The power of giving back and why CSR matters

Written by David Shirra of The Healthcare Collection

Businesses which carry out corporate social responsibilities aim to improve their communities, the economy and the environment. The UK’s newest healthcare sector start-up has committed to making a positive impact from the very beginning, writes David Shirra, Managing Partner at The Healthcare Collection.

The company employs 23 people, some in our Shared Service Centre in Glasgow and some working from home in locations across the UK. As seasoned business professionals, we fully understand the innumerable positives associated with committing to corporate social responsibility and believe thatevery organisation stands to benefit from them.

How much of an impact will Corporate Social Responsibility (CSR) have on the day-to-day operations of your business? Should you invest in Corporate Social Responsibility?

The statistics around CSR support our beliefs:

• 91% of the global population wants to see businesses do more than just make a profit
• 85% of consumers have a more positive image of a product or company when it supports a
• cause they care about
• 90% of employees who work at companies with a strong sense of purpose say they’re more
• inspired, motivated, and loyal
• Engaging in socially valuable projects can reduce employee turnover by approximately 50%
• 68% of online consumers in the UK and US would or might stop using a brand because of
• poor or misleading CSR
• 84% say a poor environmental track record would or might cause them to stop buying from
• a brand
• 70% of purpose driven shoppers pay an added premium of 35% for sustainable purchases,
• such as recycled or eco-friendly
• With a strong purpose, consumers are 4 times more likely to purchase from a brand, 4.1 times more likely to trust it, and 4.5 times more likely to champion the brand and recommend it to friends and family.

Values count towards success
In the months before the company launched, one of the first things we did was to put in place our five company values. The first is the most precious to us – Kindness – and that was followed by People First. People are at the centre of what we do, and our impact on them is our top priority. Being kind doesn’t stop at people (our patients, our clients and our teams) – it’s about doing the right thing for the planet and the communities we operate in, too. What you give out, you get back, and compassion and kindness are enabling our teams to thrive.

We have a fund for professional development to enhance our employees’ knowledge, skills, health or wellbeing, and everyone shares in our success through a profit-sharing model that we believe is unique in the healthcare sector. Our people are empowered to deliver excellence and, as we progress on our CSR journey, we’re seeing how our approach can impact their behaviours.

Increased teamwork
In 2023, our chosen charity is My Name’5 Doddie Foundation, and we’ve pledged to donate a minimum of £10,000 over the next 12 months. ‘Doddie’ Weir OBE was a Rugby Union player who made 61 appearances for the Scotland team. He was diagnosed with the incurable condition, motor neuron disease, in 2016. This focus on giving back to our chosen charity means there will be opportunities for fundraising on a
number of levels – and that will lead to increased colleague engagement, the chance to get the endorphins flowing, and the opportunity to thrive creatively while delivering on our financial pledge to our charitable partner.

Public trust
By supporting community initiatives with ongoing funding and producing public proof of your egalitarian organisational principles, you can keep the trust you earned by building yourself as a socially responsible brand. Trust is intrinsically important in business, particularly in the healthcare
sector.

Employee retention rates
Our people are our greatest asset, and we know that today’s employees find fulfilment in working for a socially responsible company, so CSR efforts will make them less likely to leave a business. If we’d chosen to ignore CSR concerns, that could have had a negative and potentially damaging effect on our ability to attract and retain top talent. We know that having a positive culture internally is key to our success.

Increased brand recognition
Being a socially conscious business can bring The Healthcare Collection to the attention of people who may have otherwise never heard of us. It follows that, if you associate your brand with positive social, environmental and political change, media coverage can result and you can earn a place in the hearts and minds of conscious consumers.

Boosted company reputation
Recognition isn’t worth much if your reputation isn’t positive. By lending your support, choosing sustainable business policies wherever possible and engaging in sustainable business practices, your company’s reputation internally and externally is worthy of growing recognition amongst
consumers, suppliers and employees.

Accelerated growth
If you’re boosting your brand, enhancing your reputation, gaining public trust and inspiring customer loyalty, it may positively impact your bottom line. Maintaining a reputation as a giving, grateful and socially conscious organisation isn’t an approach every business takes, of course. When you adopt a CSR strategy, you set your business apart from more seemingly traditional concerns that are ‘all about the money.’ Through earning more trust, you can position yourself as the preferred option in any saturated market. 

It’s the right thing to do
CSR is already playing a crucial role in our company. We believe in being fair, ethical and giving back to society for one simple reason: it’s the right thing to do.

The Chartered Institute of Personnel and Development has many helpful resources here:
https://www.cipd.co.uk/knowledge/strategy/corporate-responsibility

Find out more about The Healthcare Collection at https://www.thehealthcarecollection.com/