Just a decade ago, the idea that corporate social responsibility could lead to profit was all but unthinkable. These days, it’s hard to find a company that doesn’t try to improve its bottom line via actions such as reducing income inequality or decreasing greenhouse gas emissions. There’s no more doubt that doing good for people is good for your company.
The only question is: why? What’s the connection between helping those around you and making a profit? Here are three good reasons why these things can be mutually inclusive.
- Employee Satisfaction
If your company has a compelling purpose, your employees can rest assured knowing they’re doing a good thing and making a meaningful impact. In the long run, this is one of the best ways to ensure employee motivation. Being proud of the fact that their employer cares about the world around them will make a person feel like the company is where they belong.
Keep in mind that companies committed to doing good will find it much easier to attract and retain like-minded people. On top of that, employees who feel that their work is meaningful tend to have better physical and mental health, which makes them more productive.
- Business Purpose
Trying to positively impact the environment is about more than corporate altruism. More often than not, activities like these are an integral part of a company’s business strategy. The number of people who care about social purpose keeps rising every day. By focusing on things like carbon emissions savings, you tell these people that you care about them as well.
The businesses that seem to have a broader social purpose are putting themselves in a great position to achieve corporate growth. By contributing to society, you’re making sure that your business purpose is optimized for the future.
- Customer Experience
Studies show that over 80% of customers are positively affected by businesses engaging in philanthropic actions. Much like your employees, consumers feel a deeper connection to your business when they know that their support is helping make an impact in the world. This also makes them more likely to stick with your company for a long time.
Many businesses capitalize on these opportunities by deepening this sense of connection with their customers. Some ways to do that include sending emails containing the details of causes they contributed to or giving out a “Thank you” certificate with each purchase.