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Benefits of a socially conscious business

Socially responsible business is becoming highly sought after by customers, staff and communities alike.

Building a socially responsible business helps to set your business apart from competitors, improves your reputation and, ultimately, ensures your business is acting in an ethical and moral manner.

Here are three key benefits of running a socially conscious business:

Attract the right staff and customers
Studies show an increasing amount of workers would like to work for a business that makes a social or environmental contribution. Prioritising social responsibility is one key way to communicate your business’ values and therefore attract talented staff who share similar values.

Customers are also demanding products and services from businesses with a high social conscience. Recent research found that 55 per cent of global online consumers across 60 countries say that they are willing to pay more for products and services provided by companies that are committed to positive social and environmental impact.

Improve your reputation
Socially conscious businesses are dedicated to minimising harm, promoting sustainability and giving back to communities, so it is no surprise these businesses develop a positive reputation. Generally, businesses that commit to and support a meaningful cause develop a better image in their community and are more likely to win over customers.

Build better partnerships
Collaborating with other socially responsible businesses is a great way to increase your business’ exposure and increase community involvement. In addition, teaming up with other businesses and charities helps to strengthen ties and work towards achieving social goals (especially where funds or resources may be limited).

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News

Amnesty means that 24,000 businesses own up to underpaying Aussies superannuation

September 24, 2020

An amnesty scheme which ended earlier this month has caused around 24,000 businesses to admit to underpayment of their worker’s super. A total of 588 million dollars will be distributed to almost 400,00 individuals.

The scheme, which covered payments from the introduction of super in 1992, gave employers the opportunity to come clean without any consequences as long as they paid the unpaid super as well as 10% interest for every year the money was overdue.

The ATO will be directing its attention at any businesses that did not admit fault and these businesses will face severe penalties.

Many individuals are looking to access their superannuation early in order to have support during these times. Although there is criticism of early access to super, this facility has been helpful to many families to keep afloat.