How Necessary is Social Responsibility in Business? (Part 2)

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Last week we took a peek at the need for businesses to be socially responsible. According to Investopedia, the definition of social responsibility is, “The idea that companies should embrace its social responsibilities and not be solely focused on maximizing profits. Social responsibility entails developing businesses with a positive relationship to the society which they operate in. According to the International Organization for Standardization (ISO), this relationship to the society and environment in which they operate is “a critical factor in their ability to continue to operate effectively. It is also increasingly being used as a measure of their overall performance.” In this article, we will continue to explore the necessity of social responsibility in the business world. With a couple of more reasons, we can see why it is important to do more to be socially responsible.

Customers Expect Social Responsibility in Business

 In business, the most important asset is your customer. With this in mind, one should note that regardless of how the entrepreneur and business owner may feel about social responsibility, customers care a great deal about it. Most customers factor in the social responsibility of a company when making decisions about that company. As Time magazine points out, “a survey by Landor Associates, the branding company, found that 77% of consumers say it is important for companies to be socially responsible.”

Today’s world is much different for the customer than it was in 1970. With the internet at their fingertips, customers have constant access to the practices of businesses and their owners. As iGive CEO Robert Grosshandler shares, “In the Information Age, customers have more access to information. They’re more educated. They’re no longer hidden from how their food is produced or how their iPods are made. And, because of things like social media, like-minded people more easily find each other, have their say and effect change. There’s a level of transparency that wasn’t there before.”

Social Responsible Companies Draw The Best Employees

 In business, if you want to have employees who are dependable, ethical, and responsible, you must present them with a company that is all of these things. According to Towers Perrin, social responsibility is the second most important lure for employees to the businesses they work for in the United States. A Deloitte survey which was conducted in 2014 suggests that seventy percent of those between the ages of 18 to 26 feel that “a company’s commitment to the community has an influence on their decision to work there. ‘The Millennial generation has seen a lot of natural disasters, political disasters, and corporate disasters. They think the world is screwed up,’ says Kellie McElhaney, who is the faculty director of Haas’ Center for Responsible Business. ‘They feel personally responsible, and they feel empowered to create change.’” (Time)

As we mentioned last week, it is important that business owners are financially responsible as well. One way that a small business can save money while still giving a good impression for its clients is by choosing a dedicated office space to conduct business from. While you may not be able to afford a large commercial property for lease just yet, shared office spaces such as Offix offers an affordable solution. With perks like private offices, video conferencing room with smart TVs, cleaning services, 24/7 access and more, you can have a professional place to meet potential clients and customers.

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