Why Corporate Social Responsibility matters to Business
by Startacus Admin
Tyl surveyed UK business owners to find out what Corporate Social Responsibility means to them and how this translates into business success.
New research by Tyl has found a large majority of UK companies are not well placed to address major health, wellbeing and equality challenges. Despite studies proving that companies who demonstrate a commitment to protecting and empowering employees can see huge benefits in growth, data shows that over half of UK firms don't have a clear CSR strategy - with 34% of business owners regarding CSR as 'not very important'.
Backed by NatWest Tyl, is a payment partner built for small and medium sized businesses in the UK that want to take card payments. Their 'The Power of Giving Back' report highlighted that 48% of UK businesses admit they need to improve the CSR initiatives they have in place, but many are facing
barriers such as financial considerations (38%) and lack of resources (37%).
Tyl's research shows that you can both profit and be socially responsible - with over half of UK business owners (52%) believing a successful CSR strategy can add value to a business. Business owners also cited additional benefits, such as positive business reputation (45%) and increased sales and customer loyalty (39%).
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’, rising to 47% among media companies.
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.”
Incidentally, Creating Societal Change in business is one of the key areas we'll be looking at during our upcoming BIG IDEAS event. We'd love you to join us!
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Dogpatch Labs’ First Fridays for Startups comes to Belfast this week with talks from successful founders, mentorship and support for entrepreneurs.
New report reveals the huge impact of Archangels' investments on the Scottish economy in terms of both money generated and jobs created.
.png)
Saas companies and professional services firms on the island of Ireland set to meet at the upcoming SaaStock Conference in Dublin - 100 complimentary tickets available.
Thalamos is a healthtech startup enabling healthcare professionals to provide a swifter, simpler and safer experience for those in need of acute mental healthcare.
The lowdown on Voxblock, the Edinburgh-based startup that has created a new physical format for audiobooks for kids, with no screen, no internet connection, and no need for any apps.
Toqio secures major investment to support further expansion and drive its vision of becoming the world's premier fintech SaaS platform.
Innovate UK KTN’s Sustainable Impact Investment Programme chooses 13 sustainable UK startups striving to change the world
.jpg)
Etihad Airways partners with Aerospace Xelerated and Tawazun Economic Council to seek applications from innovative startups that are working in the digital services and solutions area.
.jpg)
New cross-border collaboration project featuring interactive portal and series of networking events to be delivered by TechIreland and Startacus, with support from InterTradeIreland’s Synergy initiative.
In London later this week and interested in learning how AI can help startups scale? Book your ticket now for this free event from Women in AI featuring a panel of industry experts discussing just that.
Published on: 14th February 2022
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- First Fridays event to link Northern Irish startups with 1,000+ global tech mentors 4th Oct 2022 Dogpatch Labs’ First Fridays for Startups comes to Belfast this week with talks from successful founders, mentorship and support for entrepreneurs.
- Archangels generates up to £1.4bn for Scottish economy 30th Sep 2022 New report reveals the huge impact of Archangels' investments on the Scottish economy in terms of both money generated and jobs created.
- TechIreland & Startacus to host the first Cross-Border B2B Networking Event at SaaStock Conference 30th Sep 2022 Saas companies and professional services firms on the island of Ireland set to meet at the upcoming SaaStock Conference in Dublin - 100 complimentary tickets available.
- TOQIO Secures €20M to be the Platform of Choice for Building New Fintech Solutions 29th Sep 2022 Toqio secures major investment to support further expansion and drive its vision of becoming the world's premier fintech SaaS platform.
