Brand reputation is a vital pre - condition for the success of the corporate communications. Corporations that embrace CSR as a part of their activities build up trust amongst their stakeholders which increase considerably their reputation. The pressure from the NGOs, the authorities and the public impel corporations to adopt proactive approach to responsibility in order to comply with the new conditions and requirements.
Nowadays the lack of trust and credibility is a major problem that corporate PR professionals face. CSR requires certain level of transparency in the corporate activities which inevitably brings benefits to the brand’s reputation. As our guest speaker Zoe Arden pointed out when a company is distrusted 57% will believe negative information after hearing it 1-2 times while if it is trusted 25% will believe negative information after hearing it 1-2 times. In the new media age when crises arise more often than ever before and spread within minutes reaching millions of people the importance of trust and transparency is growing.
CSR ensures long – term benefits for the companies as it provides them with the opportunity to develop sustainable policy and activities which increase the company’s competitive advantages. The adoption of environmental friendly practices, for example, not only increases the brand reputation and sales, but it saves great amount of money and benefits the company financially. Ethical behaviour and CSR increase the credibility of the organisation which results in winning the client’s loyalty and trust.
CSR should be embraced by every member of the company and embedded in everyone’s job. Short – term initiatives which aim just to create an illusion of CSR are no longer an option. In order to be able to compete on the market in the near future it is advisable that corporations adopt CSR as an integrated part of all their activities and initiatives.
Business in the Community are the largest and one of the oldest national business-led coalitions dedicated to corporate responsibility. In 2008 the Co-operative Financial Services was named 'Company of the Year' by the organisation.