“CORPORATE social responsibility” (CSR) seems to be the “in” term as of late. But make no mistake, when companies sport their CSR on social media, it isn’t just for show.
In a nutshell, “social responsibility” is a business’ obligation to pursue achievable and long-term goals for its people and its community at large. Successful organizations use social responsibility to give back and thank customers for their loyalty. Giving back has taken many forms – projects, movements, empowerment, campaigns… but whatever the shape, it’s been proven that organizations with a genuine CSR strategy find themselves in a win-win situation.
Is CSR compulsory?
No. Venturing into humanitarian projects, helping build roads, and doing one’s part to alleviate poverty aren’t mandatory. But there are several reasons why it has become a must for companies.
1. Your brand is perceived positively
Competition in today’s fast-paced digital world is unforgiving. Organizations are hard-pressed to set themselves apart from their closest competitors. But with social responsibility, brands can win customers, clients, and consumers while at the same time, develop a platform to earn their target audience’s attention. A good brand fosters trust and loyalty. Consumers want to do good. These days, it isn’t all about profit. If a business seeks to give back to society, it is easier to find individuals who would like to do the same (and support their business at the same time!).
2. A solid CSR can help attract and retain employees
A good CSR strategy can tell how a company treats its people. It shows that a business is compassionate. Thus, an organization committed to improving the world is likely to attract good talent. Where the spirit of volunteerism is alive, a good worth ethic and positive work environment can’t be far behind.
3. CSR shows that an organization is accountable
Without a doubt, investors want greater returns for the funds they’ve invested. But while many view CSR as a waste of resources, many investors think otherwise. They find it to be an indicator that an organization can manage finances while helping out its communities. In their view, this practice shows accountability and transparency. Most important, CSR is a good sign of ethical corporate behavior – which is a factor when it comes to reducing investment risk.
4. CSR helps cut costs
How does CSR help save money when it requires investment in projects? Many customers are willing to pay more when a product is socially responsible. In addition, genuine CSR can help attract and retain employees – thus saving a business from additional hiring and training costs.
5. A robust CSR can help an organization engage with customers
Many CSR projects involve direct interaction between and among businesses, customers, potential clients, and communities. This is great for acquiring direct feedback on a business’s products and services. Word-of-mouth is still an effective form of advertising and customers who are made part of an organization’s CSR can act as advocates for the brand.
To sum it all up, businesses can no longer operate with just profit in mind. They cannot go on at the expense of the economy, the consumers, the society, or even the environment. They have to have a heart because the human side of it all attracts customers and keeps employees. Most importantly, an organization with CSR as a priority shows that its company culture fosters compassion, growth, and positivity – keys to building a flourishing business.
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NEARSOL is a US-based BPO and service company that offers clients custom-design solutions. With major hubs in Manila and Iloilo, it began operations in 2011 and has since gained a strong presence in the Latin American regions, the Caribbean, and the Asia Pacific, winning many awards for quality and service along the way. Most recent of which is its Great Place to Work-Certified™ Recognition, a global accreditation that tells stakeholders what employees think of the company culture.
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