5 Reasons Why Social Responsibility is Important for Your Organization
by Rilind Elezaj
Social responsibility has been growing in charts for the last few years. More and more companies are jumping on this bandwagon every year. Companies use social responsibility for giving back to society, as well as boosting the quality of relationships with their customers and employees.
Simply put, social responsibility is the phenomenon of companies planning for the betterment of society, and the world at large. It could be achieved in several ways; feeding the poor, providing clothing to the needy, protecting the environment, gifting the customers for being loyal, and much more.
There are several reasons social responsibility is important for your business to grow and prosper today. Here are 5 of them:
It’s crucial to win the top talent from your competitors and retain them for longer periods. To do that, you need to provide them with perks they can’t refuse.
An attractive payroll is great. Long-term career opportunities are splendid. But your social responsibility is what sets you apart from the competition. Employees are passionate about working for the company they believe in. If your company is doing something good for humanity and society, your employees will feel motivated to work for you. The employees should be telling themselves; you have ended up landing your dream job. They’d have this feeling of being a part of something bigger than themselves.
Employees which are passionate about their employer company tend to stay with it for a long time. This leads to a smoother and streamlined workflow.
According to a 2015 survey, more than 50% of consumers would pay more for a product or service coming from a company that supports sustainability. It tells us that consumers trust and want to purchase products and services from companies that strive to help the planet.
The trust between you and your customers goes a long way. Building trustful, long-lasting relationships with your customers will help your business stay afloat for a substantial period.
Outgrowing your competitors requires more than just producing better products or providing better services. You have to develop an image that outshines your competitors. How do you do that? With social responsibility.
When a company pays close attention to its social responsibility methodologies, it’s reckoned as a positive force in society. People tend to consider such a business a “life savior”. When they develop such an image for your business in their minds, you’re very likely to earn their respect and loyalty — and retain it forever.
Your social responsibility can sometimes even develop into your brand identity. For example, if your business produces plastic products, and puts a strong emphasis on recycling and sustainability, you can market your business as a “sustainable, recycled plastic products manufacturer”.
Such branding will help your business stay on top of your potential customers’ priority list due to the positive vibe it emphasizes.
You might be wondering how social responsibility can earn you more profit if you’re spending money on various projects to give back to society. Well, as mentioned above, people are willing to pay more to the businesses that take sustainability and other social responsibilities seriously. Even if you price your services and products a bit higher than your competitors, people are likely to purchase from you to support your cause.
In the long run, you’d end up earning more profits and achieving more opportunities to grow your business.
In order to identify and maintain your company’s ethical infrastructure, you can partner up with a firm that specializes in that area. These companies can perform an ethical sourcing audit on your business’s process cycle to check if you’re doing the best you can for the good of society.
Social responsibility is an effective way to develop a positive image of your business in society, build long-lasting relationships with customers, and hire and retain the best talent in the market. Moreover, social responsibility lets your business give something back to society and thank the masses for their loyalty and support.