4 Reasons Why Corporate Social Responsibility Is Important in Business
Whether it’s donating clothing to the less fortunate, providing clean water to people in poverty-stricken areas, empowering women or making an environmental impact, companies like Hallmark are taking a stand on improving our world by increasing their own philanthropic responsibility and adding to their corporate purpose.
What community outreach & Corporate Social Responsibility (CSR) mean to Hallmark
At Hallmark, showing compassion and thoughtfulness for those around us isn’t a new concept— it’s at the heart of all we do. A driving belief behind our organization is “when you care enough, you can change the world.”
And that’s exactly what we’re doing when we reach out to our neighbors through local food drives, holiday toy drives, neighborhood clean-ups and other local outreach.
Not only does CSR allow us to leave a lasting mark, but we believe it is our duty to give back to our local and global communities.
Why is corporate social responsibility important & how can it impact your business?
If your company hasn’t already created its own CSR programs, there are several reasons to start now. From their own backyards to the other side of the globe, large and small businesses are finding great ways to donate and/or volunteer time, so there’s sure to be a cause that aligns both with your corporate vision and your employees’ aspirations.
Giving back is a great sign of organizational growth and an excellent way to promote employee engagement, and it can be done on a large or small scale. The best part is that every helping hand makes an impact. Even if you’re just getting started, it’s never too late to get involved. Not only is corporate social responsibility the right thing to do, but it’s also important for the reasons below:
1. Employees expect it.
People want to work for companies they are passionate about, and likewise, companies want to attract top talent. But in addition to a great salary and benefits, potential employees are looking for companies that stand apart for their authenticity and the ways they give back to their community—and for how they engage their employees in these efforts. Many believe that companies have a moral and economic responsibility to help those around them, and they purposely seek careers with businesses that are leading the way when it comes to philanthropic endeavors.
93% of employees believe that companies must lead with purpose.
Want to retain your best and brightest employees? Add even more purpose to their everyday jobs by offering opportunities for them to get involved and help their community. They’ll feel more engaged, plus they’ll develop a great sense of camaraderie as they work together toward a common goal.
2. Consumers expect it.
Consumers are on the lookout for companies that are giving back, and they’re willing to pay a premium for goods and services from companies that go above and beyond in their community outreach efforts. As consumer attitudes shift toward businesses with strong CSR programs, shoppers are ensuring companies are rewarded financially for doing what is right.
77% of consumers are motivated to purchase from companies that are committed to making the world a better place.
Consumers are reframing their approach to buying, with a focus on sustainability, consumption and social concerns. Companies that believe they have an ethical responsibility and an environmental responsibility to their community are gaining consumer trust and building customer loyalty.
3. It makes companies more marketable.
Whatever business you’re in, the goal is to stand out, and in a crowded marketplace that can be challenging. Companies can differentiate themselves and elevate their own positive reputation by making a commitment to social and environmental issues that are important to their community, their employees and their brand.
75% of Americans say it is no longer acceptable for companies to simply make money; they must positively impact society, too.
Companies that demonstrate their dedication to a variety of philanthropic causes are perceived as more marketable than companies that don’t give back. Flourishing businesses deliver premium goods and services that consumers love, but to be highly successful in today’s marketplace including positive CSR actions is a must.
4. CSR attracts and retains investors.
As they make decisions, investors naturally want to know their money is being used properly. When digging into a company’s financials, a history of corporate social responsibility can be very attractive and can sway them toward an investment. When looking for things that impact a company’s bottom line, investors increasingly monitor CSR initiatives.
43% of companies reported increased profits as a result of their CSR efforts.
Investors are more inclined to pick companies that are well known for their corporate social responsibility. As an added bonus, stock prices tend to rise for businesses that participate in and market their CSR efforts.
For these four reasons—and countless others—it is important to show corporate social responsibility in your business endeavors. At Hallmark, we’re proud to participate in several corporate- and employee-driven initiatives that give back to our community, locally and worldwide.
Want more great insight and ideas about elevating your marketing and connecting with consumers? Visit the Hallmark Business website to read more informative articles and to tap into our many years of marketing experience.
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