In the last few years, businesses have stepped beyond understanding what Corporate Social Responsibility (CSR) involves. In 2021, they are more concerned and engaged with finding the best avenues and engagements for their CSR activities.
A business cannot claim itself to be a leader only based on its sales and revenue figures. It needs to take a lead in creating value in impacting the educational, social, and economic sectors of the society it exists in.
A CSR program needs to be reflective of the values that the organization stands for. It also needs to bring together the higher management and employees to actively promote and support causes that they believe in.
In this article, we speak to experts that operate the leading crowdfunding in Singapore for charitable purposes. We ask them to discuss how CSR is important for any business. Additionally, we request them to list down some ways and means that businesses can look at in terms of their CSR engagements.
- CSR and its Impact on your Businesses’ Customers
Businesses need to understand their target audiences. As compared to any other generation, millennials are most forthcoming when it comes to buying from businesses that are connected with a social cause or some form of activism.
In a day and age, where everyone is practically selling the same thing, a CSR program is what can help set you apart from the competition and get customers into your door. In simple words, CSR programs help in the promotion of customer loyalty.
Customers feel that they are aligning with a business that has some values and the money they are paying for the products or services is at least ending in some small percentage towards a good cause. These foster repeat customers and purchases for the brand over the long run.
- Businesses that engage with CSR activities have Happier Employees
CSR activities can help in the creation of a dedicated and committed workforce in the organization. Just like the customers of the business, the employees too can feel a sense of contentment and satisfaction towards what they are doing.
After a point of time, the sense of purpose for an individual goes beyond earning a salary, doing savings, or investing in stocks and real estate. To feel connected, they need to be associated with a cause that is bigger them themselves.
This sense of purpose and value makes them stay with business organizations for a longer period. In other words, you get employees that are committed to fulfilling the mission of the organization. Employees are also more loyal and committed.
- A Healthy CSR Program for a Business helps attract Branding and Investors
Just like customers and employees, investors too want to partner with businesses that have a positive image. A CSR program can help spread the word about the business and create branding that extends beyond its products and services. All this can play a strategic role.
While there are millions of businesses out there, not all of them can claim to have a clean and positive image. Investors look for businesses that are helping to create a better world and society. Social change is something that has become an attractive proposition for investors.
It is not only about getting unnatural profits and sales figures. It is also about influencing what people think about you. This sentiment is the driving force of successful CSR programs. Long-term financial success is a result of popular engagements with societal good and activism.
The Bottom Line
A business is at the end of the day operates in a community and society. Helping in creating a better society will come back to benefit the business in the long run. CSR has immense benefits for businesses of all scales and sizes. You do not have to be a Microsoft’s Bill Gates to engage in philanthropic ventures. All you need to do is have a willingness to put whatever resources you can afford to good use.
If you have any more questions on CSR or want clarifications on any of the points in the resource article, let us know below. If you feel we have missed out on some details, you can add to the same in the comments.