The year 2020 was a year like no other. The whole world suddenly seemed to come to a halt, and it was hard to figure out what was happening. But, the one good thing that came out of 2020 was a lot of awareness about different communities and societies and the urge to do something better for them.
This awareness led to many companies taking up philanthropic and charitable roles to do something good for others and themselves.
We saw a rise in different corporate social responsibility initiatives followed by various communities, groups, individuals, and businesses who became trendsetters for others.
What Is Corporate Social Responsibility?
Corporate social responsibility (CSR) is a self-regulating business model which allows a company to become socially accountable—to itself, its stakeholders, and its consumers. Companies that practice corporate social responsibility, are aware of the influence they have on all parts of society, including the economic, social, and environmental.
Corporate social responsibility implies that a company operates in ways that benefit society and the environment rather than having a negative impact in the usual course of business.
Implementing corporate social responsibility initiatives is a win-win situation – it allows you to grow while uplifting other communities and societies side by side.
Here’s how implementing corporate social responsibility initiatives can benefit your business:
Benefits Of Corporate Social Responsibility
1. Enhances Brand Image
Most of the world today thrives online, which means your customers have access to more information and are more aware than ever before. When your brand showcases corporate social responsibility and works towards social welfare, your customers start trusting you more and feel proud about associating themselves with your brand. Which eventually helps in increasing your brand image and reputation in the industry.
2. Enhances Employee Satisfaction
The way a company treats various communities speaks volumes about how it treats its employees. People who feel respected and valued at their jobs are more productive and motivated to work.
Giving your employees opportunities to volunteer for the social welfare of societies and communities creates a sense of connection and pride within them. They feel more encouraged and satisfied through these personal-development initiatives, making them more loyal towards your organization.
3. Enhances Customer Loyalty
Today’s younger generation, also the largest one, prefers to align themselves with brands whose values match with their thoughts and opinions. A 2016 Neilson Survey found that 56% of participants chose to purchase from brands that knew their social value.
It is because when a brand has a pro-social message, supports a social cause similar to their customers, and has ethical business standards, they come across as credible and trustworthy, inviting more and more people to engage with them.
If you want your consumers to perceive your brand as something they would love to invest their time and money in, then you should implement certain corporate social responsibility activities right away!
The list compiled below covers the top five corporate social responsibility trends of 2021, which are here to stay and will help to add value to your brand.
Top Corporate Social Responsibility Trends To Watch Out For In 2021
1. The Rise In Virtual Volunteering
With the pandemic turning the world digital, we also saw a hike in information consumption on the internet and the number of people who started sharing this information online. Which led to the rise in virtual volunteering, wherein people from all over the globe began connecting online to help and support those in need.
Various platforms such as Goodera are bringing non-profit organizations and individuals together to explore and participate in multiple virtual volunteering opportunities around the globe.
A great way to raise awareness online is to choose the right online identity – one that strikes a chord with social welfare communities, activists, and philanthropic initiatives. For instance, a name with the .sbs domain extension will help you make a strong social impact online.
.sbs is a smart abbreviation for ‘Side by Side.’ Forward-thinking organizations, progressive businesses, charitable institutes, welfare groups, and philanthropic communities can use a .sbs domain name to fuel public interest agendas side by side with their business and economic interests.
2. Social Equity Being The Centre Of Attention
The past year witnessed a lot more than just the COVID-19 pandemic. There were several communal movements like Black Lives Matter and Stop Asian Hate that led to people coming together and empowering change. Many companies supported the movement by encouraging racial equity in the workplace, ensuring equal pay, and opening more employment opportunities for racial and ethnic minorities.
Many also started supporting NGOs that work towards protecting the rights of racial minorities. This trend will likely continue, hopefully, accelerate, in 2021, as more individuals begin to demand social and economic inclusion and equity from the companies with which they associate themselves.
3. Helping Small Businesses Survive
The pandemic had a negative impacted on nearly every individual and business, but the ones that were hit hard and suffered the most were small businesses. It led to an unfortunate point where many small businesses had to shut down because they couldn’t support themselves further. As a result, many non-profit organizations and large business owners started focusing more on helping the provincial backbone of the economy – small businesses.
Companies like Dell have lent support to small businesses and startups. The computer giant is helping small businesses by providing them with their first funding initiative and providing entrepreneurs with financial resources and scalable technologies.
4. Working Towards Sustainable Development
This one is an evergreen trend in corporate social responsibility. Sustainable development has been in talks for a very long time. Many companies have adopted it and work towards environmentally friendly processes to reduce the impact on the planet.
Giant companies like Coca-Cola have also taken a big step in reducing their carbon footprint. The company has implemented significant modifications in its value chain, including production methods, packaging formats, delivery fleet, refrigeration equipment, and ingredient procurement, to offer eco-friendly solutions. It also committed to cut down on its carbon emissions by 25% in 2020.
5. Healthcare Is Top Priority
Healthcare has become a focal point of corporate social responsibility, mainly due to the rising need for health services and extreme strain on the medical sector, given how the previous year went. Many organizations have realized the importance of healthcare and have started implementing health-related corporate social responsibility initiatives, both internally for their employees and externally for communities at large.
Many companies have started contributing to providing relief funds, healthcare supplies, medicines, oxygen cylinders, etc., during times of emergency. Some even recognized the impact of the current situation on mental health and started conducting free mental health sessions for their employees, providing paid leaves and improving the overall work environment.
Conclusion
With 2020 serving as a wake-up call, 2021 has provided a glimmer of optimism to many, especially with numerous companies implementing corporate social responsibility efforts side by side with their usual business endeavours.
Previously, most companies considered corporate social responsibility a distant goal; however, many firms, individuals, and organizations have now recognized its significance and adopted it as their primary goal. The steps taken by many individuals and companies in 2020 towards corporate social responsibility have not only increased their image in their respective industry, but it has also led to numerous customers empathizing with and believing in them.
Wondering how to make noise about your corporate social responsibility initiative? How about starting with registering a memorable yet simple domain name with .sbs!