Over half of the UK’s small and medium-size firms lack a clear corporate social responsibility (CSR ) strategy, even though the same proportion believe such a commitment can add value to a business, according to research by Tyl, NatWest’s payment platform for SMEs. It identifies financial considerations and lack of resources as the main barriers to progress on social and environmental issues in business.
The survey found 52% of UK businesses do not have a clear CSR strategy, while 34% of business owners say CSR is 'not very important'.
Despite this, 36% of UK businesses believe CSR initiatives are very important, with 52% of them stating that it adds value to their business.
So far, a third (33%) of the UK business owners polled have incorporated CSR in their businesses and this rose to two thirds (67%) among transport/logistics companies.
Business owners also cited additional benefits, such as positive business reputation (45%) and increased sales and customer loyalty (39%). The biggest barriers were named as financial considerations (38%) and lack of resources (37%).
| Top 4 Benefits of Implementing CSR initiatives in Business | % Business Owners Seeing Benefits |
|---|---|
|
Positive business reputation |
45% |
| Increased sales and customer loyalty | 39% |
| Better financial performance | 24% |
| Better brand recognition | 24% |
Top 3 most important global trends and societal developments to UK businesses in 2022
Mike Elliff, CEO of Tyl, commented: “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.” Tyl’s report is here.
Find out how Marije Rhebergen, global head of sustainability DLL, believes organisations can marry profit and purpose here
To watch the recent webinar on-demand with Marije, please register here
