Corporate Social Responsibility ( Csr ) - 1173 Words

Corporate Social Responsibility (CSR) is highly important to Millennials. If a company is lacking a CSR plan, now it a good time to start one. Millennials are looking for ways in making a positive impact on the world and are expecting the same from companies. They are looking for companies that contribute to the betterment of communities and the environment. Millennials put great value in supporting such brands, companies and organizations that share these values. Companies without a CSR in place are potentially losing out on the millennial investor, consumer, and employee. It’s no secret millennials are of a different mindset than other demographics. Millennials hold different values from other groups such as the baby boomers. In†¦show more content†¦Ã¢â€"  1 in 3 tend to praise organization/groups that are involved in social causes. ââ€"  4 in 5 are more likely to purchase from a company that support a cause that they care about. ââ€"  3 in 4 strongly believe corporations should create economic value for society by addressing its needs. Millennials are looking for companies that are more likely to support areas of social and environmental efforts that they are interested and passionate about. In a study, 2015 Cone Communications Millennial CSR reveals: †¢ 87% of millennials will purchase products with a social or environmental benefit as opposed to the US average of 83%. †¢ 82% of millennials would tell friends and family of CSR efforts, 10% more than the US average. Studies show an overwhelming percentage of millennials far more likely to support a company that share its values and beliefs over the average person in the U.S. Companies that have an active and well thought out CSR that align with millennial expectation can result in more profitability, better word of mouth and potentially have a consumer for life. To be successful in today s market and maintain a competitive advantage, businesses must have a CSR implemented to attract and succeed in the millennial sector. An article titled â€Å"Corporate social responsibility is millennials new religion† reinforces the positive perception of CSR and are willing to support it as well as give negative feedback on those who don’t.