13th December, 2021,

UK

I have tried to make the argument many times that there are both subjective gains to companies doing right by their employees, customers, and the broader business and social community and objective gains in the form of increased revenue, customer loyalty, and an enhanced corporate image measured by public relations value. Until now, I hadn't seen many actual studies which measured this effect. I think most everyone would agree that the subjective or intangible virtues of corporate social responsibility companies in the UK are evident. It is the objective or tangible assertions which are questioned and which skeptics point to.

Enter a recent study I read done by Advertising Age, in the consumer goods retail sector. The study measured the effects of four dimensions of Corporate Social Responsibility including environmental friendliness, treating employees fairly, community support & philanthropy, and sourcing from local providers. The results showed that subjectively all four dimensions positively influenced consumers' attitudes towards a retailer or business. This isn't surprising.

Objectively, two of the four - environmental friendliness and community support - built only goodwill with no direct effect on sales. But initiatives that related directly to the products and people that consumers face yielded both goodwill and a higher share of wallet. In fact, this greater economic return was significant: 10% to 15% greater as a matter of fact!

The other interesting finding of the study was that the benefits of a corporate social responsibility program were very direct: consumers patronize the responsible business more because they see the personal benefit that resonates with their own values. In fact, there is less sensitivity to price increases seen by companies that engage in aspects of corporate social responsibility because consumers believe any increases are "fair" and can better be attributed to positive motives rather than simply price gauging.

None of this data actually changes my perception of the importance that corporate social responsibility companies in the UK plays for a business. I've always believed it is a necessity, not a nicety, for businesses to run their workplace equitably and provide support for the community and for charities. What this does change, however, is that hopefully more people will understand the tremendous tangible impact it can have on your business. It is one thing to know that what you're doing in business is inherently "good"; it is another thing to be able to talk to skeptics who might complain that spending time or resources in building a program is wasteful.

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