Corporate Social Responsibility, also known as CSR, has changed a lot over the years. Originally, the idea was that corporations just needed to put aside a small portion of their profits for philanthropic interests.
Now the term CSR means something slightly different. In short, when talking about CSR, we’re talking about any initiative on the company’s part to create change or otherwise impact society.
These efforts have a significant impact, not just outside but inside the company as well. Employees feel good working for a company that is willing to give back to the community. That isn’t the only benefit worth discussing.
As mentioned above, CSR is more likely to result in increased employee satisfaction. One can learn a lot about a company by watching how they interact with the community. Through this, it is easy to discover their metrics and understand how the employees within are treated.
In general, CSR helps to encourage a company to become more sustainable. Each year new studies come out showing the impact corporations have. Likewise, each year brings new technology to help reduce that impact.
The best part about sustainability is that there is a sliding scale. Businesses can choose their level of commitment, from encouraging employees to turn off lights to installing solar panels on the roof.
According to a Cone Communication study, 74% of Americans are more likely to say that their job is fulfilling when their employer works to positively impact the world around them.
As such, it’s easy to understand how employees that are satisfied with their jobs and feel good about the company are more likely to stay where they are. This includes the talent that corporations are so desperate to hold onto.
CSR initiatives help to support both local and global communities. This is the goal of CSR, and yet it is not frequently discussed. Often, a company doesn’t even have to choose between local and global communities to support, as their niche and target audience will guide the way.
Initially, it was easy for a company to stand out through CSR initiatives. However, that has gotten a bit more complex as of late. CSR has become the norm, as opposed to the oddity in the room. This means that companies have to work a bit harder for their CSR to let them stand out.
Here’s where following niche and target audience information can be a boon. For example, a company that aims for a CSR plan that falls within its general purview (such as finding a plastic alternative to its packaging) is more likely to be noticed and supported.