Every business seeks to maximize the biggest profit possible. Assuming this premise is the only standard of success, corporate social responsibility (CSR) may appear to contradict this logic by seeking to take away some of the company’s resources and utilizing them in less profitable ventures. However, in this day and age, if done properly, CSR brings many unexpected benefits. CSR is more than just a passing trend, especially among young adults, who are pushing companies to integrate CSR into their mission and practices.
The potential benefits of CSR to organizations include:
- CSR supports public value outcomes
While making a true impact in its own community, a socially responsible organization can create a stronger and more recognizable reputation. The organization’s brand emerges as trustworthy in the community, which can then lead to increased shareholder value and profits. According to Better Business Journey, 88% of consumers said they were more likely to buy from a company that supports and engages in activities to improve society (2). This cycle cements the idea that a socially responsible organization has the potential to stay relevant longer, especially when its work and message – as well as its products and services – resonate with consumers.
- CSR reflects employee satisfaction
How an organization treats its community says a lot about how an organization treats its employees. Giving employees opportunities to volunteer or spearhead philanthropic projects, especially during working hours, creates a sense of community within the organization, as well as a connection to the surrounding community. Employees gain motivation and pride in their work through these personal development opportunities and pride in the organization they work for through the visible impact CSR initiatives are making.
- CSR encourages creativity
Want to increase your organization’s outside-the-box thinking? Want to promote innovation in your teams? CSR initiatives encourage employees to try new things and get re-energized about their jobs. Through social involvement, employees feel empowered to start contributing to the bigger picture – generating new ideas about products/services and internal processes or innovating new problem-solving solutions. When you demonstrate your company’s values through community giving, employees will feel supported in developing new and better ways to do their jobs.
Integrating and Partnering
In recent years, more organizations are not only embracing social initiatives but integrating them into the structure of their organizations. These programs can be varied and quite far-reaching (3). Any organization can prioritize CSR – donating your product to those in need, fundraising for a worthwhile cause, or starting your own corporate foundation. CSR practices are reaching record highs (1) by encompassing dual objectives—pursuing benefits for the business and society. (4)
The key to achieving high benefits to both your community and organization is finding the right partnership. When both sides see win-win potential, there is greater motivation to realize substantial benefits. Relationships – particularly long-term ones that are built on a realistic understanding of the true strengths on both sides – have a greater opportunity of being successful and sustainable.
Take the Next Step!
Perhaps the easiest way to take a philanthropic step is to identify a non-profit organization, do work in your community, and reach out to the Best Year Yet Foundation for help. The Best Year Yet Foundation partners with organizations that have specifically qualified nonprofits that they want to support, primarily centered on youth and adult impact projects worldwide that are committed to transformational work. By addressing challenges both internally and in the lives of the client populations they support, the nonprofits create self-sufficiency that can be refined year after year.
If you would like to learn more about how the Best Year Yet Foundation can work with your company or foundation to create a huge impact for the nonprofits you support, please reach out for a conversation: info@interaworks.com