What is CSR and Why Should You Care?
What is CSR?
CSR, or Corporate Social Responsibility, is the practice of creating programs, using your corporate resources, that benefit the community. Not only are these programs vital to bettering society, but they are also vital to business success. As innovative companies continue to deploy their people and profits to create shared values for business and society, CSR is becoming more and more popular.
CSR is Good Business
What is the key to growing your business, your brand or your sales? It’s probably a great loyalty program, right? Or maybe it’s a killer mobile-friendly website. It has to be content marketing, for sure. Of course, these things matter. I’m not saying saying they don’t. But is there something that can really put you over the top; something that can give you an edge? That “thing” is using your corporate resources for the betterment of the community through Corporate Social Responsibility programs.
CSR doesn’t only benefit the community, it is imperative to business success.
Communities are grappling with substantial problems that are global in scale and have local impact. As consumers become more aware issues facing their community, they also look for companies who have a great CSR strategy to assist with these issues. Participating in Corporate Social Responsibility is good for everyone!
It’s Not Just Good for Consumers
Customers aren’t the only ones interested in your Corporate Social Responsibility platform. A company’s social involvement is a big factor in how today’s top talent choose where they will work.
- Millennials are willing to give up an average of 14.4% of their expected compensation to work at socially responsible companies.
- 88% of millennial believe that business should be proactively participating in the community.
Corporate Social Responsibility programs benefit employee health, retention and recruitment while also benefiting the community.
- 92% of employees who are involved in CSR programs report higher rates of emotional and physical health.
- 66% of employees report a greater sense of loyalty to their company as a result of participating in Corporate Social Responsibility programs.
Employee participation in Corporate Social Responsibility increases employee engagement. Gallup estimates that unengaged employees cost $350 Billion per year.
- 87% of employees who participate in a company’s CSR program report a higher level of engagement.
- Companies who’s employees are more engaged report a 16% increase in profitability.