The Value of Values: 5 Reasons for Your Company to Embrace Social Responsibility

In almost every industry, companies face more competition than ever. How can a corporation stand out among its competitors? One method of separating yourself from the crowd is to embrace corporate social responsibility. Corporate social responsibility (sometimes styled as “CSR”) is best defined as self-imposed social accountability. Investopedia has perhaps the most succinct description of this concept: “in the normal course of business, a company is operating in ways that enhances society and the environment, instead of contributing negatively to it.”

Corporate social responsibility is more than hype. While some cynics might scoff at corporate efforts to become more socially conscious, the results speak for themselves. Here are the five most compelling reasons to embrace corporate social responsibility.

1. CSR sets your company apart from the competition.

Unless you are operating a monopoly, your company is not the only option for your product or service. Customers will confuse you with your competitors unless your brand is notable. Consider brands of marinara sauce. Ragu, Prego, and Newman’s Own all have essentially the same recipe for marinara (as far as proportion of ingredients goes). Newman’s Own, though, is famous for donating all of its profits to charity–a fact that appeals to its large customer base.

2. CSR attracts both customers and employees.

Consumers have more options than ever, thanks to ecommerce and other technological innovations. However, a 2017 report from Cone Communications revealed that 89 percent of Americans would switch from a current brand to a brand of comparable quality, and cost, if it were associated with a good cause. Employees, particularly Millennials, are attracted to the values of prospective employers. Under the right circumstances, these idealistic job candidates will become engaged employees!

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