Most businesses are aware today that studies show improved relationships between companies and their customers – leading to increased revenue – when the company engages in at least some level of CSR. But a new study from the ECA and the Considerate Constructors Scheme indicates that engagement with corporate social responsibility helps to improve internal relationships, as well. The study from the ECA, an association representing electrical engineering and building services, found that 51% of electrotechnical businesses say that CSR helps to “improve staff retention and recruitment.”
Additionally, 67% highlighted improved customer or client relationships as another business benefit of CSR work. Also notably, as supply chain risk has increasingly become a topic of concern among businesses, 28% said that the ability to manage risk in the supply chain was a significant benefit of CSR. Positive media coverage (41%) and cost savings (30%) were other benefits cited by survey respondents
Despite the fact that so many benefits of CSR work were cited, just 1 in 3 respondents monitored environmental impacts to assess their success.
A recent study by 3M showed that sustainability in supply chains drives positive business outcome.
And earlier this year, a study found that 50% of sustainable procurement leaders increased their revenue from sustainability initiatives, a 33% increase over non-leaders, according to the EcoVadis/HEC Sustainable Procurement Barometer.