From the perspective of many corporations and business owners, social responsibility is often considered the right thing to do, but not required. With an increase in consumer pressure for companies to be more socially responsible, making a positive contribution to society is becoming increasingly important.
As social awareness becomes an ever-increasing issue for the general public, companies that embrace corporate social responsibility have shown massive gains in terms of trust, brand authority, and even revenue.
Here are seven reasons your company should care about social responsibility:
1. It drives more business.
A recent study conducted by SUNY’s School of Media and Communication looked at mission statements among Fortune 500 companies to see what separated the top from the bottom.
Companies in the top 20 of the Fortune 500 including Walmart, Chevron, and AT&T, actively pursued social responsibility in their mission statement and placed more emphasis on nonfinancial issues than companies found on the bottom of the list.