Social responsibility has significantly increased in the past few years. Audiences are now paying closer attention to the companies they support and looking for ways they have made a positive impact in their community. In the past, people were not actively holding companies responsible for not sharing their core values or stance on certain topics or issues. However, with the rise of a more skeptical generation, companies are feeling the pressure to improve or better communicate their social responsibility to better connect with their audience(s) and grow their business.
What is Social Responsibility?
Social responsibility is an ethical practice in which individuals or companies must act in a manner that positively impacts their society. Now, this practice has become increasingly important to consumers (and investors) as they are looking to spend their money with companies that are not only successful but contribute to the wellness of society, the environment, and to local, national, and global communities.
Why Is It important?
In the current climate, it’s a best practice to ensure your audience is aware of your business’s core values and beliefs. A generational shift is causing businesses to put renewed energy into their corporate values, beliefs, mission, and vision statements. Younger generations such as Gen Z and Millennials have become more skeptical and more openly opinionated, especially when it comes to the businesses they support and after significant societal events in recent years. By clearly defining your business’s values and beliefs, then sharing them on your website, social media, and other communication channels, you’re inviting your audience(s) in to learn more and appear trustworthy and transparent.
Beyond just sharing these ideals, businesses are encouraged to act on them – give back to their community and support causes or organizations that align with those beliefs. This action beyond words proves the company’s commitment, again building on the relational rapport that is required to maintain consumer trust and repeat business.
You Get What you Give
Companies that are actively socially responsible often see more support and business from their audience. Consumers are more actively looking to buy products or invest in services from socially impactful companies – enhancing their profitability. Gen Z and Millennials are more conservative when it comes to how they spend and who they buy from but older generations are joining the fold as well. Consumers not only research the quality of a product or service, but they look at the business as a whole to ensure it aligns with their beliefs and dedicates their time to giving back. Companies that focus on socially responsible initiatives can increase customer retention and loyalty.
Employees Care Too
Consumers are not the only ones interested in companies taking social responsibility. Employees and potential candidates also keep this in mind when they’re choosing a place of work. Existing employees are also positively impacted. Implementing socially responsible initiatives can boost employee morale and lead to greater productivity. Further, creating initiatives and offering opportunities for employees to give back and grow personally and professionally can help your employees become better people, better professionals, and better representatives of your brand. From offering volunteer opportunities to supporting an important cause, there are many ways for companies to start or improve their social responsibility efforts. At Pushing the Envelope (PTE), being good stewards of our community is part of our culture, and we do our best to “push” it forward. Visit our community page to learn more about PTE’s stance on social responsibility and how we stay active in our community.