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.
Voicy, the online content platform for discovering, creating and sharing sound-clips and sound-effects secures investment to support team expansion and global growth.
NI Startup? Fancy showcasing your startup at this year's Digital DNA event? We've got up to 10 spaces for NI startups to do just that. Here's the details!
Germany's leading digital solar platform, Zolar secures major investment to support roll out of new digital energy products.
Metro Bank seeks startups and scaleups with a focus on customer experience, community banking, optimisation of systems & data and sustainability for its second innovation lab.
Need a little extra motivation to get your daily step count up? Treekly will help you do your bit for the climate crisis with every step you take...
The lowdown on London-based SaaS startup Adadot and its innovative performance and wellbeing tracking platform for developers.
.jpg)
Henrik Grim, European GM of Capchase shares insights on how founders can navigate these more challenging funding conditions.
Storyblok secures major investment to further accelerate product innovation and growth into the US and Europe.
.png)
New podcast launched by Sport Tech Hub aims to share insights and inspiration from leaders and tech entrepreneurs in the sport and physical activity sector.
Moneybox smashes its investment target with over 15,000 people investing £6.25million in 72 hours in its Crowdcube campaign.
Published on: 14th February 2022
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Voicy lands €1.2 million pre-Seed from Global Founders Capital to build the GIPHY for sound 20th May 2022 Voicy, the online content platform for discovering, creating and sharing sound-clips and sound-effects secures investment to support team expansion and global growth.
- Zolar Lands €100 Million Series C On The Back Of Surging Demand For Affordable Green Energy 19th May 2022 Germany's leading digital solar platform, Zolar secures major investment to support roll out of new digital energy products.
- Metro Bank opens call for participants for second Magic Makers programme 17th May 2022 Metro Bank seeks startups and scaleups with a focus on customer experience, community banking, optimisation of systems & data and sustainability for its second innovation lab.
- Storyblok Raises $47M Series B to Make Headless Content Management the New Standard 17th May 2022 Storyblok secures major investment to further accelerate product innovation and growth into the US and Europe.
