Social responsibility is not a new concept. However, it is a term that is becoming ever more popular with many progressive and cooperative companies who wish to do good. Being socially responsible requires a business to act and react in a way that benefits society. This way of working is self-explanatory, despite this, many businesses are not fully reaching their potential for responsibility.
Jeff Weiner, the Executive Chairman of Linkedin, believes that your values and actions must align to succeed, they must become the “fabric of the company”.
Following on from this, here are five reasons why social responsibility is great for business.
Company culture
To begin, social responsibility has an extraordinary effect on company culture. Those who work within a company with shared objectives will be proud to work for an ethical company. Furthermore, they will feel listened to and part of a team having a knock-on effect on workplace wellbeing, productivity and growth.
Lowers staff renewal rates
Following on from company culture, socially responsible companies will have lower staff turnover. This is due to prouder staff and higher rates of wellbeing. Consequently, less time and money will be spent on hiring and training new staff. Therefore, more energy can be put into existing teams and other requirements.
Happier staff more trusting
Shared objectives within a company allow bigger and better goals. These goals allow people to work together and have higher levels of success. As a result, companies will be more productive in their ways of working.
Improves recognition abilities
Happier members of staff and higher business growth will result in more rewards and recognition. Companies will have more potential to reward due to team members working more positively and also higher budgets.
Consumer demand
Perhaps more importantly, it is what consumers want in 2021. A company's actions speak volumes. Companies such as The Body Shop and Ben & Jerry’s are widely known for their ethicality.
55% of global online consumers across 60 countries say they are willing to pay more for products and services provided by companies committed to positive social and environmental impact.
How Companies can be socially responsible
Investing in local communities
One way to build a socially responsible company is to invest time and effort into local and global projects. Becoming an eco-conscious business is not as daunting as it may seem. There are many opportunities to do so. Here at Each Person, we offer more than just great perks at work, but also the ability to donate to the planting of trees through our partnership with Carbon Footprint.
Giving more to your people
Offering up better and valuable perks at work allows your company to become socially responsible. With employee vouchers, you can help financial well-being or even offering mental health support can increase your company's social awareness.
As a whole, to be socially responsible, a company must align its thoughts with its actions. As Jeff Weiner explains, companies cannot simply say they are responsible. Otherwise, companies simply are not doing enough. All things considered, being socially responsible will allow for higher business growth. But more importantly, better staff well-being and happier consumers.
To find out more on how Each Person can help your company's social awareness and staff well-being visit us at Eachperson.com and follow us on social media today!
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