Here are 4 powerful reasons a well-planned and diligently executed Social Impact project can boost your business.
This is already a given, but a significant reason you should care about launching a Social Impact project is that it’s just the right thing to do.
Although CSR isn’t mandatory, and some under-researched senior business leaders can often see it as a ‘sunk cost’, it’s arguably only right for your organisation to give back to the community or nation it depends on to function and make a profit.
No business is ever separate from its online or physical community and the more good you can do in the world the better it is for all. Right?
A good CSR strategy is likely to attract more high quality and motivated employees to your organisation and ensure you keep the ones you already have.
According to a recent report by Deloitte, 45% of millennials and Gen Z (those aged between 18 - 45) said they ‘make choices about the type of work they are prepared to do or organizations they'd work for based on personal ethics’.
But it isn't only Deloitte. According to Sourcing Journal, 87% of millennials and a staggering 94% of Gen Z expect companies to address pressing social and environmental issues.
Ethics are undoubtedly big business in the twenty-first century. And considering these two groups increasingly form the backbone workforce of most modern organisations, the companies with effective CSR strategies are likely to be the ones to thrive.
According to Forbes, 66% of consumers are willing to spend more on a product if it comes from a sustainable brand. Of course, statistics can be misinterpreted. But even if this is only a half-truth, it’s still a significant indicator of the cultural shift toward a consumer demand for more ethical business practices.
No matter what your business, if you want to sell to a global culture increasingly interested in sustainability and ethics, then it makes sense to ensure you’re well known for being transparent and honest.
Most organisations find being socially responsible strengthens their brand and image in the public eye. And while that’s a powerful tool to attract high-quality employees and dedicated customers, it also paves the way for more external collaborations and industry partnerships.
One way to fold CSR into your existing business strategy is by adopting a business concept known as The triple bottom line. Rooted in the ‘Three Ps” (profit, people, and the planet), the TPL is a useful framework for organisations looking to measure their social and environmental impact rather than solely focusing on earnings.
If your business can prove to the wider world you take the ‘Three P’ seriously, then it’s a home-run of PR win for all involved.
The benefits of Corporate Social Responsibility cant be overlooked.
Not only is tackling growing social inequality, ensuring people thrive, operating ethically and considering the planet a moral responsibility, it also boosts your bottom line.
By attracting and retaining high-quality talent, offering ethically-minded consumers services they want and increasing the chances of partnerships with other like-minded organisations, implementing an effective CSR initiative could be the best business decision you make this year.
Our social impact team at UpSkill Digital will help you scope, build and deliver scalable programmes that drive measurable impact. We have worked with and driven impact for big brands, including Apple Music, Pinterest, Samsung, and Bosch, among others. Please contact us for an appointment or to learn more about our services.