While some companies engage in Corporate Social Responsibility (CSR) projects for altruistic reasons, more often than not, companies that engage in CSR do so for self-serving reasons. But who can blame them? Companies after all exist to make money.
For those avoiding making the plunge, the following are 3 reasons why doing CSR benefits your company ...
Reason #1: Publicity. Publicity is one of the primary reasons companies engage in CSR. Being involved with a well known CSR project fronted by a well-known celebrity can bring huge advertising dollar equivalents to the company. In addition, being seen with a celebrity brings with it the benefit of co-branding.
Reason #2: Customer Engagement. As communities mature, its members also become increasingly socially conscious and many begin feeling passionate about "giving back" or "paying it forward". A company's involvement in and support for community related causes and projects, create a good platform for customer engagement. As the members of the community work closely with the company to accomplish meaningful projects, a feel good factor is created and members of the community inadvertently become fervent brand ambassadors.
Reason #3: Employee Engagement. Similar to customer engagement, getting employees to work together on meaningful projects also creates a strong bond. These indirect team building and bonding sessions strengthens employee cohesion and morale which in turn increases productivity and reduces turn-over.
So if you are a Singapore company avoiding getting involved in CSR, we hope the above three reasons will help convince you why you should. To find out more about Hemispheres Foundation's CSR projects, email us via edu[a]hemispheresfund.org.