As 2020 ends, we are highlighting the importance of corporate social responsibility (CSR) as part of your marketing and communications efforts. Over the years, CSR programs have evolved to become an essential element for consumers, investors and even potential employees as they research your company. Whether your company provides a product or service, or is an advocacy organization, your stakeholders care about CSR and may pass you up to work with an organization with an existing or more impressive and impactful CSR program or report. It is no longer an option to have a successful organization and lack a CSR program. You may be thinking, why? Fortunately, we have created a list of our top three reasons why CSR is important.
- Silence Is Negative
If 2020 has shown us anything, it is that silence is no longer an option and can be perceived negatively in your stakeholders’ eyes. That doesn’t mean that if your organization has a CSR program it should prepare a press statement for every national or local issue, but what it does mean is that a CSR program and report are no longer ‘nice to haves’ and, instead, ‘must haves.’ Stakeholders may mistake your CSR silence for carelessness or a lack of empathy for our society. Use CSR to underscore the strategy and purpose behind your organization. If issues arise or a crisis happens, you have the organization’s CSR goodwill to fall back on.
- You Will Be Compared to Your Competitors
Today, stakeholders are demanding that brands and organizations be socially responsible for the community or communities in which its employees live and work. When a stakeholder compares your organization to a similar organization that has a well-defined CSR program, your organization’s lack of a CSR program or report could create challenges. Note: It’s not enough to just have a program, you need an accompanying report to showcase your organization’s efforts. Not only is a good CSR program the right thing to do, it’s also part of a holistic risk management strategy, which could appeal to investors and other stakeholders as well. You must achieve your business goals while demonstrating a commitment to corporate social responsibility.
- CSRs Leads to Loyalty
Stakeholders choose to support and to work with companies with defined CSR programs because the efforts show the organization’s commitment to its employees and its community. While organizations without a formalized CSR program or report also may have the same commitment and business strategy, you must be transparent about it. Loyalty among stakeholders is fueled by transparency and trust between the organization and stakeholder. A public-facing CSR report is a foundation on which trust and transparency can build. CSR programs are no longer revolutionary and are demanded by stakeholders.
Now that you understand why your organization needs a CSR program and accompanying report, how can we help you? Novitas’ experience in CSR reports for highly-regulated industries can help your organization tell the story to build trust and credibility with stakeholders today.
Contact us today at [email protected] and fill out the form below to receive more information on CSR programs.