CSR, which stands for Corporate Social Responsibility, is increasingly becoming a standard business practice across the world, with more and more companies spending time, energy and money on improving their CSR. CSR involves a company recognising that it can help to achieve a positive impact on society while also continuing to operate as a profit making firm and maximising financial value for its shareholders, stakeholders and employees. This net good is created through enaction of policies specifically targeted at important social and environmental issues, such as aiming to be a carbon neutral company, or encouraging veterans in the workplace. There are many positive benefits to companies which focus on CSR, including:
Improving the company’s brand
By being known for your environmentally and socially responsible actions, you can significantly improve your company’s image and reputation. Public perception of a company is a major factor of customer and shareholder confidence in the company, as well as having positive impacts on share prices. By being active in these campaigns, companies are not only creating a positive impact, but are also subtly marketing themselves too, connecting with more potential customers.
Customers also want to feel as though they are doing something to help society, the environment and those less fortunate than themselves – it’s a natural human desire. Allowing your customers to know that by using your company they are directly contributing to your CSR policy objectives will allow them to share in this feeling of charity, further encouraging them to use your firm again.
Retaining expert employees
Employees, too, want to feel as though they are part of something bigger, and an active CSR policy allows them to do just this. By viewing the business as a force for good in the world, rather than a pure profit driven machine will give a sense of greater purpose to your employees, improving their happiness in the workplace, as well as their productivity. The pride they feel for the business will also show when discussing their work with others, again improving your company’s reputation.
At Y2X we provide a range of mission critical IT services, specialising in strategy integration (including CSR policies and implementation), project management services, GDPR services and on demand IT talent. For more information about our services please see http://www.y2x.uk/services/, or contact us at http://www.y2x.uk/contact/.