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.