What is corporate social responsibility?
Corporate Social Responsibility is an ethical management concept where companies aim to integrate social, economic and environmental concerns along with the consideration of human rights into their business operations.
Why choose CSR?
Showing commitment to a cause can have a deep impact on how a brand is perceived, especially in the eyes of the customers and the media. CSR (Corporate Social Responsibility) is not something brands should neglect but should be an integral part of what the brand or business stands for. CSR is all about creating tangible change – socially, economically, and environmentally. One of the most important reasons for companies to implement CSR is that a strategical and developed CSR program can directly impact a brand’s ability to create and maintain a positive image in the consumer marketplace and differentiate themselves from competitors. Consumers are more likely to purchase products/services from a brand that supports and immerse in activities that help to create change and improve society.
Here are additional merits of what CSR can do for your business:
- Enables customers to connect to the brand on a deeper, value-based level
- Helps the brand to develop ethically conscious products and services
- Encourages employee commitment, investor trust and stakeholder engagement
- Aids consumers in making purchase decision as consumers know that they are playing a part in helping the society
- Forms connections in local communities as the brand can associate themselves with like-minded consumers
- As brand’s positive value increases, there will be a growing number of brand advocates and thus increasing brand awareness
The 4 types of CSR Efforts that your company can consider:
- Environmental efforts- Reducing Carbon Footprint
- Philanthropy- Donating money, products or services to society or non-profit organisations
- Ethical practices- Treating employees fairly, Being cruelty-free, Participating in fair trade
- Volunteering- Participating in local causes by donating employee’s time to community events