© Copyright Acquisition International 2024 - All Rights Reserved.

Article Image - The Power of Giving Back: Why Corporate Social Responsibility Matters
Posted 22nd April 2022

The Power of Giving Back: Why Corporate Social Responsibility Matters

As we enter 2022, consumers and employees are looking for transparency and authenticity from companies, with 59% of consumers stating that businesses have a responsibility to social good.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

The Power of Giving Back: Why Corporate Social Responsibility Matters
Concept image of a digitl hand holding the world
  • 70% of construction business owners believe CSR initiatives are important within their business
  • 65% of business owners in the construction industry believe CSR can add value to a business
  • Over half (57%) see positive business reputation as a benefit of implementing CSR initiatives
  • However, almost half (44%) of UK construction businesses do not have a clear CSR strategy, with 57% saying they need to improve on their CSR initiatives
  • Lack of resources (39%) and financial considerations (35%) cited as main barriers to implementing strategic CSR among construction businesses

 

CSR efforts, whether large or small, say a lot about your business. Studies prove that companies who consistently demonstrate a commitment to protecting and empowering their employees can not only expect loyal staff but can also attract a growing client and consumer base.  A three-year study found companies with a good CSR rating have returns 19% higher than those with a poor rating.

As we enter 2022, consumers and employees are looking for transparency and authenticity from companies, with 59% of consumers stating that businesses have a responsibility to social good.

So, what are UK businesses doing to champion CSR? Tyl surveyed UK business owners to find out what Corporate Social Responsibility (CSR) means to them and how this translates into business success.

The data reveals that over half of UK businesses (52%) do not have a clear CSR strategy. This was highest among Welsh businesses at 64%. However, a third (33%) of UK businesses have incorporated CSR in their businesses and this rose to 48% among construction/building companies.

Despite this, 36% of UK business owners believe CSR initiatives are very important, with 52% of them stating that it adds value to their business. Among businesses in the construction industry, 7 in 10 (70%) believe CSR initiatives are important, with 30% stating they are extremely important. Almost two thirds (65%) of construction/building businesses believe effective CSR can add value to a business and Tyl’s data supports this, showing that taking CSR seriously can see benefits not only for people and the planet – but for profits too:

Top 5 Benefits of Implementing CSR initiatives among UK Construction Businesses % Construction Business Owners Seeing Benefits
Positive business reputation
57%
Increased sales and customer loyalty
43%
Better financial performance
39%
Organisational growth
30%
Operational costs savings
30%

It’s clear that not every UK business is giving back as much as they’d like. Tyl asked business owners what they consider to be the main barriers that prevent them from implementing a CSR strategy. 37% of business owners cited a lack of resources as the main barrier. Among construction businesses, key barriers to implementation identified are:

  • Lack of resources (39%)
  • Financial considerations (35%)
  • Lack of strategic vision (30%)

 

While the survey shows that many UK businesses want to do more, Tyl did find that some business owners are sceptical about the effectiveness of CSR, with 34% considering CSR ‘not very important’.

The pandemic has posed many challenges for UK businesses, but can challenging times be the catalyst for positive change? Research conducted by Pennies found over half of consumers (53%) think the covid-19 pandemic has seen a more caring society that’s mindful of other people’s hardships. Interestingly, over half (57%) of construction business owners state that they could improve on their current CSR strategy, with 57% also pledging their organisation will be more committed to CSR in 2022.

Once a business has the capability to implement a CSR plan, what are the most urgent social issues that need addressing? Across all industries, Health, wellbeing, and equality was cited as the most important societal development by 46% of respondents. This rose to 52% in the construction and building industry. Climate change was also identified as a popular cause, cited by 48% of construction businesses.

With millions of people now reassessing their work and life priorities in the wake of the pandemic, Tyl’s findings provide UK businesses with an opportunity to reset their relationship with not only their staff, but consumers more widely too.

Mike Elliff, CEO of Tyl comments:

 “It is now more important than ever that businesses are invested in CSR – not only are consumers more motivated to purchase from companies who do good, but young professionals are more prone to seek employment with a business that recognises the needs of the community.

We must all play a part in enacting positive social change and that’s why I’m so proud that Tyl by Natwest donates a portion of our revenue to our Giveback Community Fund for every payment we process for our merchants.”

 

The full details of this research can be found here

Categories: Corporate Social Responsibility, News


You Might Also Like
Read Full PostRead - Eye Icon
Legal Technology
Innovation
01/07/2016Legal Technology

LSG is a leading web-based software application and business process outsourcing company with a global network of offices in Europe, North America and Asia-Pacific.

Read Full PostRead - Eye Icon
4 Key Considerations When Investing in a Brand Ambassador
News
26/07/20224 Key Considerations When Investing in a Brand Ambassador

It’s no secret that social media has taken over the world. What started as a way for people to connect with friends and family has turned into a powerful marketing tool for businesses of all sizes. And one of the most effective ways to use social media f

Read Full PostRead - Eye Icon
BMW Group Achieves Best-ever March Sales
Strategy
14/04/2015BMW Group Achieves Best-ever March Sales

Deliveries of BMW Group vehicles in March reached a new high contributing to the company's best ever first quarter sales figures

Read Full PostRead - Eye Icon
CGF Bourse Inc.
Finance
23/04/2015CGF Bourse Inc.

CGF Bourse Inc. is an investment and brokerage firm created within the framework of the BRVM (West African regional stock exchange) of the WAEMU (West African Economic and Monetary Union). We spoke to them about how they speed up access of African businesses t

Read Full PostRead - Eye Icon
American Express Survey Reveals UK Businesses Are Maintaining a Prudent Approach to Business Growth
Finance
02/03/2015American Express Survey Reveals UK Businesses Are Maintaining a Prudent Approach to Business Growth

Caution typified by the recession era still prevails, says American Express

Read Full PostRead - Eye Icon
The Role of Innovation in Modern Marketing Strategies
News
28/05/2024The Role of Innovation in Modern Marketing Strategies

In the dynamic terrain of modern marketing, innovation isn’t just a buzzword; it’s the linchpin of success. Whether you’re managing an HVAC company or overseeing an eCommerce empire, novel strategies can dramatically amplify your reach and pr

Read Full PostRead - Eye Icon
Providing TailorMade Solutions for Your Business
Strategy
20/12/2017Providing TailorMade Solutions for Your Business

Horev & Co. Law Office is a boutique law firm offering its clients individually tailored legal services in various commercial fields.

Read Full PostRead - Eye Icon
Xactly Right
Strategy
23/07/2015Xactly Right

Cloud based solution firm Xactly announce new Strategic Services product which helps customers to optimise their sales compensation.

Read Full PostRead - Eye Icon
Canadian Company Create Collaborative Culture
Innovation
21/02/2020Canadian Company Create Collaborative Culture

At a time where digitalisation is almost inevitable, companies need to make sure that they partner with a digital consultancy firm that truly knows what they are doing. TechBlocks, Inc. is a software consulting and product engineering company that delivers ent



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow