The consumer population is growing and so is the access to the internet and technology. The young techie brains do a lot of research, thanks to the internet offering those loads of information. This makes them very choosy and them and up preferring companies that are responsible and ethical. And it is all about getting the information and the consumer would end up being loyal to the product for years together.
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Having a CSR in place lets the consumers know that the company is responsible. And this is what attracts the large market segment to it. The consumers spend the time to research on what CSR activities the company is into. They may also check the labor practices that the company follows as well as the ethical records of the company. Many companies think that it is just a burden to do something for the society. Unfortunately for them, the young minds do not think the same way.
Being a part of a company
Why would some employees choose to work for a company is also dependent on the CSR initiative a company takes? A survey shows that some young minds and techies would not like to be associated with companies that have a bad brand name in the market. This is even if the company with a not-so-good reputation would be paying extra. On the contrary, today’s generation pays a lot of focus on what the company values are, how good a brand name it is and what their work culture is. It is not about money but also to feel self-worth when you work for an organization.
Whether a company is engaged in a social cause could make an employee choose whether or not to be associated with the company. Also the young minds, being the biggest workforce as well as the biggest asset to an organization, it is important that a company takes part in CSR initiatives. Ask a young and a passionate mind and he would tell you that he is not just interested in consuming products of companies that take a deep interest in the social causes; in fact, he himself wants to be apart of it.
Does this impact the finances of a company? Yes, it does. With more consumers and more good words about the company end up with more revenue and at the same time having happy and satisfied employees who genuinely care about the growth and betterment of the brand.