4 Reasons Why Social Responsibility Is Important in Business
At Hallmark, showing compassion and thoughtfulness is at the heart of what we do. Our entire organization believes “when you care enough, you can change the world.”
Spreading goodwill and addressing social and environmental issues also allows us to leave a lasting mark that we hope will be felt for generations to come. As a company, we believe it is our duty to be socially responsible.
What is social responsibility? Why is it important?
Social responsibility has become increasingly important to companies in recent years. Whether it’s donating clothing to the less fortunate, providing clean water to people in poverty-stricken countries or empowering women, companies like Hallmark are taking a moral stance on improving the world we live in.
The reason is quite simple. For one, it’s just the right thing to do. However, it’s also important because:
1. Employees expect it.
32% of employees would leave their job if their company was not charitable.
People want to work at companies they can be passionate about, and one way to do it is through volunteer and donation opportunities. According to Forbes, 32% of employees would seriously consider leaving their job if their company gave little to no money to charity.
2. It makes companies more marketable.
Standing out from the competition can be challenging when the marketplace is already crowded. However, companies that demonstrate an obligation to various philanthropic causes are generally perceived as more marketable than companies whose social responsibility activities are seemingly nonexistent. Thus, the marketing of social responsibility is important for businesses that want to keep or attract consumers with mindsets toward the environment, social issues and economic growth.
3. Consumers expect it.
50% of consumers are willing to pay more for socially responsible products.
Now more than ever, consumers (especially the Millennial generation) increasingly expect brands to not just have functional benefits, but a social purpose, too. A Nielsen Global Survey on Corporate Social Responsibility found that 50% of global consumers are even willing to pay more for socially responsible products.
4. It attracts and retains investors.
As they’re helping fund companies, investors naturally want to know that their money is being used properly. One study reports that 83% of professional investors are more inclined to invest in stock of a company well known for its social responsibility.
These reasons, and countless others, show just how important social responsibility is in business. But what are some examples we can pull from to show you the impact social responsibility has on marketing success?
Read our next blog, 5 Inspirational Examples of Corporate Social Responsibility in Marketing, for key examples we’ve found in our years of marketing experience.