CPA IRELAND

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Transforming Sustainability BBSA Anna Stella

Transforming Sustainability BBSA Anna Stella

CPA IRELAND

Now more than ever, many businesses acknowledge the need to be socially responsible. They’re responding to calls to do good for the long-term and short-term betterment of the environment. And corporate social responsibility (CSR) is everywhere. A growing number of companies have a sustainability program in place. While there is no standard measure as to what falls under corporate social responsibility, any action taken by a company to give back to society is considered CSR. Incorporating social responsibility in an organization isn’t mandatory; however, it can help companies differentiate their marketing, further their growth strategies, and ultimately make more profits.

Nielsen conducted a study in 60 countries to determine the potential effect of CSR. Out of the 30,000 consumers studied, 66% said they would pay more to brands that prove to be socially responsible. In another US-based study, Cone Communications found that 87% of Americans are willing to spend more on something if they see a company engaging in issues they care about. In essence, sustainability initiatives are a win-win for businesses. According to HBR, companies’ primary motivators for creating CSR programs are sustainability, moral obligations, reputation, and operating license. 

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