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Corporate Social Responsibility: How does CSR benefit your business?

Every business is part of the community it serves. As well as creating jobs and wealth, businesses can also be a force for good in society, promoting positive social and environmental change.

Around the world, governments and social institutions are struggling to retain people’s trust1. This gives businesses an opportunity embrace people's expectations of social purpose and positive change and take a lead on the issues important to their customers.

Research shows that Corporate Social Responsibility (CSR) activities aren’t just window-dressing2 and that having a positive impact on society can help drive business growth just as much as other business activities.

So what are the business benefits of CSR?

 

1. CSR boosts your reputation

There’s a proven link between a firm’s CSR activities and its reputation. At the most fundamental level, a customer choosing between two potential suppliers will choose the one whose reputation they trust most.11

In highly competitive markets, CSR is a major differentiator with customers more likely to choose businesses whose position on social responsibility aligns with their core values and preferences. In fact, 90% of consumers say they are prepared to base a buying decision on which brand stands up for an issue they care about.3

2. CSR improves recruitment, retention and productivity

Research shows that effective CSR programmes enhance the sense of belonging in employees - improving motivation, lowering rates of attrition and leading to greater job satisfaction and higher productivity.4

This is reflected in the fact that 64% of millennials say they won’t work for businesses that don’t have strong CSR policies, with 83% saying they'd be more loyal to a company that helps them contribute to social and environmental issues.5

Plus, not only are young people more motivated to work for businesses that have a social conscience, three-quarters say that they would work for a smaller salary if their employers were socially responsible.6

3. CSR increases customer loyalty

Putting CSR values at the heart of your business strategy increases customer loyalty.7  

According to a Statista report, 70% of consumers agree that they are more loyal to companies prepared to showcase their corporate social responsibility credentials.8

This is particularly important in a post-pandemic world where customers are increasingly driven by motivations beyond price and quality. Indeed, they won't only abandon businesses that don’t support their values - they're happy to pay more to those that do.9

4. CSR adds social value and economic value

The bottom line is that businesses with strong social responsibility credentials attract customers who are less price-elastic. Put simply, customers will choose to buy from a more expensive brand that adds social value rather than a cheaper one that doesn’t.3

A study by Nielsen revealed that almost two-thirds of consumers are willing to pay extra for products and services that come from companies who are committed to adding social value. This willingness to pay more is consistent across all income groups - and represents the majority view in all age groups.10

Taking corporate social responsibility seriously

For CSR activities to be seen as authentic, they must come from a place of genuine commitment. Here at Brother, we believe in supporting causes that are relevant to our values - placing corporate social responsibility at the heart of our business philosophy.

Since 2008 Brother has supported Cool Earth, a non-profit organisation which supports rainforests communities around the world to protect 27 million trees that store over 37 million tonnes of carbon.

Brother's European offices promote our Cool Earth Eco-Rewards Initiative by offering the free collection and recycling of ink and toner cartridges. This reduces waste, minimises the impact on the environment and provides vital funding for Cool Earth’s activities.

To learn more about our longstanding collaboration with Cool Earth, download our infographic!

Sources:

1. Edelman: "2021 Trust Barometer" - 2021
2. SSRN: "CSR Performance and the Economic Value of Innovation" -  April 2020/October 2021
3. StampMe.com: "How Can Corporate Social Responsibility Impact Loyalty Programs?" - November 2019
4. emerald insight: "Corporate social responsibility impact on talent retention among Generation Y" - October 2020
5. Forbes: "The Power Of Purpose: The Business Case For Purpose" May 2020
6. sustainablebrands.com: "3/4 of Millennials Would Take a Pay Cut to Work for a Socially Responsible Company"
7. tandfonline.com: "The effects of corporate social responsibility on consumer loyalty through consumer perceived value" - May 2018
8. Statista: 'As a consumer, are you more loyal to a product of a company that showcases a corporate social responsibility (CSR) policy?' - July 2021
9. www.accenture.com: "Life Reimagined: Mapping the motivations that matter for today’s consumers" - 2021
10. marketingcharts.com/Nielsen: "Will Consumers Pay More For Products From Socially Responsible Companies?" – 2015
11. smartinsights.com: "Consumers are increasingly trusting brands that take a stance" - September 2019

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