Businesses that give back do better
As businesses surface, being socially responsible in their approach ‘seems’ like the need of the hour. This not only helps society to directly benefit but also increases the profitability and the productivity of the businesses in the long run.
Presently, companies are ramping up social responsibility campaigns in full throttle. Over the past few years, it’s not unusual to see your charger brick missing from your new phone box or the whole box being made from recycled paper. Well, these are a few examples of social responsibility campaigns that various tech companies have undertaken (no brownie points for guessing that!).
As increased rules and regulations fall into place regarding production and organizations, companies are gearing up to be in line for social responsibility. This puts in a small question, should social responsibility be just a regulation or an actual duty?
When companies follow social responsibility, it cements their brand in the minds of the consumers and bolsters its image. This helps the company to gain an edge over its competitors by building superior brand recognition. In 2010, Coca-Cola started the 5by20 initiative to empower women across the globe. They equipped women entrepreneurs to overcome social and economic barriers by providing business skills training, access to financial services, and connections with mentors.
At times, social responsibility can be both time & cost incurring, but it also gives back in manifolds. Companies who opted out of charging bricks made a profit of 6.5 billion dollars while magnifying their sales by 6 percent (if you are wondering, that’s huge). This also helped in creating a new customer base who was ready to get their hands dirty in their mission to save the environment.
Social responsibility helps the company integrally in its growth and brand building. For customers, the idea of getting something back has a direct effect on the business. Internally, standing up for a societal cause strengthens the morale and effectiveness of the working employees; coupled with a positive external image, the business sees increased growth. Additionally, standing up for a social cause attracts diverse investments and boosts the brand image of the investors.
As the business landscape evolves, it is worth considering if social responsibility should be taken up actively. This is not just beneficial for businesses, but is also a mammoth leap for society, when it comes to making a difference.