Corporate social responsibility (CSR) has many advantages that can apply to any business, regardless of its size or sector. If done right, it can certainly affect your bottom line and bring you a return on investment, and more importantly, benefit the community. So it’s safe to say the benefits of Corporate Social Investment (CSI) are two-fold and mutually beneficial. In this article, we talk about the benefits of CSI to your business and what results you can expect.
CSI is an initiative undertaken by your company that is not profit driven and usually external to your usual business activities. It utilizes your company’s resources, and your staff’s time and skillset to help uplift communities. Its aim is to provide communities in need with what they require for the greater good.
So how does CSI affect your business specifically and help boost your bottom line?
- Enhanced brand reputation and recognition for doing good and being a part of something greater.
- Enhanced corporate image by positioning your company as a good corporate citizen. This will give your business more credibility and competitive edge over similar competitors who offer a similar offering, resulting in increased sales and customer loyalty, which will affect overall organisational growth and thus increase revenue.
- CSI efforts demonstrate the heart and soul of your company, giving your brand authenticity and a purpose greater than its offering.
- It helps maintain employee satisfaction and loyalty, which produces a drive for employees to go that extra mile. By creating a desirable corporate culture, they can feel as though they are a part of something rewarding. This is specifically important when hiring younger generations (Millennials and Gen Z) as this is important to them as employees and customers.
More benefits of CSI
If these benefits don’t seem valuable enough, then to look at the impact this has on communities will surely give your business a deeper sense of purpose and help you fully understand the importance CSI. Here are more of the benefits of CSI:
- By participating in CSR efforts, your company has the ability to help uplift our country by starting with less fortunate communities. Never has this been more important than now in the era of COVID 19 as many people live with the devastating effects it has has on larger corporate, SMEs, and small start-ups. It has also left Non-profits without resources or funding . By investing your efforts in a non-profit, your business is directly involved in uplifting communities, which affects our overall economy.
- Your organisation adds value to communities and society as a whole. Many now recognise that government alone cannot turn the tide of poverty and sub-standard living conditions across South Africa. People desperately need help and resources. Through effective CSR programmes, your organisation can make a difference.
- Community aid and upliftment also helps build trust between your business and its surrounding communities. In the geographic location where your company operates, the perception of your company is key. The communities there may see your organisation as a positive influencer, and respond with support and co-operation. Or, they could see it as cold, heartless and selfish, and respond with indifference or even hostility. CSR initiatives are a wonderful way to build good working relationships in these communities.
The benefits are aplenty and have real ripple effects in our country. To really catapult your CSI marketing efforts, have a read through our CSI marketing series. It would be wise to hire a marketing expert to help execute your CSI marketing to ensure your efforts are measurable and actually bring your business a tangible return on investment.
At Arc Interactive, we’re passionate about helping businesses and big brands develop their brands through a greater cause and aiding them to position themselves well in the minds of their consumers and even employees through impactful CSI marketing efforts that uplift the communities they are passionate about. To find out more, visit our website or e-mail us on email@example.com and follow us on our social media channels on Facebook, Twitter or on Instagram for more insight and intel.