Corporate social responsibility has become an increasingly important aspect of running a successful business and showing support for your local community is a great way to start. Whether your business is located in a small town or a big city, you are a part of the local landscape and social ecosystem and therefore will have a direct or indirect impact on the lives of those around you. Apart from the ethical reasons to look after your community, however, it has been proven that businesses who work with their community receive long-term benefits as a result, ranging from financial growth to employee retention.

Improve Employee Morale
Involving your employees in volunteering schemes or local charity events empowers them to make a positive impact on their community and can even prove beneficial for mental wellbeing. It is also an excellent way to promote team building within your company as it strengthens relationships between co-workers, boosts social skills and increases employee engagement.

Research by Great Place to Work shows that employees who are actively involved in a company who gives back are more likely to stay at their place of employment for a longer period of time¹. This increased retention happens because employees take pride in working for a company that supports the community, which in turn cultivates a sense of purpose and fulfillment in their job.

Attract Local Talent
Standing out in the community for the right reasons can help you to recruit talented employees from the local area. For most qualified individuals, a company's community involvement could be the deciding factor in whether they apply for a job there.

A survey by Cone Communications found that 64% of millennials will consider a company's social and environmental commitments when choosing an employer, while 83% of millennials w ould have increased loyalty to a company that contribute s to social and environmental change².

Stand Out from the Competition
With so much competition in the business world, finding ways to stand out in your industry can be crucial to your success as a company. Supporting your community increases your visibility and is a key platform to demonstrate your company values. Consumers in today's market are increasingly interested in seeing a company's purpose beyond mere profitability, and giving back is a unique selling point that can help you to build your brand awareness and differentiate yourself from your competitors in a positive way.

Promote Collaboration and Growth
Getting involved in the community can lead to collaboration with other local businesses or individuals, expanding your network and ensuring that your reputation as a company improves. This benefits not only your business, but the local economy as well. Keep in mind that the health of the community has a direct impact on the health of your business, so it is beneficial to you to encourage the longevity and success of your community however you can.

There are an endless number of ways to make a positive difference in your area, but when choosing an approach that works for your business, try to make sure that it is something you are passionate about. Becoming truly engaged in the program you are supporting will ensure that you remain committed to it long term and reap the greatest benefits as a result.

Author: Shirley Carruthers - Content Creator at ParkerSteel

References:
1.) greatplacetowork.co.uk
2.) conecomm.com/2016-millennial-employee-engagement-study