4 Tips on Genuine Corporate Social Responsibility (Infographic)
Whether a company is executing true and meaningful corporate social responsibility or solely looking to drive in higher profits, people understand the marketing ploy of philanthropic acts. However, genuine corporate social responsibility can drive engagement and loyalty for both customers and employees; especially Millennials and Gen Xers as they seek brands who have a positive and sincere outlook on giving back to a community.
Using CSR Initiatives to Increase Customer Base
The Reputation Institute found that 89 percent of consumers are more likely to recommend companies to friends and family if they have a genuine CSR score. Whereas for companies with an average CSR score, less than half of consumers would take the same positive action. Take Toms Shoes for example. With every purchase, the brand donates one pair of shoes to someone in need. They have gained a reputation of being one of the most philanthropic brands in the world and because their truthful actions are the heart of the company’s values, they continually engage a wider audience of loyal consumers.
Engaging Employees in CSR Initiatives
For employees, corporate social responsibility is important as it helps them find meaning and purpose within their work; increasing their engagement and loyalty to conveying the brand’s message. According to a study by Dale Carnegie, 54 percent of employees who are proud of their company’s contributions to society are more engaged with their work. NuStar Energy, for example, offers its employees 60 hours of paid time off for volunteer work, and in 2014 the company completed a total of 93,000 hours of charitable work. NuStar also frequently hosts charity events, including their “Casting for a Cause” where employees fish to raise money for the homeless.
When taking the steps to implement CSR initiatives for your company, consider these 4 Tips to Genuine Corporate Social Responsibility. This will ensure your customers and employees will find your contributions truly sincere and not another way to increase profits.