Benefits-of-corporate-social-responsibility

Benefits of Corporate Social Responsibility for Companies

Corporate Social Responsibility – a term you have been hearing more about over the past few years, is here to stay. Corporate Social Responsibility (CSR) aims to contribute to social and environmental interests through business. Companies that are promoting CSR have ranked higher with employee satisfaction, customer satisfaction, and brand awareness. This business model is self-regulating to hold the organization accountable to all involved and in the surrounding environment. The benefits of corporate social responsibility are astounding in all industries, but specifically the regulated cannabis industry. Zoned Properties wants to list a few for you. 

For a company to succeed at CSR, they must be accountable to their shareholders and themselves first. 

Corporate Social Responsibility

Sustainable Practices

Working with your local community and your immediate environment in mind benefits your company for a multitude of reasons. Examples of environmental and sustainable practices include working towards cutting your carbon footprint, using energy-efficient products, and working to fight climate change. Working for a sustainable business model will help to cut costs, potentially increase revenue, and bring brand awareness.

Employee Retention

Creating a sense of community in and out of the workplace helps employees to feel that the company cares, and they should! Giving employees respect, support, and a connection with the local community has proven to keep employees in-house longer. Working with and supporting the surrounding community helps to bring employee motivation to the workplace. By also giving employees the ability to be actively involved in the community and in the brand they bring more brand awareness. 

Customer Loyalty

Nowadays having customers know the true essence of your brand and what your brand supports is important to building loyalty. Having corporate values that align with people’s values can help your brand to stand out from others. Are you selling palm-oil free products? Are you working with local groups in your community to help build better futures? Are you working towards building a sustainable local environment? Whichever it is that you are doing it is important for your customers to know. This allows them to share your story and your brand with others who have the same values and missions. As the years go on, people are looking to support local brands with sustainable efforts. 

Types of Corporate Social Responsibility to Practice

Philanthropy

Donating money, services, or even products to local charities and programs is a great way to become involved in the community. Whether you are a large or small corporation, reach out to nearby organizations and ask them what they need. By reaching out and ensuring you do your best to give what they ask you create a great connection locally. This can even lead to yearly drives for sock donations, blanket donations, or even school supplies that your employees and customers can look forward to.

Volunteer

Take time out of work hours, or weekend hours being optional, to allow you and your team to volunteer in local events. Whether you volunteer your time to help at a soup kitchen, baseball game for a special event, or rebuilding a park. Giving your time can bring your employees together with one another and with the community.

Environmental

Taking steps towards reducing your carbon footprint is great for both your company and the community. No matter the size of your brand, taking steps to be more sustainable benefits everyone involved. Cut your costs, reduce your footprint, and give back all by moving to be more environmentally friendly. 

Companies that Practice CSR

1. Starbucks – Social Impact1

Starbucks has moved to implement a social impact on the communities they work with. They are striving to source ethically and sustainably, create job opportunities, be a leader in green retail, and work with local communities to strengthen them. 

2. Google – Environment Projects2

Google’s goal was to be 100% renewable by 2017, and they did just that! In 2016 Google announced that it was on track to be fully renewable and would purchase enough renewable energy to match its electricity used in previous years. The mega-company was one of the first corporations to hit 100% renewable energy. 

3. Lego – Sustainability3

The well-known child’s and adult toy company Lego is building a sustainable future for the younger generation. The company aims to build a sustainable future for children, the environment, and people who work with and for the brand. A partner with UNICEF, the company strives to bring 8 million children “the power of play” to build creativity by 2022. Lego has launched Replay, a program to help consumers pass on their Legos to children in need, as well as use entirely sustainable packaging by 2025. 

4. Amazon – Sustainable Projects4

Amazon has committed to being one of the pioneers in their corporate social responsibility programs. The company is working to move to sustainable operations, a better supply chain, improving on and providing sustainable packaging, and a climate pledge. Amazon is one of the largest corporations in the world and has committed to reaching 100% renewable energy by 2025 and net-zero carbon by 2040. 

CSR programs not only benefit companies themselves but also benefit local and regional communities, the environment, and people as a whole.

Zoning In On The Conclusion

The benefits of corporate social responsibility depend on a multitude of factors but can be a win for everyone involved. As you can see from the companies listed above, their CSR programs not only benefit themselves but also benefit local and regional communities, the environment, and people as a whole. Your CSR program will affect your internal and external growth. Provide your company with opportunities by working to support and showcase your values and mission. Unsure of how to start with a corporate social responsibility program? Zoned Properties founder and CEO, Bryan McLaren, specializes in helping companies move to sustainability and responsibility. Reach out for your consultation!

Sources

  1. Starbucks Social Impact, 2020
  2. Google Environment Projects, 2020
  3. Lego Sustainability, 2020
  4. Amazon Sustainable Projects, 2020