Rendering the widespread economic fears induced by an unforeseen pandemic, the residential real estate industry continues to shock America-hitting their highest peak since 2006. Following lead are companies in industries like online retailers, telehealth services, fitness equipment companies, and more. However, unemployment rates and skepticism around the food industry prevails in their own leading standings continuing the fight for many businesses to survive. In order to leverage a more effective, ethical stance, restaurants are donating meals to frontline workers while clothing companies are producing and donating masks. While the concept of Corporate Social Responsibility (CSR) became popular in the 1960’s, recent events and environmental damages have exponentially increased the importance in maintaining ethical business practices.
Whether or not your business currently strives to maintain an adequate CSR, statistics are proving it necessary to remain part of this evolving society. There are many ways for businesses and corporations to implement impactful CSR efforts; supporting the health of the planet, implementing proper labor methods, regular donations, volunteer work, etc. The goal driven methods of demonstrating a relevant CSR strategy creates a positive work environment for your employees and proves morality to your customers.
Diving Deeper
- Corporate Social Responsibility attracts and retains talent
- CSR demonstrates to employees and customers that a business observes more than just their bottom line. Actually, more than 80 percent of millennials consider CSR efforts when job hunting.
- Research shows that there is a 50 percent reduction in employee turnover when employees are part of CSR programs.
As competition continues to grow and stiffen in every industry market, valuable positioning matters now more than ever. Customers take notice of CSR and make decisions accordingly. In fact, studies show that companies adhering to authentic CSR can expect favorable returns on their CSR investment.
By making a commitment and dedicating resources to these social conscious projects relevant to the company. It manages and measures social impact performance with clear key performance indicators. Companies with CSR programs can expect sales to increase upwards of 20 percent, 20 percent of their customers will become staunch advocates for that brand.
The primary takeaway: CSR is ethical. Unfortunately, with ongoing economic inequality staining the U.S., the wealth gap between America’s richest and poorest families more than doubled from years 1989-2016. And still recovering from the effects of the Covid-19 pandemic, Corporate social responsibility provides two sided opportunities for companies to make strong, lasting impressions on their communities and the causes that they care about. Following this unprecedented year and a half, employees, potential employees, customers, shareholders, etc. will remember the actions of the able companies to pay it forward.
COVID-19 caused many-if not all-companies to evaluate and prioritize their placement or methods in giving back. If your company currently does not have an adequate CSR system in place, customers may pivot to one that does. Our team here at MCDA CCG, INC. have demonstrated success in not only developing reputable missions for businesses to achieve, but ensuring that they adhere to them with sustainable methods. With experience in a vast array of industries, we can better understand your customer and comprehend their values. Trust the experts and prove your business’ morality; contact us today.