Companies are increasingly ramping up their focus on social responsibility. Socially aware companies project are more attractive to both consumers and shareholders, which can only serve to positively affect their bottom lines.
The Customer
Embracing a social responsible policy goes a long way toward attracting and retaining customers, which is essential to a company’s long-term success.
Companies who are socially responsible can witness increased foot traffic if they’re committed to supporting the local community.
The Employee
Social responsibility is an effective tool to increase employee engagement. These companies tend to attract employees who are eager to make a difference in the world—not just simply collecting their wages at the end of the month. Within larger organisations there is strength in numbers. Employee efforts can achieve substantial results which only goes to increase workplace moral and boost productivity.
According to Harvard Business School:
Nearly 70% of employees say they would not work for a company without a strong purpose.
90% of employees who work at companies with a strong sense of purpose say they’re more inspired, motivated, and loyal.
92% of employees who work at a socially responsible company say they would be more likely to recommend their employer to those in their network who are looking for a job.
Research shows that employee engagement translates directly to a company’s overall performance and bottom line: engaged employees have a 17% increase in productivity, are 21% more profitable, and can have 41% lower absenteeism.
To sum it all up, even a small investment into social responsible initiatives can can increase employee engagement and retention and have an impact on how profitable the company can be.
Community Support and Customer Loyalty
Social responsibility works as a platform for companies and consumers alike to make a positive impact on local and global communities. Businesses that implement a social responsibility initiative that’s in line with their own values have the opportunity to increase customer retention and loyalty.
The Bottom Line
Socially responsible companies cultivate positive brand recognition, increase customer loyalty, and attract top quality employees. These elements are among the keys to achieving increased profitability and long-term financial success.
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