From implementing environmentally-friendly policies in the workplace to donating money to nonprofits, more and more companies are making efforts to improve their communities and society at large. This is called corporate social responsibility. In addition to benefitting nonprofits, corporate social responsibility can have a huge positive impact on corporations and employees. Here are all the benefits of corporate social responsibility:
How Corporate Social Responsibility Helps Corporations
1) It improves the company’s public image
Consumers like companies that are socially responsible. Corporations should help nonprofits in any way they can, whether its volunteering, donations, or strong partnerships. Then, they need to let the public know about their philanthropy in order to attract consumers.
2) It gives the company more media coverage
It is important for corporations to build relationships with local media outlets so these outlets can cover stories about the corporation’s impact. If a company has a strong corporate social responsibility program, it is likely to get positive press.
3) There is more employee engagement
Employees want to work for a company that has a good public image. If a company is dedicated to corporate giving, the employees are likely to be more engaged, to stick around longer, and to work hard.
4) It attracts and retains investors
Investors want to know at their funds will be used properly. One of the biggest appeals for investors is company’s donations to nonprofits. This shows investors that the company cares about more than profits.
How Corporate Social Responsibility Helps Nonprofits
1) They get funding from matching gift programs
When a corporation offers a matching gift program, it creates the possibility of doubling the donations that employees are giving to nonprofits. Organizations that want to benefit from these programs are thrilled to receive twice the donations.
2) There is more volunteer participation
Nonprofits are always looking for volunteers, and if a corporation has a volunteer program, this is a great way to generate revenue and volunteer time for nonprofits. Typically, a corporation will offer a certain amount of money to a nonprofit after an employee has volunteered a certain amount of time.
3) Corporate partnerships are formed
When a corporation and a nonprofit forge a partnership, both organizations win. The corporation has more opportunities to help its local community and the nonprofit gains resources for major marketing campaigns. Additionally, the nonprofit’s cause gets more awareness due to the partnership.
4) They get more varied sources of revenue
While donations from individuals make up about three-fourths of a nonprofit’s monetary contributions, corporations and businesses are also viable sources of revenue. Corporation social responsibility allows your corporation to be a part of the remaining 25 percent.
How Corporate Social Responsibility Helps Employees
1) There is a positive workplace environment
If a corporation instills a strong culture of corporate social responsibility in every employee, employees will thrive. The work environment will be more positive, making employees more productive and engaged.
2) Employees feel more creative
When employees feel a stronger connection to their company, they are also more inclined to be creative. Creativity is one of the most important leadership qualities an employee can have.
3) There is more professional and personal growth
By donating their time and money to worthy causes, employees develop professionally and personally. They feel a sense of pride working for a company that cares about worthy causes.
4) It promotes individual philanthropy
When employees work for a company that is involved in philanthropic endeavors, they are likely to take a page from the company’s book and give back on their own. Working for a company that is more socially responsible helps employees become more philanthropically aware. They also learn how to better collaborate with others for important projects.
If you’re a leader at a corporation and you haven’t yet instilled corporate social responsibility, adding it would make for stronger and more well-rounded company. If you’re an employee, bring up corporate social responsibility in the next team meeting. If you’re at a nonprofit, get out there and try to make connections with corporations. Corporate social responsibility is truly beneficial to everyone involved.