Why Social Responsibility Needs to Be a Business Priority
Businesses wanting to succeed must commit to social responsibility. Pave the way for your company to do good and produce long-term profits.
Hundreds of keywords and buzzwords continue to flood the environment in today's modern business world and may either make or shatter a company's efforts toward success.
Every year, new jargon is introduced to all types of organizations and professions, ranging from "shared spaces" and "co-working" to "sustainable company management" and "remote work." Among all the many concepts and terminology you'll need to get acquainted with, one notion stands out above all others: social responsibility.
What is Social Responsibility?
Social responsibility is the idea that companies and businesses should care for the communities within which they operate. All of their actions should be geared towards long-term benefits for all stakeholders; including shareholders, employees, and the local community.
Social responsibility is defined as the "pursuit of goals and actions designed to benefit society as a whole," and it's one of the most critical aspects of doing business, no matter what field you're in.
Benefits of Business Social Responsibility
Social responsibility and businesses go hand in hand. Businesses actively engaged in making their communities a better place may be surprised to learn that in addition to making the world a better place, several other substantial benefits are derived from such endeavours.
There's more to providing for a community than just making it a better place: businesses also have a great potential to attract customers and clients through socially responsible initiatives.
Social responsibility projects are a great way to publicize a company's involvement in a specific cause and brand them as a company worth supporting.
Additionally, since socially responsible initiatives often involve community partnerships and collaborations, businesses can secure the trust and loyalty of their partners, which can be a great lead generation and sales channel.
Finally, socially responsible businesses can also enjoy increased productivity and profitability and a better overall work environment.
How Businesses Can Start Becoming More Socially Responsible
The idea of social responsibility may seem abstract and difficult to implement at first, but it's pretty easy to get started with.
Below are just some of the many ways your business can start being more socially responsible:
Get involved with a local community – find out what your local community needs and how you can help them in their efforts. You can donate to local charities, volunteer on community projects, or even start your own social responsibility project to help those in need directly.
Provide for your employees – entice employees by providing them with a fulfilling, enjoyable, and rewarding work environment. You can do this by offering your employees health care, dental insurance, or other employee benefits that will make their lives easier.
Take your customers into account – think of your customers' well-being and satisfaction, and make sure that each of your business practices reflects this. Adapting your products or services based on your customers' needs and demands shows that you genuinely care about the customer. Getting customer feedback and implementing it, can go a long way for your business and the people you serve.
Become a corporate citizen – make your business a good corporate citizen by showing up to random community events and initiatives that are not necessarily sponsored by you. Becoming a corporate citizen could also be as simple as sharing people's posts on social media.
Businesses ignoring social responsibility will cease to exist
Companies that want to succeed, need to be willing to commit to being socially responsible.
Gone are the days of companies getting away with mismanagement. This next generation is hungry for change.
My prediction, if your business doesn't engrave social responsibility into your culture, you will cease to exist.
Furthermore, socially responsible businesses and their employees will be much happier and more fulfilled in the long run, knowing that their efforts are reaching beyond profits.
Understand your finances to become more socially responsible
Our aim here at Nava ventures is to provide the #1 socially-responsible banking experience across North America.
When you deposit your money, it doesn't just sit there. Big banks use your money to invest in fossil fuels and other projects that harm the planet.
Since signing the 2015 Paris Agreement, 60 of the world's largest banks invested over $3.8 trillion into fossil fuels.
Nava helps you understand how your money impacts the planet.
We score your crypto, stocks, and everyday transactions to inform you how climate-friendly your daily transactions and investments are.
Nava donates a percentage of our revenues to NGOs dedicated to fighting climate change. By signing up with us, you can understand how your money impacts the planet and fight climate change.
We are launching in spring 2022