The following article from the ever great Mindtools highlights some of the benefits of corporate social responsibility (CSR).
“Today’s societies often ask more from major corporations than simply making a profit and paying taxes. There’s a general expectation that companies should do their best to trade fairly, uphold human rights, and protect the environment. And the focus is not just on big corporations: small companies are often asked to support local causes and play their part in community development.
How can a business manage these expectations, but benefit its bottom line as well? A successful Corporate Social Responsibility (CSR) strategy can help.”…
Clearly, CSR programs cost money and take some staff attention away from the organization’s business. However, a good CSR program can bring you multiple business benefits, including the following:
- Improving your company’s reputation, and its ability to manage reputational risks.
- Helping to promote your brand and image in an increasingly socially-aware and perceptive market place (this may be particularly important if your clients are public entities).
- Allowing you to create the right environment for your particular business to succeed.
- Giving you an effective way to manage the pressures on your organization for charitable giving. CSR allows you to make sure any charitable expenditure is effective and linked to business objectives, and that it can be properly accounted for, measured, and advertised.
- Improving your staff’s motivation and retention rates, or broaden skill sets – for example, where your staff are directly involved in volunteering in the local community, or in other sponsorship activities. “