Regardless the size of your business, it’s always good to give back. Corporate social responsibility is the basic notion of being mindful of every stakeholder when conducting business. This means your businessÂ provides both social and environmental benefits on top of earning profits. Besides being a socially responsible business, here are four more reasons why giving back can benefit your overall business.
Attract Dedicated Employees and Customers
The more socially responsible your business, the more active you will be in your community. When looking for employment, people are attracted to reputable companies. Especially millennials.
In a 2015 Cone Communications Millennial CSR Study they found that, “Millennials say they are prepared to make personal sacrifices to make an impact on issues they care about, whether that’s paying more for a product (70 percent vs. 66 percent US average), sharing products rather than buying (66 percent vs. 56 percent) or taking a pay cut to work for a responsible company (62 percent vs. 56 percent)â€
As the millennial workforce grows they’re beginning to show their true strength. Not only are they more likely to spend money on socially responsible brands, but they are even willing to take a pay-cut for a job. If your business takes the time to give back, these numbers clearly show you most definitely can increase your bottom line and do good at the same time.
Studies have shown that we’re in fact hard-wired for giving. That means there are both psychological and physiological benefits for being charitable. If you are aimed to be a happier healthier entrepreneur than look no further than philanthropy! Here are two ways in which business owners find the most pleasure from giving:
- Donating in doses: It’s always hard to see your money go, but it’s less painful when it’s for a good cause. There’s no reason why you need or should write a big check to your local hospital. Make smaller payments over time so you don’t break the bank but instead you’re constantly pitching in to make a difference.
- Donating skills and expertise: The best feeling is making a difference without needing to break out the check book. Look to donate your time or skills towards a cause that you know will benefit. For example, if you’re a great marketer help organize a fundraiser or charity drive.
Philanthropic events are a great place for networking. Influential people tend to be very involved with charities. If you catch wind of any charitable events like fundraisers, galas, or auctions it’s definitely a good idea toÂ participate. These events typically draw the attention of wealthy and influential individuals. You may meet a potential investor, partner, or at the very least get some free advice.
Supercharge Your Marketing
As mentioned above, socially responsible businesses have a strong presence in their communities. For example, charities will post photos of their sponsors and companies that have offered support.Â This will increase both brand recognition and customer loyalty.
In addition to traditional marketing, social media marketingÂ and philanthropy were a match made in heaven. According to the same Cone Communications study, “More than nine-in-10 Millennials would switch brands to one associated with a cause (91% vs. 85% U.S. average), and two-thirds use social media to engage around CSR (66% vs. 53% U.S. average).â€
Millennials already represent $1 trillion in buying power in the U.S. alone. The more socially responsible content your business can produce, the more you’ll be able to engage with this demographic. The numbers don’t lie, it’s definitely worth your while
In the end of the day, it’s our responsibility as humans to give back to one another. Whether you’re a freelancer or multinational corporation we must all work together to not only put cash in our pockets, but ultimately make the world a better place.
Renzo Costarella is an entrepreneur, avid learner, and startup enthusiast currently living in Silicon Valley. He pioneered his first start-up fresh out of high school at 18 years old. He is one of the first few employees and the VP of Sales and Business Development at Due.
DueÂ is a payments, eCash, online invoicing, time tracking, global payments, and digital wallet solution for freelancers, small business owners, and companies of all sizes.