Corporate social responsibility (CSR) is a type of business self-regulation with the aim of being socially accountable. There isn’t one «right» way companies can practice CSR; many corporate CSR initiatives strive to positively contribute to the public, the economy or the environment. Nowadays, customers and employees give more value on working and spending their money with businesses that prioritize CSR.
Companies must pay attention to this trend for two reasons:
- They need it to attract and retain consumers. 90% of consumers will select the brand they perceive to have a better CSR presence.
- It’s important to attract and retain employees. The millennials desire is to combine performing a social good with employment.
It is becoming really important to have a socially conscious image.
When choosing a brand or company, consumers and employees prioritize CSR, and they are holding corporations accountable for effecting social change with their business beliefs, practices and profits.
CSR is important because everyone has a responsibility to care for people and our planet. Profit is an important motivation and goal for organizations, but companies will not sustain their success if it is the only goal. People care for each other and their environment, they expect these organizations to do the same.
This new generation of investors and consumers thinks much more integrative about their lives. They have the same expectation of the companies or corporations they relate with day by day.
No matter the size of your company, implementing socially responsible practices can not only benefit your business, but it can make a positive impact on the world.