How Will Social Responsibility Trends Impact Business in 2022?
Eco-conscious and socially responsible business will outperform their competitor in 2022.
For businesses that show concern about social and environmental issues, and make decisions based on justice and sustainability, 2022 may prove to be a big year. Studies have found companies that adhere to corporate social responsibility, or CSR, have been outperforming those who don’t. And that trend appears to be continuing.
As a younger, more conscientious consumer and workforce seeks to make more responsible choices, a variety of companies are incorporating sustainable strategies and adopting more socially responsible practices into the framework of their businesses.
In order to integrate such business practices into their daily operations and decrease their carbon footprint, companies are choosing to use Voice over Internet Protocol (VoIP) phone technology, to conduct virtual meetings via video and through conference calling. Using the Wi-Fi based service not only saves the company money, but it also might help curb carbon and therefore help the environment. When employees aren’t driving to an office building or flying to a client meeting, they are using less energy and creating less pollution.
Other popular socially responsible trends include increasing transparency of business practices, investing in green technologies, using local markets and supply chains, and embracing diversity and inclusion initiatives.
Companies that increase their CSR improve their brand in several ways:
- Get good press
Good news travels fast. Bad news even faster. A responsible business can generate positive publicity for itself through the press and social media. Consequently, when an organization fails to take responsibility, it can severely damage its reputation. A 24/7 news cycle assures that consumers get the scoop on a business’s ethical standards (or lack of).According to ReputationManagement.com, “online publishers are more likely to write positive articles about your brand when you do good deeds.”
- Appeal to consumers
Conscientious consumers indicate they like to patronize businesses that support causes they care about. According to a Nielsen study, most consumers polled across 60 countries said they’re willing to pay a higher price for products from socially responsible companies.A Cone Communications CSR study found that Americans are willing to buy or boycott a company’s products based on their corporate values. A whopping 76% (about seven-in-10) said they would refuse to purchase a product if the company supported an issue contrary to their beliefs.
- Attract and keep talented employees
Increasingly, talented professionals are seeking to work for companies that share their core values. Corporate responsibility also plays a major role in employee satisfaction and retention rates.Improved working conditions for all employees can lead to a happy and productive workforce, with less turnover. Employees who are proud of their company and feel respected, tend to stay longer. Working remotely using Wi-Fi calling and video chat apps also gives employees more flexibility, saves them money, and helps contribute to a cleaner planet.
- Develop strong client and community relations
Sponsoring community-based service events allows company employees the opportunity to serve their community and positively interact with community members.In turn, the business receives greater recognition, which can help attract potential clients and develop valuable relationships, while contributing to the greater good.Businesses can also set up foundations and raise money to benefit a community project or support the work of a local social group.
- Improve the bottom line
While focusing on corporate responsibility can come at a cost, it can also significantly improve a company’s financial health—and even ensure its survival. Transitioning away from paper, using solar power, eco-friendly lighting and allowing employees to work from home, can have a financial impact over time, but the real impact comes from being a leader to affect positive social change.As consumers, workers and fellow businesses become more CSR savvy, and the strength of social media proves to be far-reaching, it looks as though companies that embrace their inner responsibility just might outshine their competitors in the coming year.
Get on the cloud
Providers, such as Joon, offer cloud-based phone systems with the tools and expertise to help your team be eco-conscious and socially responsible.
Schedule a call with Joon to learn more about our VoIP business phone services with personalized solutions and unmatched tech support.
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