Corporate Social Responsibility: Why is it So Important?
Today, a lot of customers are insisting they only want to work with companies that have are focused on making a positive impact on society. As a result, corporatesocialresponsibility (CSR) has emerged as the new norm for businesses because it helps them to enhance their reputations. Keep reading to understand the importance of CSR and why you should adopt it in your manufacturing business.
When you engage in corporate social responsibility, it is a great way to make your brand stand out from the competition. More people, including partners and customers, will want to be associated with your company because of the good CSR work, raiding the chances of success. For example, companies with strict policies on customer rights, conservation, and community might prefer your brand to others with no CSR policies.
Helps to Save Costs
Most companies include environment protection as part of their CSR programs. These conservation strategies, such as reducing emissions, cutting down wastes, and adopting cleaner energy, can go a long way in helping to cut down the cost of operation. This is why CSR is being used by some companies to help increase profitability.
A Great Way to Retain Talented Staff
When developing a CSR program, it is important to ensure it targets more stakeholders, including the employees. Good CSR actions, such as extending health coverage to employees’ families and a safer working environment, are likely to cut down staff turnover. Furthermore, employees want to be associated with companies that have a good reputation to feel part of it.
Establishing a Corporate Social Responsibility Program: Iskander Makhmudov’
Now that you know the main benefits of using CSR, “How do you establish one in your company?” The secret to starting a good CSR program is looking at the core values of your organization and thinking of how to reinforce them by giving back to the community. Then, designate one department to coordinate CSR activities and provide a budget for them. Note that since it is a branding strategy, you should capture the activities in your marketing efforts, such as brochures and newsletters.
To demonstrate this, consider looking at the model used by the Ural Metallurgical Mining Company (UMMC), which was started by Iskander Makhmudov. Since its establishment in the early 1990s, the company’s CSR has focused on three key areas:
- Health and safety.
If you take the example of the environment, UMMC has invested so much into environmental protection. Every year, the company uses about three-billion RB for environmental protection. The goal of protecting theenvironment is achieved by supporting local administration, environmental organizations, and individuals who work on conservation. This focus has won UMMC praise and support by customers not just in Russia but the entire globe.
As you can see, CSR comes with awesome benefits, and you should not be left behind in implementing it in your organization. Therefore, make sure to install a good CSR program and use related activities to strengthen the brand. Also check how other top industrialists, such as IskanderMakhmudov, have implemented their CSR programs to get a bigger market share at home in Russia and across the globe.