A purpose-driven and responsibly-led business have a strong approach to Corporate Social Responsibility (CSR).
CSR is all about the decisions a business makes in how it will act towards its people, its environment and its community. It has been a crucial aspect of a trusted business for many years. Around 90% of consumers say they expect business to do good as a normal part of their business strategy. Our current situation means view will only deepen.
The local business’ place will change in what will be a very different post-COVID-19 community. We will be living in a more cohesive society that has been reminded of its relatedness, its humanity and its interdependence. But it will also be a society that emerges grieving, bruised and impacted by unemployment.
After the pandemic, people will remember what we did. They will remember how our response as businesses made them feel. Did we step up, or shrink back and go silent? The way we approach COVID-19 will matter for months and years to come. The level to which we act responsibly towards our team and our community will, I believe, determine how successfully we can rebuild.
Two important reasons to address your CSR
Consumers love businesses who demonstrate they act responsibly
88% expect you to do social and environmental good as an integral part of your business strategy. If you do, the rewards are clear:
93% will have a better image of you
90% will be more loyal to you
88% will trust you more
And that’s good for you because it means that you develop a customer base that will stick with you, complain less, and are more likely to recommend you to others. Being responsible helps you grow your business.
Teams in socially responsible businesses are 67% more engaged
Engaged employees are:
87% less likely to leave
12% more profitable
18% more productive
likely to generate 120% of salary (as opposed to 80% for a disengaged employee)
And that’s good for you because it means less attrition, lower recruitment and retention costs, higher productivity and profitability, and fewer mistakes. It means a happier, more stable team, a healthier workplace and a more profitable, more valuable business. Being responsible helps you grow your team.