Why Having a CSR Plan MattersJuly 23, 2020
Four Reasons Why CSR Matters
Caroline Hazelbaker | Account Coordinator
To answer the question of why CSR matters, one must first understand what CSR is. CSR, or corporate social responsibility, describes a company’s initiatives to better their community and the world. CSR initiatives can take form as one-off projects, or more strategic plans over a longer period of time. Regardless of the way the actions are executed, here are four reasons why CSR matters.
Developing Brand Recognition & Loyalty.
Having a CSR plan builds brand recognition in a positive way. It builds loyalty amongst clients, customers, employees, and stakeholders. More importantly, your CSR initiatives will show the world that you care about more than just making money and signing deals. A CSR plan demonstrates that you’re seeking opportunities to better the world around you.
Putting Passion into Action.
It’s easy to think of holding food drives or having fundraisers as traditional ways of giving back. It’s probably even easier to think of the big-name causes that people contribute money toward, volunteer for, or try to bring awareness to. Think climate change, world hunger, literacy, or domestic violence. The exciting thing about CSR strategies is that you can create a plan based on your company’s industry, services, or products. What does this mean? Well, if you work for a company that makes shoes, you can have CSR initiatives that are focused on making sure people have adequate shoes to wear! You don’t have to reinvent the wheel. Think about what you and your company care about. Then brainstorm how you can channel that passion into taking action to better others.
Creating Employee Satisfaction.
Although many people don’t realize it, an important reason why CSR matters is that people want to work for companies that care about other people and important causes. Employees will be more committed to your company if they can see that you’re attempting to bring positive change to your community. In other words, employees want to see that you give back. Your company will attract talent simply because you demonstrate your knowledge of why CSR matters.
Building Good Will.
CSR strategies help bolster reputation in both good and bad times. When a crisis hits, you don’t want to be scrambling to give back and show that you understand why CSR matters. People will ask where you were in the good times. It may look suspicious if you only opened up the checkbook or started a donation drive when times were bad. Having an ongoing commitment to CSR will establish you as a conscious corporate citizen. You’ll gain trust when times are good so you don’t have to fight an uphill battle when more difficult situations arise.
So why does CSR matter? We listed some of the reasons, but there are still plenty left! If you want additional information about CSR strategy and what social impact is all about, you can learn more on our main blog page and news page. And now that you know why CSR matters, get started on creating your company’s plan! Your community needs you.