Giving back has become one of those catchphrases you hear more and more in our modern workplaces, but how does giving back actually affect organizations in the long run? Glad you asked. Many organizations want to give back to their communities but maybe haven’t had the time or been able to make the effort to add this key differentiator to their company culture. But they really should. Here’s why.
Besides the benefit of helping others, giving back can propel you in other areas — from increasing revenue to recruiting top talent. Being socially responsible is not only great for the bottom line but also boosts employee morale. Supporting a noble cause reaps more profits than just brand building or positioning a company as a reputable one. Read more to find out how giving back is more than just a trendy initiative.
Benefits of Corporate Social Responsibility:
Of course, the purpose of any organization is to increase revenue, drive growth and serve customers, while the value of giving back often takes a backseat. But who couldn’t use more of the benefits below?
- Expanded Range Of Your Potential Customer Market – When you are involved in corporate social responsibility initiatives, you become familiar to many more people belonging to different cultures, geographies, and borders. You are able to expand your network and open your way to serving increasing number of customers.
- Present Customers Feel Good About being Associated with your Brand – Given the number of options customers have today, it becomes very difficult for them to stay loyal to a particular brand. However, human beings get naturally inclined towards the virtuous. In a way, CSR is a good practice to keep your present customers inclined towards your brand or product. It also helps in convincing stakeholders to make them believe in your business.
- Turns Customers into Brand Advocates – Positive customer testimonials are an amazing marketing tool that makes your brand be noticeable. When loyal customers rave about your brand, you’re automatically turned into a magnet for new customers.
- Employee Motivation and Enhanced Productivity – Employees prefer working in companies that have a name in the market for doing something unique. If your company takes initiatives for giving back to make your community a better place, it makes employees feel proud and motivates them to stick around for years and work dedicatedly. Employees tend to become more engaged, responsive, and productive.
- Quality Talent Acquisition & Retention – A company is as successful as the people working for it. Every organization desires to attract, hire, and retain the best talent in the market. If a company is well-regarded for their noble deeds outside business, the brightest minds will be keen to join in.
- Catches the attention of Investors – Everyone wants to associate with passionate, happy, motivated people and investors are no exception. To see your company committed towards social wellness gives investors one more genuine reason to invest in your company. Thus, taking part in corporate social activities is indirectly making way for additional business opportunities.
The modern society gives great rewards to businesses who believe in the culture of giving back. Successful business people believe in the ideology of sharing happiness and helping the underprivileged. Charitable works are carried out sans expecting any direct financial gain but eventually, they certainly, garner their fair share of rewards.
Giving back to society is one of the pillars of Personiv. Take a look at our Social Wellness activities – https://www.personiv.com/category/being-human/