THE IMPORTANCE OF CSR IN A COMPANY
As you very well know, one of the services offered at AYMA is corporate social responsibility, our website AYMA CSR at your disposal. In addition, in our blog we often talk about things related to this area, such as the different types of CSR that exist. On this occasion, we’re going to tell you why corporate social responsibility holds so much importance in a company. Care to join us?
Companies are adopting more and more corporate social responsibility policies. Almost all large companies in the Spanish market –around 98 percent–, including those represented in the IBEX 35, «have a specific corporate social responsibility policy or policies», according to the Multi-sector Study on the status of Corporate Social Responsibility of Large Companies in Spain by the Sustainability Excellence Club. But that’s not all. 90 percent of them have specific practices with employees (94 percent), social issues (91 percent) and the environment (94 percent).
According to the Observatory on CSR, the quality of reports on CSR that companies publish annually is increasing, and economic investments in these types of policies are continuing an upward trend. Did you know that approximately 80 percent of the value of a company depends on its intangible assets? In other words, it depends both on their reputation and their brand.
The importance of CSR for organizations is based on the construction of sustainable development. This type of management system not only benefits your company, but also its partners, civil society organizations and other groups of interest.
The possible benefits of these practices don’t just have to do with the profitability of a company. People feel good collaborating with businesses that are proud of their values and reputation. They like to actively contribute to building a sustainable future.
Moreover, job performance is improved. Almost sixty percent of employees who are proud of the social responsibility of their company are committed to their values and actively work towards the goals of the company.
Benefits of Corporate Social Responsibility for a company
- Improves business reputation and adds differential value.
- Increases customer loyalty and increases the possibility of capturing new clients.
- Increases employee loyalty and promotes a sense of belonging.
- Fosters innovation.
- Reduces production costs by implementing processes to minimize energy costs.
- Increases the possibility public contracting and encourage candidacies for awards and recognition.
- Reduces risks thanks to conduct codes.
- Attracts new investors.
- Adds differential value regarding the competition.
- Ethical practices and compliance to standards and regulations, such as the ISO 14001 opens the door to access new markets.
- Creates a sustainable business model that provides solidity to the business and guarantees long-term activity.
- Responsible measures with respect to the environment minimize energy consumption and water consumption as well as CO2 emissions, which helps reduce production costs.
- Increases credibility by clearly and transparently showing the social impact that your business activity generates.