When you’re busy running a successful business or managing a full workload, it can be challenging to find time for charity work. Raising money for a cause or volunteering have some definite benefits for businesses – in addition to the positive feeling of having helped those who are less fortunate. In this article, we’re going to take a closer look at the matter and explain how corporate social responsibility can benefit your business.
What is corporate social responsibility?
Corporate social responsibility, also known as CSR, is a business model that intends to help businesses be more socially accountable. CSR recognises that organisations of all sizes can positively impact both local and global communities on an economic, social and environmental level. So, instead of outsourcing manufacturing to sweatshops or using plastic straws, for example, corporations should consistently strive to do things in a way that creates a positive impact on the world.
Corporate social responsibility should also include working with charities and supporting positive causes. This could involve sponsoring employees to participate in marathons or other events, pro-bono projects, or even establishing a charity to help a specific cause.
The benefits of corporate social responsibility
While charities rely on others for help, businesses can also benefit from supporting charities. Doing charity work as part of a CSR company policy can help create a reputation for your organisation as a great place to work as well as promoting a positive working culture – factors required for attracting and retaining the best and brightest employees.
Create a positive culture
One of the most significant benefits of charitable work is the warm, humbling feeling of having helped someone else. This feeling isn’t just limited to the individuals participating in volunteer work directly, but can extend throughout the entire organisation. Co-workers can develop a sense of camaraderie by supporting a colleague in a sponsored run or working as a team at a charitable event.
Charitable work can also help to break down silo mentality by encouraging cross-departmental collaboration or creating opportunities for upper-management to work alongside others.
Great PR opportunities
Establishing a charity or participating in a charitable event can be a fantastic PR opportunity for your company. You can seize this favourable opportunity by publishing articles on your company news or blog page, or writing a press release to share with local newspapers. Most charitable events receive plenty of media coverage, so by participating your brand could attract media coverage.
Having a reputation as a business that cares about its local or global community can boost your brand value, attract new and retain current customers, and bring about networking opportunities with other stakeholders. It can even help your business win industry awards like “Top Employer” or “Business of the Year”.
Promote employee well-being
Studies have shown that Millennials want to work for companies with positive corporate social responsibility policies. Employees genuinely care about business ethics and want to be part of a team that helps make the world a little bit better. Encouraging staff to participate in charitable causes can increase employee morale, boosting motivation and productivity across the board.
Similarly, employees commonly regard managers that undertake volunteer work with higher levels of respect than those who don’t. Promoting positive behaviour within the business can also make you stand out as a good employer, helping you attract and retain skilled individuals.
Already participate in charitable work? Or know someone who does?
Accounting software company Sage wants to celebrate the good deeds of the most inspiring charitable people in the UK and US. That’s why Sage has recently launched its Charity Pioneers campaign to recognise those that strive to make the world a better place.
Who are the Charity Pioneers?
Charity Pioneers are individuals who have devoted their lives and careers to helping young people, women and girls, and military veterans. While these individuals come from diverse backgrounds and all walks of life, they all have one thing in common – they’re changing lives for the better, and that certainly deserves recognition.
Nominate a Charity Pioneer
Sage is still looking for the most charitable people in the UK. Submit a nomination by entering the name of your chosen nominee, the type of charity they work for, and the reason they should be recognised. Please note nominees must work with young people, women or girls, or military veterans. Their charities must have a turnover of less than the equivalent of $2 million.
If chosen, not only could nominees feature alongside other Charity Pioneers, but their charity could also win the GBP equivalent $5,000 of Enterprise Fund funding. The competition closes on 21st September 2018.
Sage offers a range of products to help charities and nonprofits, such as accounting software which has been specifically designed to handle charities’ financial needs, including Gift Aid and VAT.