Why CSR will grow in importance in 2022
Fergal Maher MBS Mark, Dip.Strat. Mark.FMIIGrad
Strategic Implementer, Troubleshooter, Non Executive Director. Helping companies, develop and implement Marketing Strategies for growth in Ireland, UK, Europe, Middle East, Asia, Africa, Oceania and the Americas.
As we head into 2022 there is an increased focus on CSR (Corporate Social Responsibility) among, CMO’s (Chief Marketing Officers). They simply see the need for their business’s to pursue achievable and good?long-term goals for the world at large.
It is a way of giving back and becoming more attractive to employees, customers and potential customers.?This can take the form of projects, movements or support of individuals. The aim is to achieve a win win for companies and communities. More and more companies are taking the lead and taking on humanitarian projects ranging from aid to the construction of buildings and roads in poorer nations.
CSR helping attract employees?????????????????????????????????????????????????????????????????????????? ?Todays employees are attracted to companies that have a strong CSR strategy. ? ??? ?A company that is compassionate, treats people well and is truly committed to improving the world is very attractive to employees.
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CSR can make your brand more attractive??????????????????????????????????????????????????????????? A company can stand out more and become more attractive to customers by showing corporate social responsibility. People will see a company like this as a positive force in society. The particular projects a company undertakes helps raise awareness of the company and its brand(s) and keeps a business top of mind. It can also strengthen a brand. Research by Nielsen has shown that more that 9 in 10 millennials would switch to a brand for a cause. They are also prepared to pay more for a brand that shows its investment in CSR and to take a pay cut to work for a responsible company.
Invest in CSR can also be more attractive to Investors. ????????????????????????????????? ?If a company is more in touch with its market it can become more attractive for investors. It can also achieve more profit by contributing more to the bottom line.
Conclusion?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ?It is no longer possible for a business to operate purely to make profit and ignore the environment, society, consumers and employees. A company today needs to look at how it can give back to society and this will attract more customers and employees.