Is your business benefiting from supporting a worthy cause?
Becoming a Corporate Socially Responsible (CSR) business benefits your communities’ charitable organizations and everyone’s well-being, but it also helps your business prosper.
In a nutshell, a Corporate Social Responsibility (CSR) is a business, large or small, that aims to be accountable to the community by making a positive impact.
Not only is it the right thing to do, but it matters for your business and your employees. CSR can also be a powerful tool for attracting and retaining employees. Studies show that today’s workforce is increasingly values-driven, and many employees want to work for companies that share their commitment to social responsibility. By prioritizing CSR, companies can create a sense of purpose and meaning for their employees, leading to greater engagement and job satisfaction.
Consumers are also seeking businesses that have embraced social responsibility, including local shopping, green initiatives, and social causes such as Hunger Relief. It is a good idea to work with your employees to choose a cause or nonprofit organization whose mission is meaningful to your team, create a value statement, and a policy everyone in your business wants to support.
Charitable giving can be almost anything from sponsoring events, contributing to the cause, and even volunteering your services to an organization in need. One easy idea is asking your customers to “round up” at the register when paying for goods and services for your company’s charity.
Whatever you decide, it is important to track the details regarding your giving opportunities and share these facts and stories with your client base. For example, post your business’s cause on your website, take photos of events your employees participate in, and track the amount of in-kind and cash contributions each year. There are tax incentives for your business and with the ever-changing landscape of the Internal Revenue Service. We recommended that you talk with your Accountant about charitable giving.
Corporate social responsibility is not only the right thing to do but also good for business. By prioritizing CSR, companies can build a strong reputation, attract customers and employees, and mitigate risk. But most importantly, CSR allows companies to contribute to a more just and sustainable world. Social responsibility must be a core strategy as businesses evolve in the 21st century.
Want to know how to get started finding an organization whose mission you care about? Are you already involved in charitable giving but want to take it to the next level? Ready to consider your policy and practice for becoming a Socially Responsible Business?
At Creative Solutions, we help people do great work! Contact us today at email@example.com
- 62 % of people aged 18-26 prefer working for employers who offer volunteer opportunities.
- Paid Volunteer Time boosts morale. Volunteering allows employees to engage with organizations they care about and often will enable them to share their expertise, leadership, empathy, and accountability outside of the workplace.
- Improves Health and Wellness.
- Improves workplace productivity.
Gain new customers:
- Today’s consumers are more likely to work with a socially responsible business.
- 85 % of consumers have a better outlook on businesses that give time, expertise, and dollars to a charitable organization.
- Consumers are also willing to pay higher rates for goods and services and are likelier to purchase from a business that advocates for a cause they care about.
Publicity for your business:
- Participating in volunteer projects is a great way to gain free publicity.
- Take photos at each event and add content to your website and social media platforms.
- Inquire whether the content from an event can be uploaded to the nonprofit’s website.
- For 2023, the IRS’s new threshold is 60% of your business’ Adjusted Gross Income and 30% for non-cash assets. https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions
- New Hampshire’s Tax Credit Program: https://nhcdfa.org/investing-in-nh-communities/tax-credit-program/
- Vermont’s Tax Credit Program: https://tax.vermont.gov/business/tax-credits#:~:text=The%20Vermont%20credit%20can%20be,forward%20up%20to%2010%20years.