Companies that prioritize CSR are perceived as more trustworthy, ethical, and socially responsible, leading to stronger brand loyalty and positive word-of-mouth marketing. It has been also noticed an increased customer and partners loyalty. Consumers are increasingly drawn to brands that align with their values and beliefs.
What are the benefits of CSR?
- Increased employee engagement and stronger employer branding
- More support for local and global communities
- Press opportunities and brand awareness
- Increased customer retention and loyalty
Increased employee engagement and stronger employer branding, retaining talent
Giving back to the community is a virtuous circle in which engaged employees are enriched by volunteering opportunities that further engage and encourage them.
LinkedIn found that 75% of candidates research a company’s online reputation before applying for a role.
Plus, Corporate Responsibility magazine found that 75% of Americans would not take a job with a company with a poor corporate responsibility reputation. It can be a struggle to attract and retain talent. Still, research has shown that 82% of Gen Z workers consider CSR a significant factor when deciding on their next employer, and 66% would consider a pay cut if it meant working for a more socially responsible company.
A company’s strong volunteering program, especially a skills-based volunteering program, can give employees an opportunity to develop and hone skills.
According to a Deloitte volunteer impact study, 92% of respondents agreed that volunteering actually improves their employees’ broader professional skill sets.
92% also agreed that volunteering is an effective way to improve leadership skills. And 80% said that active volunteers move more easily into leadership roles.
CSR supports local and global communities, increases customer retention and loyalty
CSR gives people the leverage and the platform they need to make a difference in local and global communities.
Companies are often collections of like-minded, talented people working toward a broader vision. If you can develop a CSR program that’s in line with your company’s values, then your business truly has the opportunity to create a substantial positive impact.
XM.com, a global brand in the fintech space, is a fantastic example of how a CSR initiative can support global communities. Their excellent CSR program gives them a chance to showcase consistency and win loyalty, which ultimately converts into customer retention and increased sales.
Another fintech to watch and get inspired is Revolut, promoting sustainability and all business activities contribute to climate change and measure their cardbon footprint and report on those emissions real-time.
CSR presents press opportunities & engages customers
Impactful CSR can win you excellent press coverage. Creating a CSR program that gets you noticed could lead to a boost in your brand awareness and overall online social proof.
Behind each CSR though should be an honest mission. CSR that’s not authentic is considered greenwashing; if your CSR initiative seems too out of line with your mission and values, people can question its purpose, even if it comes with good intent.
