Business benefits of corporate social responsibility
By putting in place a comprehensive corporate social responsibility (CSR) policy you are more likely to be commercially successful in the long run.
The majority of companies have an explicit policy on ethics but some are not taking the issue of corporate ethics seriously enough.
In addition to this, most companies don’t have a formal policy on CSR. Here at Greener Now we realise that there are huge benefits to employing an effective CSR policy, including:
- Improved human resources
A CSR programme helps recruitment and retention, particularly within the competitive graduate student market. Interviewees may often ask about your CSR policy during an interview and having a comprehensive policy can give an advantage. CSR also helps to improve the perception of your company among staff, particularly when staff can become involved through payroll giving, fundraising activities or community volunteering. - Increased risk management
Reputations that take decades to build up can be ruined in hours through incidents such as corruption scandals or environmental accidents. These events can also draw unwanted attention from regulators, courts, governments and media. Building a genuine culture of 'doing the right thing' within your company can offset these risks. - Greater brand differentiation
In crowded marketplaces you need a unique selling point (USP) to separate you from the competition in the minds of consumers. CSR can play a role in building customer loyalty based on distinctive ethical values. - License to operate
Corporations are keen to avoid interference in their business through taxation or regulations. By taking substantive voluntary steps you can persuade governments and the wider public that they are taking current issues like health and safety, diversity or the environment seriously and so avoid intervention.
Join Greener Now and find out about the business benefits of CSR.
