March 2, 2018
Social responsibility for businesses refers to companies balancing their profit-making activities with actions that also benefit society. It is becoming critical for businesses to develop a positive relationship within society and within their environment, with these factors being increasingly used as a measure of overall performance.
Some forms of social responsibility have been made mandatory by law (for example by the Modern Slavery Act and WEEE) but more companies are now realising that voluntarily being more socially responsible is good for business too.
Socially responsible activities and efforts made by businesses tend to reflect well on their brand and customers will tend to have a more positive view of that business, for instance when companies get involved in charity work. Previously it was enough just for a business not to be involved in negative activities, but it seems that actually doing good is now expected.
Employees tend to be more loyal and morale tends to be higher when they believe the company they work for is socially responsible and not just after making the highest profits at any cost. Better morale and loyalty will always translate into higher productivity and lower staff turnover which can only benefit a business.
Consumers who believe a company is doing good will tend to be more loyal and feel that the money they are spending is being used well. This not only gives socially responsible companies an advantage over competitors on a level playing field, but can sometimes even mean that they will even pay more or go further to buy a product that they believe is sold by a socially responsible business. This helps to create competitive immunity and make a business more sustainable over the longer term.
It is important to realise though that consumers expect transparency and honesty as much as they expect corporate social responsibility. Companies who ‘do good’ purely as a marketing activity, without demonstrating that they are socially responsible overall, are more likely to put consumers off than attract them. Businesses need to want to be socially responsible and not just do it to increase profits – the increase in sales and loyalty is a bonus to the company that wants to do the right thing for society and the environment.
Companies who are willing to do the right thing above and beyond what is required by law and who are genuinely ethical with regard to how they behave within society and the environment will reap the benefits of their conscientiousness. It’s not always easy to behave honorably when other companies aren’t but in the long run it’s likely to pay off – for the consumer, the business itself and obviously for society and the environment too.
Helping companies be more responsible with their waste is something that Recycling Your IT feels strongly about. As well as making it easy for businesses to be WEEE compliant, we also make it our business to ensure that absolutely no waste goes to landfill. We always try to reuse first, and what can’t be reused will be recycled for raw materials. If you’d like to discuss with us how we can help your company not only comply with the law, but also be as environmentally friendly as possible with regards to electronic waste, give us a call today.