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WHY CORPORATE SOCIAL RESPONSIBILITY?
Corporate Social Responsibility (CSR) has developed drastically over the last 10 years. It doesn’t pay to be behind the pack when it comes to CSR the first mover in the industry is usually taken seriously whereas the newcomers are subject to skepticism from the general public which views uninspired CSR initiatives as disingenuous attempts to keep up with competitors.
CSR has grown from simply complying with government mandates requiring companies give back; to one off feel good promotional gimmicks, to longer term programs with sustainable impacts.
The impression companies leave with customers, employees and the general public is more important than ever before. Besides the obvious benefits CSR programs bring to society there are numerous benefits of implementing well thought-out sustainable program for the viability of business.
CSR is great for internal and external customers as well as brand differentiation. Positive branding is possible due to press attention from ethical business practices. The ability to attract and retain quality work force is increased when a business becomes an employer of choice through positive social activities.
The correlation with CSR and engaged employees has become more evident. In research conducted by Hewitt & Associates of 230 workplaces found that the more a company engages in social efforts the more involved the employees tend to be.
Customer CSR awareness continues to grow and is gradually more valued when making buying decisions. Surveys from INSTEAD business school have shown that as much as 87% of people would consider boycotting a company that engages in irresponsible behavior.