Business benefits of socially responsible behaviour
Oct
9
Written by:
9/10/2010
It has been my privilege to spend time with many of Southland tourism businesses who open their doors to me seeking advice on how they can be more sustainable. Often, they don’t need any advice on community initiatives they can be part of, because they are already spending all the spare time they have giving to others. It’s not just tourism businesses who are taking action to be more socially responsible. During our research into businesses practices back in 2008, we found that 84% of Southland businesses had considered ways to improve health and wellbeing of staff. Staff health and wellbeing along with social concerns were in the top three issues of importance to Southland businesses, right up there next to energy concerns.
While it’s easy to see how using energy more efficiently can cut costs, it’s a little less obvious to see how socially responsible actions can also lead to cost savings. If you are finding it hard to justify some socially responsible initiatives you would like to do in your business, here are some of the other potential benefits that might be worth keeping in mind.
• Looking after staff wellbeing can reduce stress and lead to a happier workforce. This helps reduce staff turnover – obviously reducing recruitment and training costs.
• Doing you best to maintain a healthy workforce, and community leads to fewer sick days - hence increased productivity.
• It is now beginning to be recognized that ethically sound businesses are more likely to be a safer long term investment – so it might help you secure more investment funds in the future.
• Legislative requirements are always on the move. Being aware of your direct and indirect impacts and addressing these will help you stay ahead of legislative changes avoiding having to play catch up.
• Customers are increasingly aware of the impacts of their purchasing decisions. You can appeal to customer demand by being open about the challenges of your industry and what you are doing about it.
• You can gain a competitive advantage by being an early adopter of best practice. For example if you need to change your suppliers to a more socially responsible option, you will be ahead of your competitors in securing the necessary contracts to meet your demand.
Finally, don’t forget that your community is a resource which provides you with staff, customers, and a personal social support system. Reciprocity is an important value in most cultures, look after others and be looked after yourself!
The Community Development team at Venture Southland work with community groups in the region and can be working on hundreds of projects at any given time. For more information on ways you can provide more assistance to your community, contact the Community Development team at Venture Southland. Email info@venturesouthland.co.nz.
1 comment(s) so far...
Re: Business benefits of socially responsible behaviour
Great article! Really highlights the benefits of helping out.
By Anna on
16/05/2011
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