Why Social Responsibility of Business is Important

We are living in exceptional times, and social responsibility of business is more important now than ever. As a generation, Millennials and Gen-Z’ers alike have collectively set a new precedent in business. Whether it be for the company they work for, or the brands they buy from, they mainly look for businesses that aim to have a positive impact in some way, shape or form. This can range from donating/volunteering, supporting specific groups, making strides to lower their carbon footprint, really anything.

Conversely, negative corporate social responsibility can tarnish a brands name for years to come. Think of the outrage that was sparked due to the discovery that Nike was/is using child labor in their factories overseas. While this likely didn’t massively effect their bottom line, the negative press surely turned away some life-long, brand-loyal customers.

Perception & Image

Companies who are socially responsible are much more attractive to clients, customers, business partners and shareholders. In fact, even if the policies you set in place raise the prices of your product, consumers will happily spend the extra cash to know that it’s going to/coming from a good place. For example; pasture raised eggs, goods from recycled materials, or even a percentage of profits from the sale are donated to a charity. As we said, your public perception can make or break your business. So why not start now?

Employee Morale, Empowerment & Retention

By implementing corporate social responsibility into your business, you will certainly see a more positive relationship with your customers. However, it also has an enormous impact on your employees. Like we said, the new generations entering the work force are looking for companies they ACTUALLY want to work for. Traditionally, older generations did not take in to account the affects their employer was having on society. Both positive and negative. The thing with the newer generations is that, if they don’t enjoy what they’re doing, or if their values don’t align with the values of the company, they will leave (for the most part).

Yet, if your business is socially responsible and holds themselves to a high standard, employees will feel more empowered to do their best work, morale will increase within the workplace, and they will feel more inclined to come back and work for the company, knowing that they’re taking part in making a change.

It all boils down to purpose. As we all know, we are responsible for creating our own purpose in life, because there is no clear-cut set of rules that tell us why we are even here. Many people struggle with this idea, to think that we are placed on this earth just working to live and living to work. While most people do in fact find their purpose within work itself, we can also find it in getting together for the greater good. Is there any better situation to have than having a career while also making a difference in the world around you?

Bottom Line

Implementing a good corporate social responsibility plan into your business can only have a positive impact. Continue on your path to doing good, and you will see; increased brand recognition, happy & empowered employees, brand loyalty, and so much more.