospective employees as well. So if your company is struggling to retain its employees, embedding CSR into the workplace can significantly strengthen employee morale. 

2.Build and solidify brand reputation

Your CSR strategy differentiates you from companies that aren’t committed to corporate social responsibility. Aligning your CSR strategy with the company’s mission and values will help strengthen its brand credibility and image and help attract the new influx of consumers who care about the corporation’s social efforts. 

3.Encourage customer loyalty

Consumers care about corporation’s social responsibility so much that they’re willing to pay extra for it. CSR policies positively impact consumers’ perception of the company and help build their trust, which leads to more consumer loyalty and commitment to the brand. 

4.Increase their bottom lines

Findings from more than 200 studies show that CSR can increase a company’s market value up to 6% over 15 years.  When consumers are willing to pay more to support companies doing social good, companies can add on a price premium of “as much as 20%.” Essentially, companies increase their economic value just by doing the right thing. 

 

The bottom line

An effective CSR strategy affects more than just the greater good of the community. If it’s time for your company to revisit its CSR policies, consider initiating virtual volunteering programs to engage your employees remotely and serve the community. Employees who volunteer will feel more connected to their coworkers, leaders, and community, leading to a more innovative and enriched workplace.

Are you ready to revamp your CSR initiatives? Contact Generus for more information about how virtual volunteering can strengthen your CSR programming. 

What is CSR?

CSR, or corporate social responsibility, is a strategy adopted by companies in support of the environment or local community. Simply put, CSR can involve making donations, investing in more ethical business practices, or participating in volunteer projects. But CSR isn’t a one-size-fits-all initiative. Different companies will have different goals and different reasons behind those goals. But the important thing to remember is, CSR matters. If you don’t already have a CSR strategy, it’s time to create one.

Why is it Important?

Consumers and employees alike prefer companies who care. And by implementing CSR practices, you’re able to show that care while also bettering your community. In this respect, CSR is about putting your beliefs into practice: if you’re truly committed to making a difference, go out and make one. In turn, you’ll improve your company’s reputation and customer loyalty while boosting employee morale and productivity.

How Can I Improve My CSR Strategy?

CSR initiatives should draw upon the framework of your company. For example, if your company wants to revolutionize the tech space, donate funds to a technical nonprofit. And if you’re focused on healthcare, volunteer your time at a hospital or clinic. 

CSR goals should also provide employees with volunteer opportunities they desire. Fortunately, figuring out which causes matter to them is easy: you can simply ask them. And once they tell you, you can set up events with those causes in mind.

Other Benefits of Strong CSR Goals

A company’s CSR goals are an indication of their morality. Consumers want to work with ethical companies, and they’re more likely to invest in you if you invest in society. Additionally, working toward CSR goals as a company allows your company to grow closer and more aligned. It’s impossible not to bond when you’re doing good together, especially when you both value the cause you’re working toward. In this respect, meeting CSR goals doesn’t just benefit the community–it also benefits your team. 

While CSR goals are obviously important, they can be difficult to plan. In the world of COVID-19 especially, gathering your team in support of a cause may seem daunting. Thankfully, Generus offers remote volunteering opportunities to help improve teamwork and meet your CSR goals.

Reach out to us today for more information and to schedule your virtual volunteering event.