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!
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Published on: 14th February 2022
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