Last week we hosted an event all about Responsibility, here are some of our key takeaways.
Corporate social responsibility (CSR) describes a company's commitment to operate its business in an ethical way and to produce an overall positive impact on society. During the recent years, companies tend to focus more and more on CSR as it is a way to improve their business performance. However, why is CSR important and how does it improve the overall business performance? Here are a few reasons why CSR is important:
1. Brand differentiation. Focusing on CSR can be used as an efficient way of differentiating your business from your competitors which is highly important in a saturated market place. Research shows that 88% of customers think that companies should aim to achieve their business goals while simulations contribute to a better society and environment. Therefore, it is an important USP as it attracts customers to choose your product over your competitors and also a way to form customer loyalty.
2. Employee engagement. Millennials are becoming more and more engaged in CSR and research shows that young individuals prefer to work for a company with a clear social focus. Likewise, research shows that 65% of the current employees would consider leaving their current job if they harmed society. Therefore, focusing on CSR implies attracting talents and reducing unnecessary cost from, for instance, labour turnover.
3. Enhance relationship. A company that focuses on CSR is more likely to generate a positive public publicity fom media which may improve the potential opportunity to receive external financing in terms of grants and form partnership with other companies that shares the same values. Hence, focusing on CSR is a way to seek out new opportunities to expand your business.
4. Long-term thinking. The world we are living in have scarce resources and we have to be careful with how we are treating our planet. There have been a number of serious climate change effects and change is needed for a sustainable future.
While you are here feel free to check out AGORA Presents and attend our upcoming events.