Corporate social responsibility (CSR) is a type of business self-regulation with the aim of social accountability and making a positive impact on society. Some ways that a company can embrace CSR include being environmentally friendly and eco-conscious; promoting equality, diversity, and inclusion in the workplace; treating employees with respect; giving back to the community; and ensuring business decisions are ethical.
To ensure proper CSR, a company should look at its values, business mission and core issues and determine which initiatives best align with the business’s goals and culture.
CSR is important for the following reasons:
- It improves customers’ perception of your brand
It is becoming increasingly important for companies to have a socially conscious image. Consumers, employees, and stakeholders use CSR as one of the criteria when choosing a brand or company. CSR practices play a crucial role in attracting new customers, whose purchasing decisions are strongly influenced by the company’s values, reputation, and social and environmental decisions.
- Better employee retention
According to research, sustainability strategy is a big factor in where top talent today chooses to work. According to Deloitte’s 2021 Millennial and Gen Z Survey, the modern workforce prioritises culture, diversity, and high impact over financial benefits. Employees that share the company’s values and can relate to its CSR initiatives are much more likely to stay.
- Increase your appeal to outside investors
A company that takes CSR seriously signals to investors and partners that it’s interested in long-term as well as short-term gain. CSR goes hand in hand with environmental, social, and governance metrics that help external analysts quantify the company’s social efforts, and becomes a key factor for investors’ consideration and continued interest.
One of the most popular ways that companies practice CSR is through eco-friendly and philanthropic practices. As a business, you can donate money, products or even your services to non-profit organisations. Even as a small business, your CSR efforts can make a difference in the community. If you have a specific charity or cause in mind, reach out to the organisation and ask them about their specific needs and whether a donation of money, time or your company’s products would best help them.
Reducing your carbon footprint is one of the best ways to signal to your customers, investors and partners that you are serious about your business goals and long-term gains. One of the easiest ways to reduce your business’s carbon footprint is by switching from a gas or diesel vehicle to an electric vehicle (EV). If you have a fleet of vehicles for your business, easily switch to EV by leasing from Pan Pac. Our customised solution fits the needs of every business. Talk to us today about how we can help you reduce your carbon footprint!