Corporate Social Responsibility - a Reputational Imperative
Corporate Social Responsibility is no longer a nice to have, but rather a “reputational imperative” according to a new report released by Cone Communications.
The 2013 Cone Communications / Echo Global CSR Study reveals the growing importance to companies of clearly demonstrating the social, community and environmental good that they are doing in addition to their business as usual (often dubbed Corporate Social Responsibility, or CSR).
“Consumers across the globe resoundingly affirm CSR as a critical business strategy,” says Dan Soulas, managing director of Echo Research. “It is vital for companies to understand the unique, market-level nuances to effectively participate in the CSR interchange. A one-size-fits-all approach just won’t work.”
“Companies have a job to do,” DaSilva says. “This research reveals an increasingly social, savvy consumer who is looking for proof of progress. Varying degrees of perceived individual and corporate impact underscore the overwhelming need for companies to consistently communicate both corporate and consumer CSR return.”
The study revealed that:
- Just 6% of consumers believe the singular purpose of business is to make money for shareholders
- 91% believes companies must go beyond the minimum standards required by law to operate responsibly
- 93% wants to see more of the products and services they use support CSR
- More than eight-in-10 consider CSR when deciding where to work (81%), what to buy or where to shop (87%) and which products and services to recommend to others (85%)
Those companies that have, and clearly promote, an effective CSR policy can be significantly rewarded:
- 96% of global citizens will have a more positive image of that company
- 94% will be more likely to trust that company
- 93% will be more loyal to the company (i.e., continue buying products or services)
The survey also showed that shopping habitats can also be heavily influenced by those companies that show social and/or environmental benefits:
- 91% of global consumers are likely to switch brands to one that supports a good cause, given similar price and quality
- 92% would buy a product with a social and/or environmental benefit if given the opportunity, and more than two-thirds (67%) have done so in the past 12 months
The findings reaffirm the return on investment that can be made through running and promoting an effective carbon management and offset strategy through co2balance’s African based carbon offset project. This year has also seen the growth of co2balance’s dedicated CSR projects in Africa, with a range of social and environment initiatives that can be tailor made to meet the requirements of your own CSR strategy, from boreholes in Uganda to solar lighting projects in Kenyan Schools.
More information on these projects can be found on our website, or by contacting us directly on 01823 332233 or enquiries@co2balance.com
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