Submitted by Catherine Dhanjal
| on Mon, 06/29/2020 - 15:03 | In Uncategorized
What binds your firm’s choice of teabags and toilet paper, electricity supplier, and employee engagement and training programme?
More and more businesses are becoming aware of their social responsibility. Whilst there’s no industry-standard definition for corporate social responsibility (CSR) and it differs according to company and industry, companies these days need to make a positive contribution to social and environmental change at the same time as making a profit.
If done properly, CSR can be of value to society at large whilst improving the bottom line for the company.
The effect on small and growing professional services firms
Pursuing an active CSR strategy can benefit smaller professional services firms and isn’t just the preserve of the better-resourced larger corporations. Smaller initiatives such as fundraising, volunteering in the community, or choosing more eco-friendly or sustainable office supplies can also make a big impact.
For the firm, CSR can help build a motivated and well-knit team, and to create a team that’s an advocate for the causes it supports and the firm they work for.
Here are some key points to bear in mind when thinking about adopting CSR:
- Try to find an alignment between what your business offers and volunteering opportunities
- Make sure your CSR strategy is always front of mind for employees by communicating it across your social media channels and internal website
- Let employees know how their contribution has a long-term social impact. Again, social media and internal networks can be used to publicise this.
- Volunteering for a charity often involves team-building exercises and employees get to meet more people outside their immediate teams, creating a more cohesive environment
- It’s said that by 2025, 75% of the workforce will be made up of “millennial” employees who are increasingly drawn to businesses with a social conscience. A study by Price Waterhouse Coopers found that “88% were looking for employers with CSR values that matched their own, and 86% would consider leaving an employer whose values no longer met their expectations.”
- Having an environmental policy not only helps the planet but can reduce the companies’ energy bills and enhances its reputation with its environmentally-aware customers.
If you want to attract bright and engaged employees, then think about adopting a long-term CSR strategy. As CSR practices become increasingly important, businesses of all sizes must be mindful of implementing good practices to attract and retain customers and employees alike.
By choosing CSR activities based on your company’s values, you’ll benefit the environment, your local community, staff morale and your firm’s bottom line.
If you’re thinking of adopting corporate social responsibility initiatives in your own firm and want to know more about the financial benefits of doing so then we can arrange an online or telephone call, and we’ll be happy to guide you in this area. You can give us a call on 01761 241 861 or email us today.