'Giving Back' Can Build Stronger Customer Ties
By Catherine Hernandez-Blades
Say the words “corporate social responsibility,” or CSR, and what may come to mind are multinational corporations taking action on global issues like climate change or public health. While that is certainly part of what is happening under the larger CSR umbrella today, businesses of all sizes are increasingly embracing good corporate citizenship as part of their standard operating procedure and discovering ways to do good within their own communities and professional networks.
CSR has gone mainstream. In fact, a 2018 Deloitte study found that 77% of business leaders believe corporate citizenship is important. Companies also understand that a reputation for doing the right thing helps attract and retain both customers and employees, and the research proves it:
- 87% of consumers will purchase a product because a company advocated for an issue they care about, according to Cone Communications.
- More than half of employees surveyed by Cone would not take a job from a company that lacks strong social responsibility values.
- 69% of U.S. employees and 80% of human resources managers believe it is extremely or very important for companies to act socially responsible, according to an Aflac survey.
The implications for brokers and agents are clear: CSR is an important business consideration for your clients and may factor into their expectations for the advisors they retain.